Responding to today’s budget from Chancellor Rishi Sunak, Managing Partner Tony Bullock, offers some commentary on the announcements:
Although the chancellor has warned that there are “challenging” months ahead – the forecasts are looking more positive for our economy as we emerge out of restrictions.
Inflation in September was 3.1% and likely to rise further, and the Office for Budget Responsibility expects it to average at 4% over the coming year. We are also all aware of pressures on supply chains and the energy crisis, and the Chancellor has stated it will “take months to ease”.
However, there is an improvement on the OBR forecasts revealed last March and the economy is expected to return to pre-COVID levels at the turn of the year – so this is positive.
The economy is expected to grow by 6% in 2022, and 2.1%, 1.3% and 1.6% over the following three years. In July last year, at the height of the pandemic, unemployment was expected to peak at 12% but the OBR now expects it to peak at 5.2% - again more positive signs for all.
For lower income households there is some good news: the national living wage will be increased by 6.6% to £9.50 per hour, so for a full-time worker that’s a pay rise worth over £1k per year. Plus, the cut to the Universal Credit taper (from 63p in the pound to 55p) is also welcomed and will be a real incentive for lower income families to work rather than not – and this will come into effect within weeks.
Some other key announcements at a glance:
"The Walker Group has worked with Dutton Moore for more than 30 years. They have acted on behalf of all the Group’s companies and the family and are trusted and highly experienced business accountants, auditors and business advisers."
Lee Davies, A.C.A, Financial Director, Walker Group
"We have worked with Dutton Moore for many years and have always received a first-rate service. The team at Dutton Moore provide us with invaluable accountancy, strategic planning and business advice as we continue to be a growing business in this region."
Simon Gibson, Director at Simon Gibson Transport Ltd, Goole, East Yorkshire
Grain merchants and farmers, Burstwick, East Yorkshire:
Jeremy Saunt, Director at Johnson and Saunt
"We have been clients of Dutton Moore for more than 20 years – they carry out all our accountancy work and business advice, their service and attention to detail is outstanding."
"Dutton Moore are an excellent provider of financial services for significant Hull based businesses such as Smales. We have worked with the firm for many decades and are guaranteed sound financial and business advice, alongside the general accountancy services that they provide. What is key for my Company is the direct involvement of the partners with the Smales management."
Robin Orr B.Com; C.A; C.T.A, Financial Director, F.Smales & Son (F.M.) Ltd, Hull
"Having worked with Dutton Moore for many years now, we have always found the service extremely professional, prompt and courteous. As a growing business over the years their advice has been exemplary and without their valuable assistance in accounting and strategic planning we would have found the many transitions of growth a lot more challenging."
Richard Spencer, Commercial Director, Spencer Signs Ltd, Hull
Congratulations to highly respected Chartered Accountant, Steve Raines, who has been promoted to the Partnership team at one of the largest independent firms of Chartered Accountants and Business Advisers in Yorkshire. Steve, FMAAT ACA, has joined the 10 other Partners at the practice, led by M...
Key announcements at a glance from Colin Hamilton, Tax Partner: The Chancellor, Rishi Sunak, feels this Spring Statement goes towards building a stronger economy. The military aid to Ukraine and sanctions against Russia are not cost free. Growth predictions by the Office for Budget Responsibility this year are now forecast to be 3.8%, previously the...
Once again Dutton Moore Chartered Accountants and Business Advisers are sponsoring the training kits for the 2022 season for Brandesburton Cricket Club. Brandesburton’s 1st XI are the league 2 champions and head into the Yorkshire Premier League North Division 1 this season. Match fixtures kick off at their home ground at Rial Cricket Ground, Dacre Lakeside, aga...