ACCA experts offer their initial reaction to key announcements in today’s budget. Claire Bennison, head of ACCA UK, commented: ‘We are pleased the Chancellor has continued support for businesses, but this seems like a fragmented Budget that fails to provide a longer-term roadmap to recovery for them. Many owners will still lack any clarity about their route back to stability and the government’s agenda beyond the next few months.’

Tax measures: corporation tax
Glenn Collins, head of technical advisory and policy at ACCA UK, said: ‘Corporation tax increases in 2023 may help to raise extra money in the future, but in the long term only greater economic growth is going to pay off Covid debts.

‘Some of the Chancellor’s measures will help with growth, but all of them come with administrative costs for the business owners trying to juggle tax alongside every other aspect of their operations.

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