Overall, there are tax cuts (and grants and rebates) of almost £20bn announced for the 2022/23 financial year, he said.
“That’s a pretty decent giveaway for something that wasn’t supposed to be a budget.”
“Whilst I think the chances of recession are still high due to consumer confidence falling, at least the measures today go some way towards mitigating the cost of living crisis whilst at the same time as planning for the future.”
Darius McDermott, managing director of Chelsea Financial Services, highlighted the mention of exploring ideas around education and training, increasing capital investment and boosting innovation.
“Any announcement won't be until the autumn budget but investors might want to consider investing early in some of these areas - maybe via funds such as IFSL Marlborough Global Innovation (which has a bias towards the UK and smaller companies)."