Kate Palmer Employment Services Director at Peninsula

“The Chancellor, Jeremy Hunt, has announced in his Spring Budget that employees National Insurance contribution rate will be reduced from 10% to 8%.

“The change will take effect from 6 April 2024 and follows a previous 2p cut confirmed in the Autumn Statement when the rate was reduced from 12% to 10%.

“The government says that these combined cuts will save the average worker on a salary of £35,400 over £900 per year. It is hoped that this will help to support working people with the cost of living. “Employers will need to ensure that their payroll teams are updated with these developments.”

Bertrand Stern-Gillet, CEO at Health Assured

“Today’s Budget underscores the need for greater investment in mental health support and the wider prioritisation of financial wellbeing for ordinary people.

“The cost-of-living crisis is still causing widespread mental distress, with a third of adults feeling anxious due to their financial situation and high inflation. The worries and pressures associated with increasing costs pose a major risk to mental health, and those with pre-existing mental health issues are more likely to be negatively impacted.

“While today’s announcements on National Insurance and extending the Household Support Fund are welcome, the Chancellor needs to take more action to lessen the financial pressure people are experiencing up and down the country to prevent them from developing poor mental health.”

Ben Chaplin, Managing Director at Croner-i

“Overall the banter was better than the budget, not much substance, big claims around growth and debt and cuts in national insurance that were already known, but obviously welcome.

“Investment in public services in particular NHS infrastructure and IT, more drones and better systems for the police, and more non-court resolutions.

“Businesses will welcome the extension of full expensing to leased assets, but we await more details.

“For small businesses the VAT threshold has increased from £85k to £90k, a welcome increase but it hasn’t moved for 7 years so a 6% increase against rising costs for small businesses seems low.

“Encouragement for the UK theatre and film production industries and more encouragement for investment in UK technology via pension funds.

“For individuals, alcohol and fuel duty were both frozen. The new British ISA looks interesting. The Chancellor claims, on good authority, that the reduction in CGT rate on property sales will actually raise more money.

“Extending the childcare regime and reviewing child benefit limits on a household basis rather than individual basis (but not until 2026!) combined with increasing the limit from £50k to £60k will hopefully encourage more people into the work force.

“Additional resources for HMRC but no more detail than that.

“Overall many will feel this budget is an anti-climax with no real changes to the status quo.”