Biggest spending spree for 28 years
Sunak delivered the first Budget speech since October 2018, just 27 days after succeeding Sajid Javid.
Inheritance tax may have been on Javid’s mind prior to his Valentine’s Day resignation, but not Sunak’s. Despite the Office for Tax Simplification’s multiple recommendations, no change was forthcoming.
Prior to Sunak’s speech, there was a lot of noise about the potential scrapping of entrepreneurs’ relief. Gauging public mood, Sunak went for a compromise, leaving the relief in place but lowering the lifetime allowance from £10 million to £1m.