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People, capital and ideas

Many were not expecting a great deal of excitement in this Spring’s Statement.  In terms of extra cash for the Government, VAT receipts are £61bn higher this year than last, no doubt boosted by higher fuel prices, we have the planned National Insurance rise of 1.25% from next month and corporation tax increases next year. Conversely £83bn of Government interest costs will be a large draw on funds as will the cost of council tax and fuel rebates. We knew that Mr Sunak would like to further incentivise