Know-it March Roundup
Spring has arrived! This month there have been key financial updates from the UK government after the release of the Spring Statement.
Find out what’s been happening and what it means for your business below.
UK Government Releases Spring Statement
Wednesday 26th March, saw the release of the UK government’s Spring Statement. This announcement gave Chancellor of the Exchequer Rachel Reeves an opportunity to update the nation on progress made since the last budget in October 2024.
What the updates mean for your business:
- National Insurance Rates for Employers are Increasing
- No Additional Business Taxes
- Increase in National Minimum Wage and National Living Wage
Interest Rate Remains the Same
In February, 2025, The Bank of England announced the UK Interest Rate lowered to 4.5% from 4.75%. This was the first cut this year.
In March, however it was announced that the interest rate would remain the same. It is expected to be cut again in May due to inflation falling from 3% to 2.8%.
Experts are predicting the Bank of England decreasing the Interest Rate but a further quarter of a percentage to 4.25% on 8th May.
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