Rachel Reeves, the UK’s first female Chancellor, delivered the Labour Party's first Budget in 14 years. Her aim was to create a stable economic environment, boost business confidence and encourage foreign private investment to produce sustainable economic growth.

The Budget plans for increased government spending (2% of GDP annually) focused on infrastructure, housing, and R&D. To cover these costs, taxes will rise (particularly National Insurance contributions and capital taxes) alongside increased borrowing. The Chancellor sees this as a path to fiscal and economic stability.

The government will focus investment on several key sectors: advanced manufacturing, creative industries, clean energy, defence, digital and technology, financial services, life sciences, and professional and business services.

Thames Valley Chamber of Commerce has launched the World Expo 2025 Programme, as a UK-wide national project, to help British businesses succeed in the Japanese market, leading up to the World Expo 2025 Osaka Kansai. The programme offers resources like startup support, market entry assistance, import/export guidance, and networking opportunities. Thames Valley Chamber of Commerce leads the initiative in partnership with British Chamber of Commerce, Department for Business and Trade, British Embassy in Japan, British Consulate General Osaka, Embassy of Japan in the UK, JETRO London, METI (Ministry of Economy, Trade and Industry) Kansai Bureau, Osaka Chamber of Commerce and both UK and Japanese local authorities,  aiming to leverage the World Expo for UK businesses to showcase themselves to a global audience.

The UK has joined the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.  This is an important milestone for the UK to strengthen the relationship with the countries in the Asian Pacific region.

On the 15th of March 2023, Chancellor Jeremy Hunt delivered the UK 2023 Spring Budget, setting out the government’s plans to reduce inflation, grow the economy, and reduce debt.  Here is a summary of the policy decisions in the following sectors which are of relevance to our clients.

• Economic and fiscal overview
• Taxation
• Life Sciences
• Investment Zones
• Energy
• Digital Technologies