United Kingdom: Fiscal & Monetary Policy

The Chancellor of the Exchequer faces the formidable challenge of delivering his first Budget amid economic headwinds, geopolitical instability, and a wave of ambitious government promises. With GDP growth forecast at just 1.1%, inflation at 3.4%, and public sector net borrowing exceeding £115 billion, can he balance fiscal responsibility with pledges to avoid raising Income Tax, National Insurance, or VAT while funding increased defence spending and social care reforms?

The first Budget after a change of government is always a moment of consequence and this was no exception.

The taxation of 'non-doms' is not a new political talking point but in recent months focus on this question has increased markedly due, perhaps in part...