Policy Update - Spring Budget 2024

The Chancellor of the Exchequer presented his Spring Statement to Parliament on Wednesday 6th March 2024. This briefing provides details of the OBR forecast and an overview of key announcements relevant to the work of the Combined Authority.

Key announcements relevant to the work of the Combined Authority

Tees Valley Investment Zone


Long Term Plan for Towns

National Overview

Economic Context and OBR Forecast

Key Announcements

Boosting growth and investment

Investment Zones programme


Investment Opportunity Fund

Level 4 deeper devolution deals

Support for business


VAT registration

Growth Guarantee Scheme

Growth sectors

Creative Industries

The government announced the UK Independent Film Tax Credit. This includes introducing:

A permanent extension will also be made to tax relief for theatres, orchestras, museums and galleries.

Green industries

Digital technology and AI

Life Sciences

Apprenticeship Growth Sector Pilot

Public Sector Productivity Programme

Back to Work Plan

Cutting taxes and supporting households

National Insurance

High Income Child Benefit Charge (HICBC)

Debt Relief Order

Air Passenger Duty (APD) rates

Previously announced policies

Carbon Border Adjustment Mechanism

 Supporting documents

Spring Budget 2024 Speech

Spring Budget 2024 Document

Policy Paper on Investment Zones

Policy Paper on Investment Opportunity Fund: prospectus

Policy Paper on the UK Independent Film Tax Credit

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