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Spending is higher than expected, so debt levels might be an extra burden.

Increase in NI contributions will hit some companies quite hard, especially those with large/well paid workforces, so service industry could struggle (pubs & casual dining, supermarkets) unless they ramp their prices…..but does the consumer just buy less if they do?

Reduction of 50% of the benefit from AIM shares will dissuade companies floating their business, not great for the City.

Removal of non-Dom status raises lots of cash, but only if we assume those who are non-Dom don’t get a better deal elsewhere & move overseas?

Extra tax on private jets is just to score a point on Sunak
VAT on private school fees is meant to level education up, but now needs extra spend on education if people move their kids?

Overall it’s a redistribution (notionally) from corporates to the lower levels of employees….but that’s only if spending patterns & levels stay as is, which is rarely the case.

The big surprise to me was that they didn’t hit Gambling given the focus on Gambling Aware & the fact that Smoking & soft drinks (I think?) were hit again. Those 3 + alcohol seem like the biggest self inflicted pressures on the NHS?

Overall it wasn’t as bad/harsh/painful as it could be but didn’t do enough to promote growth from the top down?
However, like everything the devil is in the detail & a one-handed economist doesn’t exist, so we will need to see how some things pan out.