The 12 months since the last Budget was delivered have seen significant change.

A more challenging global macroeconomic outlook, yet more inflationary pressures and, perhaps least expected of all, a new Chancellor.

In the weeks leading up to the Budget, many pundits expected a radical change from John Healey, but instead he promised measures that would provide “breathing space” to the UK, as it grapples with a challenging economy and a new cost of living crisis.

Given Andy Burnham’s recent commitments to spending in a number of areas, including housing, defence and social care, it was thought that the speech may include a number of tax raids, but the measures announced were more muted.

With a focus on certainty for businesses and individual taxpayers, Healey’s first Budget contained a plethora of small measures to collect tax and generate investment across many different areas.