The update today has announced very little in the way of VAT changes. They reinforced their attitude towards tax avoidance by confirming that a new penalty regime will be introduced for those involved. They also commented that they were specifically focusing on shutting down inappropriate use of the flat rate scheme.

On a positive note, they did also announce that £10bn of additional funding will be provided to the NHS by 2020/21, which is an increase from the previously announced figures.