Already there are indications that the Chancellor Rishi Sunak plans to cut the bank levy from 8% to 3% to support the City of London in the wake of post Brexit trading.

The spring Budget saw a freeze on most personal tax allowances meaning that the Chancellor will have little room to offer any tax breaks to individuals although there is a possibility he will reduce or remove VAT on energy costs, which would help households facing soaring gas and electricity costs as the winter approaches. Now that the UK has left the EU, he does have more flexibility on reducing rates of VAT, which were controlled by the EU VAT directive.