Vince Smith-Hughes, a retirement expert at Prudential, says: There may be some devil in the detail but it seemed a broadly positive Budget for financial planners. The announcement on IR35 could represent a tax increase for some contractors, necessitating advisers and accountants to review remuneration structures for the people affected.

The additional funding for the housing infrastructure fund could lead to a boost for mortgage advisers, which is to be welcomed. Confirmation of the raising of the personal allowance and the higher rate thresholds next year is also to be welcomed – hopefully enabling many of the 32 million people that were quoted to consider further saving for retirement and other life events.

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