I recently commented for The Telegraph on what the Budget means for founders and entrepreneurs, and in particular the tax considerations facing those building businesses in the UK and thinking about their longer-term plans.

That discussion goes to a wider question raised by this Budget: how attractive is the UK going to be as a place to build, grow, retain and ultimately realise value from a business?

There are some encouraging signs. The introduction of Founders’ Relief could potentially be hugely attractive for those who have built businesses here, while EMI 2 is intended to help growing businesses incentivise, attract and retain senior talent. Both measures recognise the importance of entrepreneurship and of keeping that talent and intellectual capital in the UK.

But these measures cannot be looked at in isolation. Business owners and investors will be considering them alongside the wider tax environment, including Capital Gains Tax, the continuing reduction in Business Asset Disposal Relief and other changes affecting private wealth and investment.

That was the broader context to my comments in The Telegraph, and it is also a useful lens through which to look at the Budget as a whole.

The Chancellor framed his first Budget as one designed to navigate the external shocks, or “global economic storms”, we are currently living through. He recognised the significant impact they are having on the cost of living, business and borrowing costs generally.

It was also a Budget that recognised the country’s financial constraints. While acknowledging that the forecast for growth to 2030 was positive against much of the G7, the Chancellor stressed the need for fiscal prudence and working within a buffer.

Overall, we think the Budget delivered broadly what had been expected. There was relatively little radical change, reflecting the constraints on new leadership operating within existing manifesto commitments.

Key changes for private wealth and private capital

For individuals and business owners, the Budget contained a number of measures worth noting.

Property and interest income will face a further 2% increase. For entrepreneurs, the introduction of Founders’ Relief provides for a 10% CGT rate on up to £10 million of qualifying gains, while Business Asset Disposal Relief (BADR) will see its limit reduced from £1 million to £500,000.

The announcement of EMI 2 is intended to encourage growth and help businesses retain top talent, while the decision on the £20,000 Cash ISA allowance has been reversed. The Budget also included a pension tax allowance measure intended to protect the State Pension from income tax for certain individuals. From 2029, self-assessment tax will also be required to be paid more regularly.

Greater scrutiny from HMRC

Alongside changes to the tax regime itself, the Government's investment in HMRC compliance is another important part of the Budget for individuals and businesses.

As my colleague Morag Ofili notes:

“The commitment to recruit a further 670 HMRC compliance officers signals sustained pressure on tax compliance. For taxpayers, the key disputes takeaway is the prospect of more enquiries and closer scrutiny. But headcount alone will not determine how effectively disputes are handled. Investment in training, AI, experienced supervision, and timely decision-making will be essential if greater enforcement capacity is to deliver well-targeted investigations rather than longer-running disputes.”

That is an important consideration alongside the headline tax changes. The impact of the Budget will depend not only on the rates and reliefs available to taxpayers, but also on how the tax system is administered and enforced.

A Budget of relatively few surprises

As ever, the devil will be in the detail, but this was a Budget of relatively few surprises and broadly followed what the professional services sector expected.

The negatives for investors will perhaps be outweighed by the retention of a relatively low top-line rate of CGT. The continuing diminishment of BADR as a relief is a pity to see, although its benefits were becoming increasingly limited in any event.

The introduction of Founders’ Relief seems a positive step. As I discussed with The Telegraph, the key question will be whether measures such as this are enough to encourage founders to continue building, investing and ultimately realising value from their businesses in the UK.

Overall, this was a credible effort by the Chancellor and a Budget that initially seems to have been welcomed by the markets.