Budget Statement – Spring 2023

Wednesday 15 March, 2023

  • According to the Office for Budget Responsibility the UK is expected to avoid a technical recession in 2023.
  • Office for Budget Responsibility expects inflation to fall to 2.9% by end of 2023 
  • Jeremy Hunt has confirmed the Energy Price Guarantee will be held at £2,500 until June 2023
  • HM Treasury are providing £63 million to support public leisure centres with swimming pools
  • Those on prepayment meters should not pay more for their energy than comparable customers who pay by direct debit
  • The duty on average strength draught beer sold in pubs across the UK will be frozen
  • The planned increase of 11p in fuel duty this year is cancelled
  • Debt is forecast to be 92.4% of GDP next year falling every year until 2027-28
  • £33 million is being provided to help veterans access extra housing, with additional support to help veterans with specialist care for physical injuries.
  • Defence spending will go up by £11bn over the next five years.
  • Councils across England will get £200m to help tackle potholes.
  • Full expensing will come in from 1 April, cutting tax for companies that want to invest in the UK. This reduces their tax by up to 25p for every £1 spent on plant and machinery.
  • For every £100 spent on Research and Development, eligible small and medium sized companies will be able to claim £27 back
  • Tax relief for theatres, orchestras, and museums & galleries will stay at rates of 45%-50% until 2025
  • Nuclear power will be classed as “environmentally sustainable” and the Chancellor has announced Great British Nuclear to enable nuclear projects to support the UK’s nuclear industry
  • Disability Benefit Reforms will fund a new Universal Support programme to help disabled people & those with long-term help conditions to find jobs & stay in work
  • To support those with long-term conditions there will be expanded numbers of community hubs that offer health support and additional mental & physical health resources
  • From next year qualifying foster care givers will see their tax free allowance rise from £10,000 to £18,000.
  • The annual allowance will rise from £40,000 to £60,000
  • The lifetime allowance has been abolished
  • To encourage more people to Childminding industry new joiners will receive incentive payments of £600, rising to £1,200 for those joining through an agency
  • The amount of Universal Credit support for childcare costs by almost 50% & will pay this upfront instead of in arrears
  • Working families will have access to 30 hours free childcare per week for children aged between 9 months and 4 years.

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