Spring Budget 2023

Chancellor of the Exchequer Jeremy Hunt delivered the second major fiscal statement of his time as Chancellor on 15 March, during intense pressure to cut rising taxes and maintain financial stability in a struggling economy.

In his statement on 15 March, Jeremy Hunt delivered a “Budget of Growth” with some assurance by the Office for Budget Responsibility (OBR) who confirmed that the economy has proved more resilient than originally feared in the Autumn, and forecast a stronger than expected performance from the UK economy this year, with inflation set to continue to fall to 2.9% by the end of 2023. Jeremy Hunt added: “Our plan is working – inflation falling, debt down and a growing economy”, with the budget tackling the long-term strategy to deliver sustainable economic growth that will underpin the UK’s long term prosperity.

The Chancellor’s Spring Budget has taken a U-turn from supporting early retirement, now focusing on removing barriers to work for parents, the disabled and over 50s, encouraging “Returnerships” while improving access to childcare for the wider workforce and tackling the labour shortages head on.

The Chancellor also announced a £27 billion tax cut to boost business investment through a radical “fully expensing” policy, committed to spreading the benefits of economic growth “everywhere” and has also announced EPG and fuel duty freezes and a reform in childcare to help families with the cost-of-living. These updates are outlined in the complete guide which can be downloaded here.

Spring Budget statement highlights:

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