Posted by tudor 16th March 2023

Spring Budget – Key Points at a Glance

Chancellor Jeremy Hunt has drawn up a package of measures aimed at helping people and businesses survive the cost of living crisis, boosting economic growth and reducing government debt.

Here is a summary of the main announcements and new measures announced yesterday by the Chancellor.

Growing our economy:

  • According to the Office for Budget Responsibility the UK is expected to avoid a technical recession in 2023.
  • 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.
  • Disability Benefit Reforms will fund a new Universal Support programme to help disabled people, and those with long-term help conditions to find jobs and stay in work.
  • From next year qualifying foster care givers will see their tax free allowance rise from £10,000 to £18,000.
  • Increase the pensions annual tax-free allowance from £40,000 to £60,000.
  • The lifetime pensions allowance has been abolished.
  • Working families will have access to 30 hours free childcare per week for children aged between 9 months and 4 years.

Cost of living:

  • Office for Budget Responsibility expects inflation to fall to 2.9% by end of 2023.
  • Jeremy Hunt has confirm the Energy Price Guarantee will be held at £2,500 until June 2023.
  • The planned increase of 11p in fuel duty this year is cancelled.

Reducing debt:

  • The government is on track to reduce debt, with underlying debt to be 92.4% of GDP by next year, falling every year after until 2027-28.
  • Underlying debt in three years’ time forecast to be lower than it was in the autumn of last year.


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