The Chancellor of the Exchequer, Jeremy Hunt, has today released details of what has been described as the back to work Budget. The Budget included several key points, including:
• The UK will avoid a technical recession this year
• Inflation is set to fall to 2.9% by the end of the year
• Energy Price Guarantee will stay at the current level of £2,500 for the typical household for the next three months
• The duty on draught beer products in pubs will be up to 11p lower than in supermarkets
• Fuel duty will be frozen and the 5p reduction will remain for another year
• Twelve investment zones are announced across the UK
• Confirmation of Corporation tax to increase to 25% from 19%.
• Small business investment allowance increased to £1m for the next three years, intending to make it permanent.
• Tax boost for smaller and medium businesses worth £27 for every £100 if they spend 40% or more of their total expenditure on R&D
• Nuclear power will be classed as environmentally sustainable, giving it access to the same investment incentives as renewable energy
• £1m prize for AI research to the person or team that does the most ground-breaking AI research
• Change to disability benefits so individuals can seek work without losing financial support
• £400m in funding to increase the availability of mental health and back pain for workers
• The pension annual tax-free allowance will be increased to £60,000 a year, plus the Lifetime Allowance will be abolished
• Universal Credit will provide up to £951 for one child and £1,630 for two children per month and will be paid upfront
• Thirty hours of free childcare will be extended for eligible households to cover children from nine months
If you would like more details about the 2023 Spring Budget, you can download our full guide by clicking here.