Spring Budget 2023 - Key Points
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.