Chancellor of the Exchequer, Jeremy Hunt, delivered his first Spring Budget on 15 March 2023 declaring it was “A Budget for Growth.” The fiscal update included a range of new measures, some of which had been widely trailed prior to Budget day, in order to achieve growth “by removing obstacles that stop businesses investing; by tackling labour shortages that stop them recruiting; by breaking down barriers that stop people working; and by harnessing British ingenuity to make us a science and technology superpower.”
We have sought to pick out all the key points:
- The Budget includes major reforms to childcare and pension tax relief. The government aims to make it easier for families to access affordable childcare and encourage more people to save for their retirement. For more information, you can read the full report here: Spring Budget 2023
- The government’s Budget for Growth is centered around four ‘Es’: Enterprise, Employment, Education, and Everywhere. The Chancellor announced several measures aimed at promoting growth and investment in these areas. To find out more about the announcements, click here.
- As part of the government’s plan to remove barriers to business growth, the Chancellor announced 30 hours of free childcare to parents of children under five and investment incentives for businesses.
- The Budget also included business taxation reforms, R&D incentives, and more money for renewable energy research, all aimed at promoting business investment and growth.
If you have any questions or require more information on any of the areas covered in the Budget or any other financial matter, please do not hesitate to contact us.