Badged as the ‘Budget for Growth’, the chancellor’s Spring Budget 2023 on 15 March promised measures to fuel long-term sustainable growth throughout the UK.
Many of the measures had been announced in advance through the media, but there is still plenty to digest and evaluate as the detail of his proposed changes is published.
Below we share our detailed analysis of the chancellor’s Spring Budget announcements.
15 March 2023
As anticipated, Mr Hunt did not announce a reversal of the increase to the main rate of corporation tax to 25% from 1 April 2023, despite reported pressure from fellow Conservative MPs.
Read more15 March 2023
The chancellor announced investment in childcare provisions and early years support, changes to pension allowances and new initiatives for upskilling and retraining workers of all ages.
Read more15 March 2023
The chancellor announced £20bn support for the development of carbon capture usage and storage, and frozen fuel and alcohol duty rates, as well as an increase in draught relief for alcohol sales in pubs, with a number of other indirect tax measures included in the detailed Budget papers.
Read more15 March 2023
Anyone hoping for sweeping reform, or really anything of substance, is likely to feel somewhat deflated by the announcements made. Indeed, there was little to spark any real excitement.
Read more15 March 2023
The chancellor's Spring Budget was probably a little more generous than expected, but the Bank of England Monetary Policy Committee won’t need to worry about tightening policy to offset it given most of the extra spending focused on boosting the medium-term supply side of the economy.
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