When is the spring 2023 budget and what could Jeremy Hunt announce?
Chancellor Jeremy Hunt will soon present his first full budget of his tenure amid turbulent economic conditions.
Jeremy Hunt took office after the disastrous mini-budget that cost then-Chancellor Kwasi Kwarteng his job and was hired by then-Prime Minister Liz Truss to stabilize markets.
Eventually, however, the economic chaos caused by concerns about unfunded tax cuts would also cost Truss her position.
After becoming prime minister, Rishi Sunak remained Chancellor of the Exchequer and set about setting his own economic agenda with an autumn statement in November 2022.
The next task for the Chancellor will be to announce the spring budget in the coming months.
So when will it be announced and what might be in it?
Here’s what we know so far.
When is the spring budget 2023?
Jeremy Hunt will pass on the spring budget March 15, 2023. It will likely be broadcast live on both the BBC and Sky News, as well as LBC for radio fans.
Mr Hunt is expected to address the House of Commons around noon.
His announcement is also expected to accompany an updated economic forecast for growth and public finances from the Office for Budget Responsibility (OBR).
What could Jeremy Hunt announce in the spring 2023 budget?
Upon taking office, Jeremy Hunt said his focus was on reduce inflation.
At the time, Mr Hunt said: “The best thing I can do as Chancellor is to create a plan that brings down inflation [and] eases the upward pressure on interest rates, meaning these nurses have to pay more on their mortgages every month.’
In the latest update from the Office of National Statistics, inflation figures for January fell by 0.4% and the UK avoided a recession (two consecutive quarters of negative GDP growth), albeit with GDP at 0.0% low as possible.
The Chancellor is widely expected to extend the energy price guarantee at its current level by at least another three months.
It was planned to rise by £500 from April, but the Chancellor could choose to leave it at £2,500.
Jeremy Hunt recently outlined a four-point plan to increase productivity in The Economist, which could provide a glimpse of what he might be announcing.
As a former businessman, it was perhaps unsurprising that the first item on Mr. Hunt’s plan was Pursueand said, “By being a dynamic economy that sees benefits in taking risks, we can build on our reputation as a place where people enjoy doing business.”
Mr Hunt continued: “Britain needs to foster battalions of dynamic new companies.”
While general tax cuts look unlikely, the Chancellor could announce new support for small businesses.
Training was the next priority on the Chancellor’s list: “An increase in the time the average person spends on education by one year leads to a 3-6% increase in output per capita. And the quality of education that a person receives during their school, college or university education is also of enormous importance.”
employment was also identified by the Chancellor as a critical area for growth, describing the economic inactivity of working-age adults in the UK post-Covid-19 as: “One of the biggest economic challenges we face is putting a spike on growth and inflation and may continue to do so, say the Office for Budget Responsibility and think tanks like the Institute for Fiscal Studies and the Health Foundation.’
The Chancellor has already called for re-entry into the labor market, tax breaks for older people have been rumored in the past, including an increase in the lifetime allowance (LTA) for pensions. As part of this initiative, he could also raise the statutory retirement age.
An expansion of free childcare could also be announced to make it easier for parents to return to work.
Finally open investment opportunities Beyond our capital was the Chancellor’s final priority, who said they would announce “investment zones, mini-Canary Wharfs, to support each of our growing industries.” Each will be built in underperforming areas that still have a lot of potential and a university nearby.’
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https://metro.co.uk/2023/03/07/when-is-the-spring-budget-2023-and-what-could-jeremy-hunt-announce-2-18399389/ When is the spring 2023 budget and what could Jeremy Hunt announce?