Chancellor Jeremy Hunt will unveil his Spring Budget for the 2023/24 tax year later this afternoon (15 March).
According to Hunt, the Budget will set out the next stage in the Government’s plan to halve inflation, reduce debt and grow the economy.
The economic outlook for 2023 is slightly more optimistic than last year and the recession shallower than first expected. However, Hunt has said the economy still has “a long way to go” so he is “unlikely” to make any significant tax cuts in the Budget.
Many have dubbed the announcement as a “back to work” Budget, with the Government introducing measures to tackle low employment rates.
These could include increasing the tax-free pension allowance and raising the state pension age to discourage over-50s from early retirement.
The Government is also expected also expand free childcare for one and two-year-olds to help working parents return to work.
Following pressure to support households struggling with energy bills, reports suggest Hunt will extend the energy price guarantee by a further three months and raise the cap for the average household. Fuel duty could also be frozen for a further year.
The Chancellor is also expected to outline plans for 12 new investment zones to “supercharge” economic growth in the tech sector.
Talk to us about your finances.
