Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall.
Driving business investment
The Chancellor announced a £27 billion transformation of capital allowances from April
this year, which will include the Full Expensing of investment in qualifying plant and machinery.
There was also a £500 million package for research and development intensive businesses. In addition, Mr Hunt announced 12 Investment Zones across the UK with funding for skills and support.
Removing barriers to work
Reforms to childcare, which will see expanded free care and subsidies, were key to Mr Hunt’s plans to remove the barriers to work for parents, the disabled and the over-50s. The Chancellor also made changes to the pension system to incentivise doctors and other highly-skilled workers to remain in the labour market.
As high energy costs continue, the Chancellor extended the Energy Support Guarantee at £2,500 for another three months while fuel duty was frozen once more.
Click here to view our Spring Budget Summary.
We hope the summary provides you with a useful update and enables you to better understand the changes.
If you have any questions relating to the announcements or require advice and guidance for you and your business, please contact your usual Beavis Morgan Client Partner or email info@beavismorgan.com.
Please contact us before taking any action as a result of the contents of this summary.
The enclosed document has been written in general terms and we recommend that you seek professional advice before acting or refraining from action on any of the content within this document. Information accurate at the time of publishing, March 2023.