Spring Budget 2023
The Chancellor has announced his ‘Budget for Growth’, Mr Hunt said the latest OBR figures suggest inflation will fall from an average rate of 10.7% in the final quarter of last year to 2.9% by the end of 2023. The Chancellor’s growth strategy focuses on the four pillars ‘Everywhere, Enterprise, Employment and Education’.
- Everywhere – Levelling Up,’ including the launch of 12 new Investment Zones
- Enterprise – providing the right conditions for businesses to succeed, including: Business taxation reforms, R&D incentives and more money for renewable energy research
- Employment – including a pension tax relief overhaul
- Education – a reform of the childcare system to offer 30 free hours of childcare each week to pre-school-age children
To encourage over-50s to extend their working lives, the government is increasing tax relief limits on pension contributions and pots – the Annual Allowance will be raised from £40,000 to £60,000 from April 2023; the Lifetime Allowance (LTA) charge will be removed from April 2023, and the LTA will be abolished from April 2024.
Jeremy Hunt signed off his announcement saying, “Today we build for the future with inflation down, debt falling and growth up. We stick to the plan because the plan is working.”
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