Spring Statement 2023

March 16, 2023

Yesterday, Chancellor Jeremy Hunt presented his first Spring Statement to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. 

The statement was started on a positive note, with the Chancellor committing to reduce inflation from its current rate of 10.7% to 2.9% by the end of 2023.  He also announced that the Office for Budget Responsibility’s (OBR) latest forecast predicts that the UK will not enter a technical recession.

It is clearly early days on the path to economic recovery, which was reflected in the Chancellor being unable to announce any substantial tax cuts.  He was, however, able to offer cost of living help and prioritise getting people back to work.

Here are some of the key announcements:

  • Childcare support for working families
  • Pension lifetime allowance abolished
  • Corporation Tax rise to 25% will go ahead as planned
  • Annual Investment Allowance will be permanently set at £1 million
  • Enhanced credit for R&D relief
  • Energy Price Guarantee set at £2500 until July 2023
  • Enhanced tax credits for the creative sectors including film and TV
  • Investment zones announced to help increase innovation
  • Fuel duty frozen

You can read a full summary of the announcements from the Spring Statement in the Hentons Spring Statement Summary.

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