Spring Budget 2023
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.
At Autumn Statement 2022 the government took the difficult decisions needed on tax and spending to restore economic stability, support public services, and lay the foundation for long-term growth. At Spring Budget 2023 the government is building on this foundation, with a plan to deliver on three of the five key priorities set out by the Prime Minister in January: to halve inflation, grow the economy and get debt falling.This comes against a backdrop of higher levels of government debt due to the economic impacts of the COVID-19 pandemic and current energy crisis. Debt interest spending is now expected to reach a record £120.4 billion this year. These factors have contributed to a significant gap opening between the funds the government receives in revenue and its spending.
Economic growth increases living standards, supports higher paid jobs, and strengthens the public finances. Spring Budget begins to implement the Chancellor’s strategy to deliver long term sustainable growth, focusing on four key priorities: Employment, Education, Enterprise and Everywhere. The OBR is now forecasting the UK economy will avoid a recession and, supported by action taken at the Spring Budget, GDP is higher in the medium term.
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