34:
208:
258:
10 March indicated the UK economy had grown by 0.3% in
January 2023, much more than the 0.1% that was predicted by economists. On 15 February, data indicated that inflation fallen for the third consecutive month, from 10.5% to 10.1%. This was mainly due to a decrease in fuel, restaurant, and hotel prices, according to the Office for National Statistics. But food inflation remained high, at 16.7%. Pay, excluding bonuses, rose at an annual pace of 6.7% from October to December 2022, and when inflation was taken into account, regular pay fell by 2.5%.
564:, but questioned how easy it would be for Prime Minister Rishi Sunak to deliver on the promises that had been made. Highlighting the plans for expanding childcare, she observed that the number of available nursery places had been decreasing in recent years: "Ministers are aware that it could be a stretch: that is why the changes are being phased in gradually. But if the promise of more gleaming nurseries, happy toddlers and less-stressed parents is not matched by reality, the government may be punished."
530:
they can't afford, some of them, to put clothes on their kids' backs or shoes on their kids' feet. And the
Chancellor's answer to that was to keep energy bills at an astronomically high level while stealthily taking 400 pounds away through the energy rebate scheme. He wants old people and disabled people to pull up their socks and have an MOT and go back to work. He wants to give the richest people in society a tax break on their pensions. What planet do these people live on?"
475:" after presiding over more than a decade of economic stagnation and low wages: "Like millions across our country, this budget leaves us stuck in the waiting room, with only a sticking plaster to hand. A country set on a path of managed decline, falling behind our competitors; the 'sick man of Europe' once again." He also highlighted a forecast from the Office for Budget Responsibility that predicted living standards in the UK would fall to their lowest since records began.
1963:
147:. In his statement, Hunt set out plans to remove barriers to employment (with measures such as an increase in the amount of free childcare), encourage business investment (with measures including a programme of tax cuts for business worth £27bn), and address labour shortages in some industries (such as the construction sector). Government help for families facing financial pressure was also extended, with the
487:, said that Labour would reverse the changes, which Hunt claimed would encourage workers, such as NHS doctors and consultants, to stay in their jobs longer. Reeves announced that Labour would instead create a specific scheme for doctors rather than a "free-for-all for the wealthy few". But Labour were accused of exaggerating the figures. David Robbins, director of WTW, told
257:
on 10 February 2023 indicated the UK had narrowly avoided a recession at the end of 2022 following zero per cent growth during
October to December. This was also despite a fall in output of 0.5% during December due to strike action being staged by various sectors prior to Christmas. Data released on
282:
had predicted the UK would avoid entering recession during 2023, but that the economy would shrink by 0.2%. Economic growth of 1.8% was predicted for 2024, rising to 2.5% in 2025 then falling slightly to 2.1% in 2026. The UK's rate of inflation was predicted to fall to 2.9% by the end of 2023, down
237:
the following month, which was a budget in everything but name, and included measures to lessen the impact of a potential recession. On 19 December, he confirmed the next budget, which he described as a "full fat budget", would be presented on 15 March 2023, and that unlike the
September budget, it
529:
in the House of
Commons, highlighted what he felt was the lack of support for families struggling with the rising cost of living: "eople can't afford to pay their energy bills. They can't afford to pay their mortgages; they can't afford to pay their rent. They can't afford to pay their food bills;
592:
Office for
National Statistics data released on 31 March revised the economic growth figures for the end of 2022, and showed the UK economy grew by 0.1% in the final three months of 2022, meaning the UK had avoided recession. Hunt said the figures "show there's underlying resilience in the UK
274:
In his first full budget speech since becoming
Chancellor, Hunt set out what was described as a budget for growth, aimed at achieving long-term, sustainable economic growth for the UK. Its main objectives were to remove barriers to employment, encourage business investment, and address labour
576:
showed an unexpected increased in inflation for
February, from 10.1% to 10.4%, largely as a result of an increase in the cost of fresh food (particularly vegetables), non-alcoholic drinks, restaurant meals, and women's clothes. In response to this news, Hunt said that reducing inflation from
396:
30 hours of free childcare for parents in
England with children over the age of nine months to be phased in from April 2024 to September 2025, starting with 15 hours of childcare for children over the age of two in April 2024, and 15 hours for children over nine months from September
261:
During a discussion about energy bill help in
February 2023, Hunt told the BBC households were unlikely to receive extra help with their energy bills from April 2023, as he did not think the government had the "headroom to make a major new initiative to help people". The
478:
Labour went on to criticise Hunt's decision to abolish the cap on the lifetime allowance for tax-free pensions contributions, claiming it could "could see the richest one per cent of those accessing their pensions next year net an average of £45,000".
589:, said that he was "much more hopeful" for the prospects of the UK economy. Hunt said the government supported the Bank's decision, but Reeves said a higher interest rate would cause concern to families struggling with the cost of living.
142:
The UK had narrowly avoided going into recession at the end of 2022, and although there were some signs of recovery during the weeks preceding the budget, inflation remained high and the country continued to be impacted by an ongoing
151:
extended for a further three months. The cap on the lifetime allowance for tax-free pensions contributions was also abolished in an attempt to encourage workers such as NHS doctors and consultants to remain in employment longer.
275:
shortages in some industries. The Chancellor also announced a programme of tax cuts for business worth £27bn, as well as extending government help for families facing financial pressure as a result of the cost of living crisis.
229:. Kwarteng had outlined a programme of unfunded tax cuts worth £45bn, most of which was reversed by Hunt as a result of a negative market reaction that undermined confidence in the
52:
407:
People to be offered a £600 "incentive" to become childminders, with the rules on the number of children who can be looked after by a childminder in England to be relaxed.
250:
549:
leading Conservative criticism of the budget, particularly over the decision to increase Corporation Tax by 6%, something he said would make the UK "less competitive".
199:
questioned whether some of the measures, such as the plans to increase childcare, could be achieved, and suggested the government would be "punished" if they were not.
603:
On 2 January 2024, applications opened for working parents in England to apply for 15 hours per week of funded childcare for two-year-olds, starting from April 2024.
864:
1312:
139:. The statement was presented as a budget for growth, with the objective of bringing about the conditions for long-term sustainable economic growth within the UK.
135:. The date of the budget was confirmed by Hunt on 19 December 2022. At the same time he confirmed the budget would be accompanied by a full budget report from the
1433:
1335:
493:
the calculated tax saving for someone with £1.4mn of pension savings would be "less than one-third as big" as Labour had forecast. The policy was welcomed by the
600:
indicated that government borrowing for the year up to 31 March 2023 had been £139.2bn, and consequently less than the £152bn forecast prior to the 2023 budget.
468:
1266:
246:
144:
581:
raised its baseline interest rate for the 11th consecutive time, from 4% to 4.25%, in response to the unexpected growth of inflation. Despite the increase,
414:
187:
at Westminster, highlighted what he believed was the lack of support for families struggling financially. The pension tax changes were welcomed by the
1852:
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234:
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93:
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to have their childcare support paid in advance rather than in arrears, with the monthly £645 payment for each child to rise to £951.
222:
160:
916:
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noted the fairly uneventful reaction to the 2023 budget when compared to the criticism that had greeted the statements delivered in
127:. It was also the first full budget statement to be presented by Hunt since his appointment as chancellor, and the first since the
113:
643:
184:
620:
2007:
1832:
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507:, welcomed the additional £230m announced for Scotland, but said it would still place great financial constraints on the
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Companies with profits between £50,000 and £250,000 to pay between 19% and 25% in Corporation Tax from April 2023.
253:, and concerns about a potential recession. Although the predicted recession did not occur, data released by the
1992:
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1817:
1787:
1622:
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424:
Lead child carers on Universal Credit will face tougher requirements to look for work and increased job support.
345:
Abolishing the former cap on maximum amount of pension savings before it is taxed, which was £1.07 million.
1915:
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New investment for nuclear energy, which will be classed as environmentally sustainable for investment.
380:
430:
Immigration rules for construction sector to be relaxed to plug a shortage of workers in the industry.
362:
315:
Reduced paperwork for companies trading overseas, with them also given longer to submit paperwork to
245:
The March 2023 budget was presented against a backdrop of high inflation and weak economic growth, a
1021:"Budget 2023: UK economy will avoid recession in 2023 and inflation set to plummet, says chancellor"
668:
865:"Budget 2023: Jeremy Hunt is set to deliver his first budget – here are the things to look out for"
1289:
535:
526:
339:
207:
164:
62:
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from 10.7% in the final three months of 2022, while underlying debt was forecast to be 92.4% of
582:
312:
announced for 12 new investment zones where companies will enjoy tax breaks and other benefits.
284:
148:
305:
Companies can offset the cost of machinery and new technology to reduce their taxable profits.
287:
in 2023, rising to 93.7% in 2024. Government borrowing for 2022–23 was forecast to be £152bn.
1588:
365:
and bring them in line with direct debit payments, affecting around four million households.
2012:
447:
393:
with the rising cost of heating swimming pools, as well as to become more energy efficient.
369:
8:
1940:
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489:
410:
A new fitness-to-work regime announced for people to qualify for health related benefits.
1237:
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to be invested in low carbon energy projects over the next two decades, with a focus on
1602:
472:
168:
1336:"Labour would reverse abolition of pensions Lifetime Allowance for targeted approach"
816:
464:
418:
322:
Prison sentences announced for anyone convicted of marketing a tax avoidance scheme.
299:
for business with profits over £250,000 to increase from 19% to 25% from April 2023.
1950:
553:
401:
196:
156:
1455:
1434:"UK inflation rate breaks 3-month stretch of declines with surprise rise to 10.4%"
1406:
1384:"Jeremy Hunt's corporation tax increase under fire from Tory MPs – latest updates"
843:"Calls for energy social tariff after Hunt makes budget U-turn over bills support"
328:
Local authorities in England to receive an extra £200m during 2023 to help repair
1945:
578:
546:
500:
351:
Increasing of the tax-free yearly allowance for pensions from £40,000 to £60,000.
577:"dangerously high levels" was the government's priority. The following day, the
1509:
1482:
1267:"Keir Starmer accuses Tories of turning Britain back into 'sick man of Europe'"
1103:
1050:
994:
764:
738:
531:
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A £63m programme is announced to encouraged retirees over 50 to return to work.
390:
226:
221:
was appointed as Chancellor following the economic crisis brought about by the
124:
1536:
1182:
545:
There was also some criticism from backbenchers within Hunt's own party, with
1981:
1920:
1290:"Labour accused of exaggerating tax benefits of Jeremy Hunt's pension reform"
1155:
1128:
1076:
790:
689:
480:
172:
1129:"Energy price guarantee: What help is there for gas and electricity bills?"
539:
460:
266:, announced the previous September, was later extended until 30 June 2023.
471:, accused the Conservatives of turning the United Kingdom back into the "
325:
A commitment to spend an extra £11bn on defence over the next five years.
218:
211:
132:
120:
74:
1557:
348:
A process is announced to speed up the approval of new medical products.
1930:
1910:
1183:"What is the plan for 30 hours of free childcare and how will it work?"
316:
1362:"Question Time: Stephen Flynn delivers scathing speech on Tory Budget"
335:
An extra £10m over two years for charities helping to prevent suicide.
123:. It was the first of two full budget statements presented during the
309:
817:"Energy price guarantee to remain in place until July – Jeremy Hunt"
191:, who described it as "potentially transformative for the NHS". The
1537:"When will the 15 free hours of childcare for two-year-olds begin?"
1407:"Sunak is now hostage to his promises on childcare and small boats"
717:"UK economy rebounds with stronger-than-expected January GDP print"
1313:"Jeremy Hunt defends pensions giveaway as Labour vows to scrap it"
1288:
McDougall, Mary; Pickard, Jim; Cumbo, Josephine (17 March 2023).
765:"UK inflation: Price rises slow but remain close to 40-year high"
739:"UK inflation: Price rises slow but remain close to 40-year high"
621:"Hunt confirms full fat budget and OBR forecast on 15 March 2023"
512:
443:
376:
329:
1483:"Interest rate rise: Bank of England more hopeful on UK economy"
1212:"Sturgeon: Extra £320m for Scotland in Budget not nearly enough"
1104:"Pensions: How are the lifetime and annual allowances changing?"
497:, who described it as "potentially transformative for the NHS".
669:"Background to Spring Budget 2023 – House of Commons Library"
995:"Budget summary: Key points from Jeremy Hunt's 2023 Budget"
179:, said that Labour would reverse the pension tax changes.
690:"UK economy avoids recession but not out of woods – Hunt"
192:
450:
having the highest tax rise (a 6% above inflation rise).
417:, a new voluntary work programme for disabled people in
233:. After taking office in October 2022, Hunt outlined an
542:, described it as a "less than a bare minimum budget".
1456:"Interest rate rises to 4.25% after jump in inflation"
1287:
1051:"UK government borrowed less than expected last year"
791:"Energy bills extra support ruled out by chancellor"
644:"Chancellor Jeremy Hunt confirms spring Budget date"
1231:
1229:
225:and the subsequent resignation of his predecessor,
338:£900m for a new supercomputer to support the UK's
1206:
1204:
1979:
1226:
1156:"Free childcare plan: 'Why do we have to wait?'"
989:
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1535:Gilder, Lucy; Clarke, Vanessa (1 August 2022).
1261:
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951:
949:
947:
945:
943:
941:
939:
937:
1510:"UK growth confirms recession avoided in 2022"
1201:
1044:
1042:
1573:
459:In his response to the budget statement, Sir
1534:
1256:
934:
361:An extra £200m to reduce charges for energy
251:ongoing strike action in a number of sectors
1238:"Budget 2023: What does it mean for Wales?"
1039:
278:During his speech, Hunt confirmed that the
1580:
1566:
1404:
1077:"What is corporation tax and who pays it?"
238:would be accompanied by a report from the
1926:Government spending in the United Kingdom
1587:
1101:
891:"Chancellor unveils a Budget for growth"
439:Relief for bars on tax rises on alcohol.
436:An additional £180m allocated for Wales.
206:
2003:March 2023 events in the United Kingdom
1507:
1310:
618:
1980:
1359:
1180:
1153:
1048:
511:. Speaking on the 16 March edition of
433:An extra £230m allocated for Scotland.
1561:
1431:
1235:
714:
641:
372:, for another year, until April 2024.
249:that had squeezed household budgets,
185:Leader of the Scottish National Party
1480:
1333:
1311:Topping, Alexandra (16 March 2023).
1405:Kuenssberg, Laura (18 March 2023).
895:HM Government of the United Kingdom
596:On 25 April, data published by the
13:
642:Smith, Daniel (19 December 2022).
619:Barnett, Jack (19 December 2022).
572:On 22 March, data released by the
485:Shadow Chancellor of the Exchequer
129:October 2021 United Kingdom budget
14:
2024:
442:Above inflation tax increases on
167:of turning the UK back into the "
1962:
1961:
1936:Office for Budget Responsibility
1154:Thomas, Daniel (15 March 2023).
1102:Edgington, Tom (15 March 2023).
1049:Thomas, Daniel (25 April 2023).
917:"The UK Is Budgeting For Growth"
280:Office for Budget Responsibility
240:Office for Budget Responsibility
137:Office for Budget Responsibility
32:
1528:
1501:
1481:Race, Michael (23 March 2023).
1474:
1448:
1432:Smith, Elliot (22 March 2023).
1425:
1398:
1376:
1353:
1327:
1304:
1281:
1214:. Bracknell News. 16 March 2023
1174:
1147:
1121:
1095:
1069:
1013:
909:
883:
857:
835:
715:Smith, Elliot (10 March 2023).
389:£63m to be invested in helping
368:The extension on the freeze on
1508:Espiner, Tom (31 March 2023).
1386:. The Telegraph. 15 March 2023
1360:Hunter, Ross (17 March 2023).
1236:Deans, David (15 March 2023).
1181:Gilder, Lucy (15 March 2023).
809:
783:
757:
731:
708:
682:
661:
635:
612:
598:Office for National Statistics
574:Office for National Statistics
255:Office for National Statistics
1:
1334:Lind, Sofia (16 March 2023).
1269:. The Guardian. 15 March 2023
845:. The Guardian. 15 March 2023
606:
290:
269:
223:mini-budget of September 2022
202:
155:The budget was criticised by
131:presented by then-Chancellor
567:
214:presenting the Spring Budget
7:
495:British Medical Association
454:
189:British Medical Association
118:Chancellor of the Exchequer
10:
2029:
2008:Premiership of Rishi Sunak
1870:September 2022 mini-budget
505:First Minister of Scotland
381:carbon capture and storage
110:2023 United Kingdom budget
1959:
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90:
80:
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1988:2023 in British politics
161:Leader of the Opposition
1998:2023 government budgets
1027:. Sky UK. 15 March 2023
771:. BBC. 15 February 2023
536:First Minister of Wales
527:Scottish National Party
340:Artificial intelligence
1993:United Kingdom budgets
356:Energy Price Guarantee
264:Energy Price Guarantee
215:
149:Energy Price Guarantee
1885:2023 autumn statement
1875:2022 autumn statement
1589:United Kingdom budget
1292:. The Financial Times
247:cost of living crisis
210:
145:cost of living crisis
112:was delivered to the
99:2023 autumn statement
94:2022 autumn statement
27:United Kingdom budget
1462:. BBC. 23 March 2023
1135:. BBC. 15 March 2023
1083:. BBC. 15 March 2023
823:. BBC. 15 March 2023
525:, the leader of the
463:, the leader of the
116:on 15 March 2023 by
1941:Parliament Act 1911
1853:Winter Economy Plan
509:Scottish Government
490:The Financial Times
448:hand-rolled tobacco
358:until 30 June 2023.
28:
797:. 10 February 2023
745:. 15 February 2023
696:. 10 February 2023
473:Sick man of Europe
467:and leader of the
216:
169:Sick man of Europe
163:, who accused the
63:Conservative Party
18:
1975:
1974:
419:England and Wales
415:Universal Support
363:prepayment metres
354:Extension of the
177:Shadow Chancellor
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2020:
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1951:Spring Statement
1916:Budget Broadcast
1848:Summer statement
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554:Laura Kuenssberg
413:Announcement of
402:Universal Credit
235:autumn statement
197:Laura Kuenssberg
157:Sir Keir Starmer
114:House of Commons
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1001:. 15 March 2023
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921:Forbes Magazine
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897:. 15 March 2023
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871:. 15 March 2023
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587:Bank's Governor
579:Bank of England
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547:Jacob Rees-Mogg
503:, the outgoing
501:Nicola Sturgeon
457:
391:leisure centres
297:Corporation Tax
293:
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102:
96:
22:
20:
12:
11:
5:
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2016:
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461:Keir Starmer
458:
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1340:Pulse Today
801:10 February
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700:10 February
653:19 December
648:WalesOnline
219:Jeremy Hunt
212:Jeremy Hunt
133:Rishi Sunak
121:Jeremy Hunt
85:Budget 2023
75:Jeremy Hunt
1982:Categories
1931:Money bill
1911:Budget Day
1890:March 2024
1860:March 2021
1828:March 2017
1813:March 2015
1783:March 2010
1693:March 1993
1618:April 1979
623:. City A.M
607:References
593:economy".
562:March 2017
552:The BBC's
469:Opposition
317:HM Customs
291:Key points
270:The budget
231:UK economy
203:Background
70:Chancellor
49:Parliament
1818:July 2015
1788:June 2010
1623:June 1979
1547:2 January
568:Aftermath
370:Fuel duty
171:", while
41:Presented
1968:Category
1541:BBC News
1514:BBC News
1493:23 March
1487:BBC News
1466:23 March
1460:BBC News
1440:23 March
1417:19 March
1411:BBC News
1390:18 March
1368:18 March
1345:19 March
1319:19 March
1296:18 March
1273:18 March
1248:19 March
1242:BBC News
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1166:18 March
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1139:18 March
1133:BBC News
1113:17 March
1108:BBC News
1087:18 March
1081:BBC News
1061:25 April
1055:BBC News
1031:19 March
1025:Sky News
1005:17 March
999:BBC News
926:18 March
901:18 March
875:18 March
869:Sky News
849:18 March
827:18 March
821:BBC News
795:BBC News
775:18 March
769:BBC News
743:BBC News
723:14 March
694:BBC News
674:18 March
627:18 March
455:Reaction
330:potholes
1596:By year
1520:1 April
513:BBC One
446:, with
444:tobacco
342:sector.
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1162:. BBC
1057:. BBC
397:2024.
59:Party
1880:2023
1843:2020
1838:2018
1823:2016
1808:2014
1803:2013
1798:2012
1793:2011
1778:2009
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676:2023
655:2022
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560:and
558:2012
108:The
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