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Spring Budget 2023 Summary

Written by Paul Vincent on .

Chancellor Jeremy Hunt announces the Spring Budget 2023, Wednesday 15 March. The budget includes:

  • £27 billion tax cut for businesses
  • £9 billion annual tax subsidy for corporate investment
  • New R&D scheme for 20,000 SME’s in the UK – worth around £500 million a year
  • Working parents (who work at least 16 hours) will be able to access 30 hours of free childcare from when their child is 9 months old until they start school. Starting April 2024
  • £34.4 million funding for Skills Bootcamps and other programmes aimed at training young people and adults to reach their full potential in the labour market
  • The energy price guarantee has been extended by 3 months and is now due to end in June
  • The planned 11p rise in fuel dity will be cancelled maintaining last years 5pm cut for another 12 months
  • Pensions annual tax-free allowance raised from £40,000 to £60,000
  • The planned £500 increase in average energy bills cancelled

You can view the full Spring Budget 2023 here