So.... What Was In The Budget?

Posted on: 15 March 2023

So.... what was in the budget?

Phew, there was a lot in that speech. According to BBC News, here are some of the key announcements

 

On energy:

  • Government subsidies limiting typical household energy bills to £2,500 a year will be extended for three months, until the end of June
  • Energy charges for prepayment meters will be brought into line with prices for customers paying by direct debit

On childcare:

  • Hunt announced 30 hours of free weekly childcare for working parents is being extended to cover children below the age of three - and will eventually cover all children from the age of nine months

On pensions:

  • The cap on the amount workers can accumulate in pensions savings over their lifetime before having to pay extra tax - currently £1.07m - will be abolished
  • The tax-free yearly allowance for pension pots is to rise from £40,000 to £60,000 - having been frozen for nine years

On taxes

  • The 5p cut to fuel duty on petrol and diesel, due to end in April, is to be kept for another year
  • From August, alcohol taxes in pubs to be 11p in the pound lower than the rate in supermarkets

On disability:

  • Work Capability Assessment abolished and funding for up to 50,000 places on a new voluntary employment scheme for disabled people, called Universal Support

On businesses

  • The main rate of corporation tax, paid by businesses on taxable profits over £250,000, confirmed to increase from 19% to 25%
  • Companies able to deduct investment in new machinery and technology to lower their taxable profits
  • Tax breaks and other benefits for 12 new Investment Zones across the UK, funded by £80m each over the next five years

On defence:

  • Commitment to raise defence spending by £11bn over the next five years

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