Here are the headlines for the Spring 2023 Budget that will impact you directly:
The Budget for Growth in the spring of 2023 ( Government title)
- Predicted 2.9% Inflation by the end of 2023
- The energy price guarantee will remain for the next three months for households; they are predicting energy will start to drop from July.
- Prepayment meters – All charges will be brought in line with non-prepayment meters.
- £63 Million Fund to keep public leisure centres open
- Help for Pubs – from 1st August Draft will reduce by 11p lower than supermarkets.
- Motorists – The fuel Duty for 12 months maintain the current 5p cut and freeze an increase in duty
- UK Economy is not expected to enter a “techinical” recession
- Motorists – Fuel Duty for 12 months maintain the current 5p cut and freeze an increase in duty
- 12 New Investment Zones ( exmaple canary Wharf) based in the north of the country including Scotalnd, Northern Ireland and Wales.
- Government will add a total of £11 bn to our defence budget over the next five years and it will be nearly 2.25% of GDP by 2025.
- Full Capital expensing , for every £1 invested, up to £1m, this can be taken from Coroporation Tax in full that year
- Corporation tax to increase to 25% – Corporation tax for businesses is to increase from 19% to 25%. Therefore firms which make a profit of more than £250,000 will pay 25% tax on their profits from April.
- An increase the pensions annual tax-free allowance from £40,000 to £60,000 and will abolish the Lifetime Allowance – previously set at £1.07m.
- There has been an increase in funding to nurseries from £204m to £288m
- Parents on universal credit will now received £951 and ro two children £1651 paid upfront
- Free Childcare to be exteneded for Children over nine months
- And there’s more money for Pot Holes!