Jeremy Hunt announces the Spring Budget

Today (Wednesday March 15), Jeremy Hunt announced his Spring budget for 2023.The budget aims to encourage people to return to the workforce as well as raising business investment. Here are some of the key points within the Budget.

Jobs & Work

The budget outlines a new fitness to work regime for people to be eligible for health related benefits. As well as this, tougher requirements to look for work will also be rolled out for lead child carers on universal credit.

A new voluntary employment scheme for disabled people has also recieved funding which will support 50,000 people. A skills bootcamp has also been assembled to prompt over-50s to rejoin the workforce.

Energy

With the fuel crisis still being felt across the nation, the budget seeks to continue support for households. the plans to limit household energy bills to £2,500 a year will be extended till the end of June.

Environmental support is also addressed in the budget as Nuclear energy sees support with the promise of public funding in the wake of being classed as environmentally sustainable. A commitment has also been made to invest £20bn into low-carbon projects over the next two decades.

Investment zones

Levelling up and investment zones have held an important place on the government’s agenda as of late. The spring budget seems to place the same emphasis on the importance of regional investment. Jeremy Hunt expressed a hope of creating “12 new Canary Wharfs” following the announcement of 12 investment zones.

The investment zones will be in Greater Manchester, the North East, South Yorkshire, West Yorkshire, the East Midlands, the West Midlands, Teesside, Liverpool with further investment zones in Scotland, Wales and Northern Ireland.

Corporation Tax

The budget will also see a rise in corporation tax taking effect from April. Corporation tax will rise from 19 per cent to 25 per cent. This tax rise will be felt by businesses with profits over £250,000, businesses with profits between £50,000 to £250,000 pounds will recieve marginal relief & and businesses with profits under £50,000 will see no change.

Boosting tech

Attempting to make the UK a hub for AI research and tech, the spring budget aims to provide more funding into the industry, including an investment of £900m towards the development of a state of the art super computer for the UK.

An annual prize of £1m will also be awarded to AI researches responsible for feats of technological innovation.

Supporting “the great British pub”

On a much more jovial note, duty being charged on draught pints is set to be frozen. The Chancellor added, “British ale may be warm, but the duty on a pint is frozen.”

By Mark Adair – Correspondent, Bdaily