Spring Budget 2023

Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall.

In his Spring Budget, the Chancellor announced a £27 billion transformation of capital allowances from April 2023, which will include the Full Expensing of investment in qualifying plant and machinery. There was also a £500 million package for research and development intensive businesses. In addition, Mr Hunt announced 12 Investment Zones across the UK with funding for skills and support.

The Chancellor aimed to remove barriers to work via childcare reforms, that will see expanded free care and subsidies. He also made changes to the pension system to incentivise doctors and other highly-skulled workers to remain in the labour market.