Driving business investment
The Chancellor announced a £27 billion transformation of capital allowances from April this year, 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, Hunt announced 12 Investment Zones across the UK with funding for skills and support.
Removing barriers to work
Reforms to childcare, which will see expanded free care and subsidies, were key to Hunt’s plans to remove the barriers to work for parents, the disabled and the over-50s. The Chancellor also made changes to the pension system to incentivise doctors and other highly-skilled workers to remain in the labour market.
As high energy costs continue, the Chancellor extended the Energy Support Guarantee at £2,500 for another three months while fuel duty was frozen once more.
Here we summarise the key announcements with our insights on the potential impact for you, your family and your business.
16th Mar 2023
UHY Hacker Young Spring Budget 2023 Summary
Read our Spring Budget 2023 summary
