Spring Budget 2023


Spring Budget 2023

By Oliver Spevack

The Spring Budget 2023 was announced by the Chancellor of the Exchequer, Jeremy Hunt, on 15th March 2023. The budget was presented as a solution to reducing soaring inflation as a result of the pandemic, the war in ukraine, increased energy costs and the general cost of living increases, as well as tax and wages, energy, economy and public finances, government spending, business and infrastructure growth.

Amongst other things, the budget proposed a number of changes to tax rates and pensions as well as an increase in nuclear energy investment and other infrastructure projects.

The incumbent Conservative government has now been in power for 13 years, and they continue to try to reassure the electorate that they are commited long term to reducing taxes for businesses while also investing in public services such as health care and education. Rishi Sunak as Prime minister and Jeremy Hunt as the Chancellor are seen by the party as a safe pair of hands entering into the election race for the General Election in 2024.

Our budget summary is available for download, and goes through the detail.

Download it here: Spring Budget 2023 summary