Spring 2023 Budget Summary

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. 

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, Mr 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 Mr 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 Price Guarantee at the current levels for another three months while fuel duty was frozen once more. 

Please contact us before taking any action as a result of the contents of this summary. 

Read more about the Spring Budget 2023

Our summary features a series of detailed articles covering the Spring Budget 2023 by the Shorts team. Read the latest announcements and analyses grouped by area of legislation below:

• Personal Tax announcements
• Business Tax announcements
• R&D Tax Relief announcements
• Capital Tax announcements
• Employment announcements
• Other measures

If you have a query about a specific measure announced in the Spring Budget that is not entirely answered below, or in a corresponding summary, please get in touch with our team for advice.