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Spring Budget Statement - Download Your Free Guide

Spring Budget Statement - Download Your Free Guide

Friday, 17 March 2023 -

Spring Budget 2023 - Pension allowances lifted, free child care provided, recession avoided, inflation to fall, borrowing to reduce - sounds great, but does it help you? Read the full details in our guide - https://www.money-minder.com/uploads/1679072277SPRING%20STATEMENT%202023_singles.pdf

   

The Chancellor said the OBR now forecasts the UK will not enter a technical recession this year. But despite narrowly avoiding recession, living standards are still predicted to fall by 6% within this fiscal year and the next.

Key budget announcements included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. The tax-free annual pension allowance for pension pots will also rise from £40,000 to £60,000 from 6 April 2023.

Working parents in England are to receive 30 hours of free childcare per week, though this won't be fully implemented until 2025. It will be phased in for households where the parent or parents work: April 2024: Eligible two-year-olds will get 15 hours of free childcare per week; September 2024: Eligible children between nine months and two years will get 15 hours; and September 2025: Eligible children between nine months and three years will get 30 hours.

Fuel duty has been frozen again whilst help with energy bills will remain for an extra three months and disabled people can apply for up to 50,000 places on a new voluntary employment scheme funded by the government. The Chancellor also confirmed that Corporation Tax will rise from 19% to 25% in April.

What does the Spring Budget Statement 2023 mean for you, your family and business?

In our guide to the Spring Budget Statement 2023we look at the key announcements from Jeremy Hunt's speech.

Read our comprehensive guide to the Spring Statement 2023.

Please do get in touch with us if you have any questions or want to discuss your own situation.