The Chancellor of the Exchequer will present his Spring Budget 2023 to Parliament tomorrow (Wednesday 15 March 2023).
The Budget speech will be read out to MPs in the House of Commons after Prime Minister’s Questions on Wednesday, which means it should start at about 12.30pm.
In his first Budget speech as Chancellor, Jeremy Hunt is expected to build on the stability gained at the Autumn Statement, with new measures to support families and businesses with the cost of living, before setting out an agenda to grow the UK economy.
The Chancellor of the Exchequer, Jeremy Hunt is expected to say:
“In the Autumn we took difficult decisions to deliver stability and sound money.
“Today, we deliver the next part of our plan: a Budget for growth.
“Not just growth from emerging out of a downturn.
“But long term, sustainable, healthy growth that pays for our NHS and schools, finds good jobs for young people, provides a safety net for older people.
…all whilst making our country one of the most prosperous in the world.
Today I deliver that by…
… removing the obstacles that stop businesses investing;
… tackling the labour shortages that stop them recruiting;
… breaking down the barriers that stop people working;
…and harnessing British ingenuity to make us a science and tech superpower.”
A statement from the Treasury says:
The Government is already protecting struggling families with one-off payments worth £94 billion. After a decade of reforms, people on low incomes can now earn £1,000 a month without paying tax or national insurance thanks to rises in tax thresholds. This has helped to lift two million people out of absolute poverty, after housing costs, including 400,000 pensioners and 500,000 children.
The Chancellor is expected to announce fairness reforms to energy bills, bringing the bills of families on prepayment meters in line with average direct debit energy bill under the Energy Price Guarantee. This will enable four million families to save £45 a year on their energy bills from July.
He will also announce his plan to go even further with and ambition to get hundreds of thousands more people into work. Support will focus on disabled people and those with long-term health conditions, parents, the over 50s, and people on Universal Credit. The changes are also expected to encourage benefit claimants to move into work or increase their hours with increased sanctions enforcement and Work Coach support, and childcare costs on Universal Credit to be paid up front.
The Chancellor is also expected to reject the narrative of decline, champion the successes the UK has achieved over the past decade, with a promise to build on the country’s competitive advantages to spread wealth and opportunity everywhere.
The Budget speech will be read out to MPs in the House of Commons after Prime Minister’s Questions on Wednesday, which means it should start at about 12.30pm.
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