Jeremy Hunt’s budget 2023 LIVE: Key points and reaction as chancellor introduced pensions and childcare change
Chancellor Jeremy Hunt today presented his spring budget as the government moves to jump-start the country’s ailing economy.
The Office for Budget Responsibility published its forecast for UK growth and said the UK would avoid a recession but the economy would contract by 0.2 percent this year.
It was confirmed that the energy price guarantee will be extended by three months at its current level until June.
The annual annuity allowance was raised to £60,000 and Hunt went further than expected by abolishing the life allowance altogether.
Fuel surcharges have been frozen, while the chancellor will also provide free childcare support for younger children in a bid to get parents back to work – at an estimated cost of £40bn to the Exchequer.
Corporate tax is set to rise from 19 per cent to 25 per cent – despite calls from business leaders to reverse the increase.
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