We are working hard to halve inflation, grow the economy, and reduce debt.
Through the Spring Budget 2023, we are:
Delivering a £25 billion three-year tax cut for business investment in the UK.
Increasing support for our R&D sector, cementing our position as a science superpower to grow the economy.
Simplifying the tax system for small and medium sized businesses, allowing them to focus on their priorities like growing their business.
Investing up to £20 billion in carbon capture, use & storage technology, boosting energy security and helping reach Net Zero by 2050 by backing British nuclear, and launching 12 Investment Zones to boost economic growth and create new jobs.
Helping working families with 30 free hours of childcare per week – worth £6,500 per year - for children from 9 months to 4 years, increasing hourly rates for free childcare providers, and introducing a new childminders grant to support childminders with start-up costs.
Freezing fuel duty for a thirteenth consecutive year, saving the average driver around £200.
Capping the Energy Price Guarantee at £2,500 until the end of June 2023, giving families the certainty they need. It will then increase to £3,000 from 1 July and remain in place until 31 March 2024.
Ending the premium paid by those on prepayment meters, making bills fairer for over four million households.
