Budget 2023: The key points

In today’s Spring Budget (15th March), chancellor of the exchequer Jeremy Hunt outlined the government's economic plans.

The statement — which was devised to deliver “long-term, sustainable growth” — focused on four pillars of industrial strategy: ‘enterprise’, ‘employment’, ‘education’, and ‘everwhere’.

Despite specialist finance experts’ hopes of some level of intervention to help the property and housebuilding sectors, no major reforms were announced today.

The announcements made by Jeremy Hunt include:

  • the extension of the £2,500 Energy Price Guarantee until 30th June 2023
  • the introduction of 12 new investment zones across the UK, including four in Scotland, Wales and Northern Ireland
  • the allocation of over £200m for investments in high quality, local regeneration projects across the country
  • the introduction of a new full capital expensing policy from 1st April 2023 until 31st March 2026
  • a freeze on draught beer and fuel duty
  • additional tax support to help SMEs investing in R&D, and tax relief for film, TV and video game industries
  • £20m of funding to support carbon capture and storage projects across the UK
  • plans to invest in nuclear energy — which will be classed as environmentally sustainable in green taxonomy, subject to consultation

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