Chancellor’s Budget March 2023

Goodman Jones Autumn Budget Summary 2021

Jeremy Hunt’s “Budget for Growth” speech opened with positive forecasts from both the IMF and OBR reassuring us that he was delivering "stability and sound money". He also delivered a few surprises with full expensing of capital allowances and the abolition of the pension lifetime allowance limit.

Business Growth

The main theme of his speech was removing the barriers to business growth by encouraging investment and getting people back into the labour force.

The corporation tax rate of 25% remains, but the full expensing of capital allowances is expected to benefit business by £27 billion over the next three years. Other measures included additional support for research and development, reforms to the reliefs for theatres, orchestras and museums and a large package of funding for AI research.

Back to work

There were a host of measures aimed at encouraging people back to work including additional support for preschool childcare, changes to the welfare system for disabled people and those with long term health issues. There were also changes to the pension rules aimed at encouraging the over 50s to remain in work including removing the lifetime allowance cap and increasing the annual allowance from £40,000 to £60,000.