15 March 2023
In his first full Budget as Chancellor of the Exchequer, Jeremy Hunt articulated that the Government was shifting its focus away from the need to provide immediate fiscal stability to the UK economy in the aftermath of former Prime Minister Liz Truss’s controversial September 2022 fiscal statement, to one that would now provide the policies to drive economic growth for the future.
Declaring the Government was on course to meet Prime Minister Rishi Sunak’s priorities to halve inflation, reduce debt and get the economy growing, Hunt announced plans to offer free childcare for infants while boosting business investment incentives and reducing the attractiveness of early retirement. Hunt said the British economy was “proving the doubters wrong,” with official economic forecasts showing the UK would no longer enter technical recession as had been previously predicted.
We have produced a briefing summarising the key announcements, relevant to the work of actuaries, as outlined in the Spring Budget on 15 March 2023.
Download the briefing (PDF, 224KB)
The Policy and Public Affairs Team will be continuing to update members on a regular basis on relevant developments on the announced economic measures within the Spring Budget 2023.