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Jane Dalton15 March 2023 16:171678896644GDP forecast to growGross domestic product (GDP) is forecast to start growing next year but underlying debt is also forecast to rise by comparison for up to four years.It is predicted to be 92.4% of GDP next year, 93.7% in 2024-25; 94.6% in 2025-26, and 94.8% in 2026-27, before falling to 94.6% in 2027-28.The deficit falls from 5.1% of GDP in 2023-24, to 3.2% in 2024-25, 2.8% in 2025-26, 2.2% in 2026-27 and 1.7% in 2027-28 Sports
How can that possibly be a priority for this Government?“The truth is our labour market is the cast-iron example of an economy with weak foundations Free
Influential MPs on the right have warned that raising the rate from 19 to 25 per cent would “hammer” businesses and curb growth:Corporation tax hiked – despite Tory rebel warning on ‘hammer’ blowJeremy Hunt warned his hike will have ‘chilling effect on whole economy’ Jane Dalton15 March 2023 14:441678891338Key points at a glanceFrom the economy to alcohol and tobacco, and from tax and benefits changes to defence, here are the key points Jeremy Hunt announced: Budget key points: All you need to know about Jeremy Hunt’s spring statementEverything you need to know about the chancellor’s ‘Budget for growth’Jane Dalton15 March 2023 14:42 Newer1 / 10Older More aboutBudgetChildcareChancellorJeremy Huntpensionkeir starmerJoin our commenting forumJoin thought-provoking conversations, follow other Independent readers and see their repliesComments 1/1Budget 2023: Hunt’s pension and childcare changes at a glance – live Budget 2023: Hunt’s pension and childcare changes at a glance – liveParliament TV ✕Subscribe to Independent Premium to bookmark this articleWant to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.SubscribeAlready subscribed? Log inMost PopularSponsored FeaturesVoucher CodesVery Discount CodeExtra 20% off selected fashion and sportswear at VeryQVC discount codeAt least 15% off beauty items at QVCBooking.com Promo CodeGet up to 10% off using the Booking.com appAliexpress Promo Code$6 off a $50+ order with this AliExpress discount codeeBay Discount Code20% off phones & smart tech with this eBay discount codeIndy / CompareCompare UK Broadband DealsCompare broadband packages side by side to find the best deal for youCheap Broadband Deals in 2023Compare cheap broadband deals from providers with fastest speed in your areaFibre Broadband Deals March 2023All you need to know about fibre broadbandBest Apple iPhone Deals in the UK March 2023Compare iPhone contract deals and get the best offer this MarchCompare Mobile Phone DealsCompare the best mobile phone deals from the top networks and brands Get in touchContact usJobs Our ProductsSubscribeRegisterNewslettersDonateInstall our appArchiveOther publicationsInternational editionsIndependent en EspañolIndependent ArabiaIndependent TurkishIndependent PersianIndependent UrduEvening StandardNovaya GazetaExtrasAdvisorPuzzlesAll topicsVoucher codesCompareIndependent AdvertisingSyndicationWorking at The IndependentLegalCode of conduct and complaintsContributorsCookie policyDonations Terms & ConditionsPrivacy noticeUser policiesModern Slavery Act Thank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inCloseUS EditionChangeUK EditionAsia EditionEdición en EspañolSubscribe{{indy.truncatedName}}Log in / Register {{#items}}{{#stampSmall}}{{/stampSmall}}{{#stampClimate}}{{/stampClimate}}{{#stampPremium}}{{/stampPremium}}{{title}}{{#desc}}{{desc}}{{/desc}}{{#children}}{{title}}{{/children}}{{/items}}Indy100Crosswords & PuzzlesMost CommentedNewslettersAsk Me AnythingVirtual EventsVouchersCompare✕Log inEmail addressPasswordEmail and password don't matchSubmitForgotten your password?New to The Independent?RegisterOr if you would prefer:SIGN IN WITH GOOGLEWant an ad-free experience?View offersThis site is protected by reCAPTCHA and the Google Privacy notice and Terms of service apply.Hi {{indy.fullName}}My Independent Premium Account details Help centre Logout @keyframes slidedown-video{0%{transform:translateY(-100%)}to{transform:translateY(0)}}@keyframes slideup-video{0%{transform:translateY(200%)}to{transform:translateY(0)}}@keyframes spin{0%{transform:rotate(0)}to{transform:rotate(1turn)}} Betway
Our crisis in participation simply hasn’t happened elsewhere, not to this extent; it is a feature of Tory Britain and global excuses simply won’t wash.”Jane Dalton15 March 2023 15:081678891969Budget ‘does not come close to legal climate and nature goals’Conservationists say the budget did not “come close to delivering on the UK’s legally binding climate and nature goals” Phbet
Jeremy Hunt has promised a major expansion in state-funded childcare and tax breaks for businesses in Budget measures aimed at boosting economic growth.The Chancellor said a recession would be avoided and inflation would fall dramatically as the economy was “proving the doubters wrong” in his statement to the Commons on Wednesday.In an effort to remove barriers to work, he promised up to 30 hours a week of free childcare for eligible households in England with children as young as nine months.Mr Hunt resisted demands from Tory MPs to scrap April’s increase in corporation tax from 19% to 25%, but he instead promised a set of reliefs to help firms reduce their bills.And as part of a package aimed at helping with the cost of living, the Chancellor said the energy price guarantee will be extended at its current level from April to June.However, fiscal watchdog the Office for Budget Responsibility forecast the biggest fall in living standards on record.The OBR upgraded its growth forecast for 2024 from 1.3% to 1.8%, but downgraded predictions for the following years to 2.5% in 2025, 2.1% in 2026 and 1.9% in 2027.Key PointsWatchdog forecasts biggest fall in living standards on recordUK will avoid recession in 2023, chancellor saysChancellor scraps lifetime allowance limit on pensionsHunt announces huge reform in childcare to help parents get back into workHunt announces ‘biggest change to our welfare system in a decade’Government will add £11bn to defence budget over five yearsChancellor will invest over £200m in local regeneration projects in widescale levelling-up seriesShow latest update 1678895957Budget at a glance Inflation is expected to fall to 2.9% by the end of the yearLifetime allowance limit on pensions axed and pensions annual tax-free allowance rises to £60,000Incentive payments of £600 for childminders joining the profession will be tried outMinimum staff-to-child ratio will change from 1:4 to 1:5 for two-year-olds in England30 hours of free childcare for all under-fivesPlan for schools to offer wrap-around care either side of the school day by September 2026Energy price guarantee will be extended for three monthsWelfare reforms will be designed to support more disabled people into workSanctions reforms will be aimed at getting people on Universal Credit benefits into workAnother £11 billion will be added to the defence budget over five years12 new investment zones and at least one in each of Scotland, Wales and Northern IrelandUp to £20bn will be allocated for carbon capture and storageNuclear power will qualify for the same investment incentives as renewable energyThe Chancellor announced an annual £1 million prize for AI research over the next 10 years, called the “Manchester Prize”Tax on draught products in pubs will be up to 11p lower than in supermarketsSam Rkaina15 March 2023 15:591678897062Watchdog forecasts biggest fall in living standards on recordThe UK economy is set to avoid a recession but people are still expected to face the biggest fall in living standards on record, according to the fiscal watchdog.The Office for Budget Responsibility (OBR) projected that the economy would shrink by less than expected and inflation will fall more sharply than previous forecasts, in an improved economic outlook in the near term.Declining wholesale energy prices and cooling global inflation have improved the position of the Treasury compared with the last budget statement in November.Previously, the OBR said the UK was due to enter a recession in 2022 and shrink by 1.4% in 2023.However, the fresh projections show that the economy is set to avoid a technical recession - which means two consecutive quarters of decline - and shrink by 0.2% this year as whole Betfair
“We need to see policies that drive down emissions, restore nature and provide meaningful support for the public in the cost-of-living crisis,” said Kate Norgrove, WWF’s executive director of advocacy and campaigns.“At every Budget we need to see the Government publish a net-zero tracker, showing whether public spending is in line with their legal climate and nature commitments.“Until the government take the meaningful steps to rewire our economy to deliver on climate and nature action, we will continue to see budgets that fail to meet the challenge to save our wild isles.”Jane Dalton15 March 2023 14:521678891485Corporation tax hiked despite Tory rebel warning Jeremy Hunt faces a backbench Tory rebellion over the rise in corporation tax in the Budget Jackpot
(Press Association Images)Jane Dalton15 March 2023 16:101678895443House prices to fall 10%, say forecastersThe OBR has predicted that house prices will fall by 10 per cent from their high in the last three months of 2022 – a 1 per cent point larger fall than in the November forecast.And the number of property transactions is expected to drop by 20 per cent from its peak at the end of last year.The OBR said low consumer confidence, the squeeze on real incomes and the expectation of mortgage rate rises to come are set to lead to house prices continuing to fall.Jane Dalton15 March 2023 15:501678894542Most householders eligible for extended energy bill supportThe cancellation of the energy price hike announced in the Budget does not apply to those on a fixed-term energy deal, so some customers will be locked in at higher prices than the current cap.Similarly, some standard variable green energy tariffs have been exempted from the cap by Ofgem.But the vast majority of customers are eligible, including those on pre-payment meters:Who is eligible for Jeremy Hunt’s extended energy bill support?The Treasury confirmed it is capping average annual household bills at £2,500 Jane Dalton15 March 2023 15:351678893186Nuclear energy reclassed as ‘environmentally sustainable'Nuclear energy is to be reclassified as “environmentally sustainable” to give it the same access to investment incentives as renewables, the Chancellor has said.In his spring Budget, Jeremy Hunt said the Government will launch a Great British Nuclear scheme to “bring down costs” and “provide opportunities” in the supply chain with a view to nuclear power providing a quarter of the UK’s electricity generation by 2050.He also launched a competition for small modular reactors (SMRs), which will be funded if the technology is proven to be viable.Mr Hunt also said that he wanted to invest up to £20bn to help develop carbon capture usage and storage (CCUS) technologies, designed to suck up carbon emissions from major polluting industries.However, none of the new money for CCUS that Mr Hunt has promised will come before the next election.The Chancellor set out what he called the four Es - enterprise, education, employment and everywhere - as priorities.Caroline Lucas, Green Party MP, said he had “utterly failed” to mention a fifth - environment.She said: “Just when we needed a solar rooftop revolution, an unblocking and upscaling of renewables, a major street-by-street mass insulation programme, and a commitment to invest in our totally neglected, sewage-filled rivers and seas, we get too slow, too expensive and too dangerous nuclear white elephants.”Jane Dalton15 March 2023 15:131678892916Pensions changes permanent tax cut for wealthy, says Labour leaderLabour leader Sir Keir Starmer described the generous tax-free pensions allowances in the Budget as a “permanent tax cut” for the wealthy.Sir Keir told the Commons: “We needed a fix for doctors, but the announcement today is a huge giveaway to some of the very wealthiest.“The only permanent tax cut in the Budget is for the richest 1% Panalo
(Press Association Images)Jane Dalton15 March 2023 16:101678895443House prices to fall 10%, say forecastersThe OBR has predicted that house prices will fall by 10 per cent from their high in the last three months of 2022 – a 1 per cent point larger fall than in the November forecast.And the number of property transactions is expected to drop by 20 per cent from its peak at the end of last year.The OBR said low consumer confidence, the squeeze on real incomes and the expectation of mortgage rate rises to come are set to lead to house prices continuing to fall.Jane Dalton15 March 2023 15:501678894542Most householders eligible for extended energy bill supportThe cancellation of the energy price hike announced in the Budget does not apply to those on a fixed-term energy deal, so some customers will be locked in at higher prices than the current cap.Similarly, some standard variable green energy tariffs have been exempted from the cap by Ofgem.But the vast majority of customers are eligible, including those on pre-payment meters:Who is eligible for Jeremy Hunt’s extended energy bill support?The Treasury confirmed it is capping average annual household bills at £2,500 Jane Dalton15 March 2023 15:351678893186Nuclear energy reclassed as ‘environmentally sustainable'Nuclear energy is to be reclassified as “environmentally sustainable” to give it the same access to investment incentives as renewables, the Chancellor has said.In his spring Budget, Jeremy Hunt said the Government will launch a Great British Nuclear scheme to “bring down costs” and “provide opportunities” in the supply chain with a view to nuclear power providing a quarter of the UK’s electricity generation by 2050.He also launched a competition for small modular reactors (SMRs), which will be funded if the technology is proven to be viable.Mr Hunt also said that he wanted to invest up to £20bn to help develop carbon capture usage and storage (CCUS) technologies, designed to suck up carbon emissions from major polluting industries.However, none of the new money for CCUS that Mr Hunt has promised will come before the next election.The Chancellor set out what he called the four Es - enterprise, education, employment and everywhere - as priorities.Caroline Lucas, Green Party MP, said he had “utterly failed” to mention a fifth - environment.She said: “Just when we needed a solar rooftop revolution, an unblocking and upscaling of renewables, a major street-by-street mass insulation programme, and a commitment to invest in our totally neglected, sewage-filled rivers and seas, we get too slow, too expensive and too dangerous nuclear white elephants.”Jane Dalton15 March 2023 15:131678892916Pensions changes permanent tax cut for wealthy, says Labour leaderLabour leader Sir Keir Starmer described the generous tax-free pensions allowances in the Budget as a “permanent tax cut” for the wealthy.Sir Keir told the Commons: “We needed a fix for doctors, but the announcement today is a huge giveaway to some of the very wealthiest.“The only permanent tax cut in the Budget is for the richest 1% Heu
Our crisis in participation simply hasn’t happened elsewhere, not to this extent; it is a feature of Tory Britain and global excuses simply won’t wash.”Jane Dalton15 March 2023 15:081678891969Budget ‘does not come close to legal climate and nature goals’Conservationists say the budget did not “come close to delivering on the UK’s legally binding climate and nature goals” Legendplay
“We need to see policies that drive down emissions, restore nature and provide meaningful support for the public in the cost-of-living crisis,” said Kate Norgrove, WWF’s executive director of advocacy and campaigns.“At every Budget we need to see the Government publish a net-zero tracker, showing whether public spending is in line with their legal climate and nature commitments.“Until the government take the meaningful steps to rewire our economy to deliver on climate and nature action, we will continue to see budgets that fail to meet the challenge to save our wild isles.”Jane Dalton15 March 2023 14:521678891485Corporation tax hiked despite Tory rebel warning Jeremy Hunt faces a backbench Tory rebellion over the rise in corporation tax in the Budget Voslot
Jeremy Hunt has promised a major expansion in state-funded childcare and tax breaks for businesses in Budget measures aimed at boosting economic growth.The Chancellor said a recession would be avoided and inflation would fall dramatically as the economy was “proving the doubters wrong” in his statement to the Commons on Wednesday.In an effort to remove barriers to work, he promised up to 30 hours a week of free childcare for eligible households in England with children as young as nine months.Mr Hunt resisted demands from Tory MPs to scrap April’s increase in corporation tax from 19% to 25%, but he instead promised a set of reliefs to help firms reduce their bills.And as part of a package aimed at helping with the cost of living, the Chancellor said the energy price guarantee will be extended at its current level from April to June.However, fiscal watchdog the Office for Budget Responsibility forecast the biggest fall in living standards on record.The OBR upgraded its growth forecast for 2024 from 1.3% to 1.8%, but downgraded predictions for the following years to 2.5% in 2025, 2.1% in 2026 and 1.9% in 2027.Key PointsWatchdog forecasts biggest fall in living standards on recordUK will avoid recession in 2023, chancellor saysChancellor scraps lifetime allowance limit on pensionsHunt announces huge reform in childcare to help parents get back into workHunt announces ‘biggest change to our welfare system in a decade’Government will add £11bn to defence budget over five yearsChancellor will invest over £200m in local regeneration projects in widescale levelling-up seriesShow latest update 1678895957Budget at a glance Inflation is expected to fall to 2.9% by the end of the yearLifetime allowance limit on pensions axed and pensions annual tax-free allowance rises to £60,000Incentive payments of £600 for childminders joining the profession will be tried outMinimum staff-to-child ratio will change from 1:4 to 1:5 for two-year-olds in England30 hours of free childcare for all under-fivesPlan for schools to offer wrap-around care either side of the school day by September 2026Energy price guarantee will be extended for three monthsWelfare reforms will be designed to support more disabled people into workSanctions reforms will be aimed at getting people on Universal Credit benefits into workAnother £11 billion will be added to the defence budget over five years12 new investment zones and at least one in each of Scotland, Wales and Northern IrelandUp to £20bn will be allocated for carbon capture and storageNuclear power will qualify for the same investment incentives as renewable energyThe Chancellor announced an annual £1 million prize for AI research over the next 10 years, called the “Manchester Prize”Tax on draught products in pubs will be up to 11p lower than in supermarketsSam Rkaina15 March 2023 15:591678897062Watchdog forecasts biggest fall in living standards on recordThe UK economy is set to avoid a recession but people are still expected to face the biggest fall in living standards on record, according to the fiscal watchdog.The Office for Budget Responsibility (OBR) projected that the economy would shrink by less than expected and inflation will fall more sharply than previous forecasts, in an improved economic outlook in the near term.Declining wholesale energy prices and cooling global inflation have improved the position of the Treasury compared with the last budget statement in November.Previously, the OBR said the UK was due to enter a recession in 2022 and shrink by 1.4% in 2023.However, the fresh projections show that the economy is set to avoid a technical recession - which means two consecutive quarters of decline - and shrink by 0.2% this year as whole Warriors
Jane Dalton15 March 2023 16:171678896644GDP forecast to growGross domestic product (GDP) is forecast to start growing next year but underlying debt is also forecast to rise by comparison for up to four years.It is predicted to be 92.4% of GDP next year, 93.7% in 2024-25; 94.6% in 2025-26, and 94.8% in 2026-27, before falling to 94.6% in 2027-28.The deficit falls from 5.1% of GDP in 2023-24, to 3.2% in 2024-25, 2.8% in 2025-26, 2.2% in 2026-27 and 1.7% in 2027-28 LoL
Influential MPs on the right have warned that raising the rate from 19 to 25 per cent would “hammer” businesses and curb growth:Corporation tax hiked – despite Tory rebel warning on ‘hammer’ blowJeremy Hunt warned his hike will have ‘chilling effect on whole economy’ Jane Dalton15 March 2023 14:441678891338Key points at a glanceFrom the economy to alcohol and tobacco, and from tax and benefits changes to defence, here are the key points Jeremy Hunt announced: Budget key points: All you need to know about Jeremy Hunt’s spring statementEverything you need to know about the chancellor’s ‘Budget for growth’Jane Dalton15 March 2023 14:42 Newer1 / 10Older More aboutBudgetChildcareChancellorJeremy Huntpensionkeir starmerJoin our commenting forumJoin thought-provoking conversations, follow other Independent readers and see their repliesComments 1/1Budget 2023: Hunt’s pension and childcare changes at a glance – live Budget 2023: Hunt’s pension and childcare changes at a glance – liveParliament TV ✕Subscribe to Independent Premium to bookmark this articleWant to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.SubscribeAlready subscribed? Log inMost PopularSponsored FeaturesVoucher CodesVery Discount CodeExtra 20% off selected fashion and sportswear at VeryQVC discount codeAt least 15% off beauty items at QVCBooking.com Promo CodeGet up to 10% off using the Booking.com appAliexpress Promo Code$6 off a $50+ order with this AliExpress discount codeeBay Discount Code20% off phones & smart tech with this eBay discount codeIndy / CompareCompare UK Broadband DealsCompare broadband packages side by side to find the best deal for youCheap Broadband Deals in 2023Compare cheap broadband deals from providers with fastest speed in your areaFibre Broadband Deals March 2023All you need to know about fibre broadbandBest Apple iPhone Deals in the UK March 2023Compare iPhone contract deals and get the best offer this MarchCompare Mobile Phone DealsCompare the best mobile phone deals from the top networks and brands Get in touchContact usJobs Our ProductsSubscribeRegisterNewslettersDonateInstall our appArchiveOther publicationsInternational editionsIndependent en EspañolIndependent ArabiaIndependent TurkishIndependent PersianIndependent UrduEvening StandardNovaya GazetaExtrasAdvisorPuzzlesAll topicsVoucher codesCompareIndependent AdvertisingSyndicationWorking at The IndependentLegalCode of conduct and complaintsContributorsCookie policyDonations Terms & ConditionsPrivacy noticeUser policiesModern Slavery Act Thank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inCloseUS EditionChangeUK EditionAsia EditionEdición en EspañolSubscribe{{indy.truncatedName}}Log in / Register {{#items}}{{#stampSmall}}{{/stampSmall}}{{#stampClimate}}{{/stampClimate}}{{#stampPremium}}{{/stampPremium}}{{title}}{{#desc}}{{desc}}{{/desc}}{{#children}}{{title}}{{/children}}{{/items}}Indy100Crosswords & PuzzlesMost CommentedNewslettersAsk Me AnythingVirtual EventsVouchersCompare✕Log inEmail addressPasswordEmail and password don't matchSubmitForgotten your password?New to The Independent?RegisterOr if you would prefer:SIGN IN WITH GOOGLEWant an ad-free experience?View offersThis site is protected by reCAPTCHA and the Google Privacy notice and Terms of service apply.Hi {{indy.fullName}}My Independent Premium Account details Help centre Logout @keyframes slidedown-video{0%{transform:translateY(-100%)}to{transform:translateY(0)}}@keyframes slideup-video{0%{transform:translateY(200%)}to{transform:translateY(0)}}@keyframes spin{0%{transform:rotate(0)}to{transform:rotate(1turn)}} Pampanga
How can that possibly be a priority for this Government?“The truth is our labour market is the cast-iron example of an economy with weak foundations NBA