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.
To help with the cost of living, we are:
- 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.
