Jeremy Hunt’s Budget 2023: A Year Later
**Summary:** Chancellor Jeremy Hunt's Budget in 2023 promised growth, halving inflation, help for pubs, free childcare, and promoting back to work initiatives. A year later, we examine how these measures have fared.
Summary: Chancellor Jeremy Hunt's Budget in 2023 promised growth, halving inflation, help for pubs, free childcare, and promoting back to work initiatives. A year later, we examine how these measures have fared.
Budget for Growth or Bust?
When Jeremy Hunt introduced his Budget in 2023 as "a Budget for growth," hopes were high. However, official figures reveal that the economy has not seen growth since then. In fact, the UK economy slipped into recession with zero growth followed by contractions.
Inflation Halved, But Not Without Hiccups
Despite the promise of halving inflation, the reality was different. Inflation did drop from above 10% to 4% by the end of the year, but not without challenges along the way.
Pubs Still Thirsty for Relief
While Draught Relief was meant to help pubs by reducing taxes on alcoholic drinks, beer prices continued to rise. The British Beer and Pub Association called for further cuts to beer duty to support the industry.
Childcare Challenges
Free additional childcare was a key measure in the Budget, but technical glitches and staff shortages have posed challenges. The government aims to recruit 40,000 more staff to meet the demand for childcare services.
Back to Work Initiatives
Promoting growth also involved helping people back into work, including those with disabilities or long-term sickness. The measures included apprenticeships for over-50s and sanctions for benefits claimants refusing reasonable job offers.
Energy Bills and Business Investments
Measures on energy bills and business investments were also part of the Budget. Prepayment meter users no longer have to pay more for energy, and full expensing for companies led to a 6.1% increase in business investment in 2023.
Looking Ahead to Budget 2024
As the Budget for 2024 approaches, the focus shifts to what new measures will be announced. What do you hope to see in the upcoming Budget? Share your thoughts with us!
Share Your Thoughts
What are your expectations for the upcoming Budget? Email us at [email protected] or visit the mobile version of the BBC website to submit your comments. Your voice matters in shaping the future of the economy.
Hey, I'm Fateh Muhammad, a Lahore local with a passion for arts and politics. My journey led me through the halls of the National College of Arts, where I delved into the intricacies of both disciplines. Now calling Lahore home, I'm here to share my insights and perspectives on the dynamic intersection of art and politics. Let's embark on this enlightening journey together! Connect With Me .