Chancellor of the exchequer Jeremy Hunt delivered his Spring Budget in the House of Commons earlier today (15th March) to map out how he will improve economic growth in the UK.
Hunt announced a £27bn tax cut for businesses, 30 hours free childcare for children over the age of nine months, and a trio of freezes to help families with the cost-of-living.
The £27bn tax cut for business will include a ‘full expensing’ policy which will be introduced for the next three years to boost business investment, in an effective cut to corporation tax of £9bn per year.
The independent Office for Budget Responsibility (OBR) forecast this will increase business investment by 3% for every year it is in place.
The Annual Allowance will a rise from £40,000 to £60,000, in a bid to incentivise highly skilled workers to remain in the labour market.
Measures announced by Hunt to ease the cost-of-living burden are expected to help more than halve inflation, with the extension of the Energy Price Guarantee and duties on fuel and a pub pint both frozen.
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