Spring Budget 2023 LATEST — Jeremy Hunt expected to unveil pension age plans, energy bill support & tax changes tomorrow | The Sun

CHANCELLOR Jeremy Hunt will reveal the Government's Spring Budget TOMORROW in the Commons chamber.

Jeremy Hunt will let Brits know of any new benefits, bill support packages and tax hikes at 12:30 on Wednesday straight after Rishi Sunak holds PMQs at midday.

The Chancellor could give millions of Brits a pensions boost as well as informing them on how much the price of booze and cigarettes will change.

The Treasury keeps a tight lid on policies included in the highly-anticipated budget.

Revealing too many details in advance can move markets.

Read our Budget blog below for the latest news and updates…

  • Louis Allwood

    Labour challenge Jeremy Hunt

    Labour leader Sir Keir Starmer challenged Jeremy Hunt to get the UK “off this path of managed decline” ahead of Wednesday’s Budget.

    He pointed to Office for National Statistics’ figures which show that there are 3,000 fewer higher-growth businesses in the UK compared to five years ago.

    Labour’s proposals include a green prosperity plan and a national wealth fund which they say will create 450,000 new jobs over the next decade.

    Sir Keir said: “I know the spirit of enterprise, of creativity, of endeavour are as present in Britain today as they ever have been.

    “This week, the Government has a real opportunity to show they have the ambition and competence to govern.

    “Either they show some proper leadership and get our country off this path of managed decline or stand aside for an incoming Labour government.”

  • Louis Allwood

    Millions set to save £3.30

    Drivers are set to save at the pump as the 5p fuel duty cut could be extended in Wednesday's Budget.

    The move would save motorists £3.30 at the pump over the next 12 months, according to the RAC.

  • Louis Allwood

    What can we expect regarding fuel duty?

    The Treasury is under huge pressure to keep the popular 12-year fuel-duty freeze.

    And the Chancellor is being lobbied hard working motorists to keep the 5p cut too.

    He's expected to keep both – but officials in No11 are concerned by the £6bn-per-year price tag.

    Last week ex-Home Secretary Priti Patel piled pressure on Mr Hunt to cut fuel duty to help hard-up motorists to boost Britain's economy.

    She called on the Chancellor to "go further" where the Government has extra headroom to slash eye-watering fuel taxes and create growth.

    The Sun's Keep it Down campaign has forced ministers to freeze duties for 12 years in a row.

    Ms Patel said: "We have to be the Government on the side of hard-pressed motorists, who are really feeling the pinch right now.

    "We should be going further – where the Government has the head room, cut fuel duty.

    "We need to put more money back into the purses and wallets of the Great British Motorist and do everything we can to support them.

    "You can only grow the economy by putting more money back into people's pockets, not by taking money out of them with higher taxes."

  • Louis Allwood

    Back to work drive

    The Chancellor will announce a major plan to drive millions of economically inactive Brits back to work.

    The package of policies will focus on the long-term sick, those with short-term illnesses, early retirees and those on welfare.

    A source said: “Those who can work, will. Those who can’t, we will always help.”

  • Louis Allwood

    Cost of living support expected

    Around eight million households will get a £900 cost of living payment in April.

    Unlike last year's help, this cost of living payment will be paid in three, not two, instalments.

    You don't need to apply for the help – instead, the Department for Work and Pensions will be in touch.

  • Louis Allwood

    What is the Budget?

    The Budget is when the Government outlines its plans for tax hikes, cuts and things like changes to Universal Credit and the minimum wage.

    It's different to the Spending Review, which sets out how much public cash will go towards funding certain departments, devolved governments and services, such as the NHS.

    The Budget is read out in the House of Commons by the Chancellor of the Exchequer.

    It will be Jeremy Hunt's first Spring Budget as Chancellor.

    It will be the first full Budget since last year, following the mini-Budget in September and the Autumn Statement in November.

    Mr Hunt has told Tories he will "put meat on the bones" of the PM’s plan to fix the economy.

  • Louis Allwood

    When is the Budget?

    The Government has asked the Office for Budget Responsibility, Britain's independent budget office, to produce new forecasts on Wednesday, March 15.

    On that day it will release the latest outlook for the economy and public finances.

    This means that chancellor Jeremy Hunt will also deliver his mid-year Spring Statement update on that day.

  • Louis Allwood

    Disability claimants

    Disability benefits claimants will continue receiving payments after they return to employment under new Budget plans to get people back into the workforce.

    The Work Capability Assessment used to judge eligibility for the sickness benefits will be scrapped.

    Under the current system disabled people need to have the assessment and be found unable to work to receive additional support.

    Ministers have described the measure as a "perverse incentive to prove how sick you are".

  • Louis Allwood

    Childcare benefits have been welcomed

    The new Government plans have been welcomed by charities who had previously warned of parents falling into debt due to the childcare system.

    Dan Paskins of Save the Children said: "The UK Government has made the right decision in deciding to pay childcare fees for those on Universal Credit upfront rather than in arrears.

    "This system was stopping people getting into work and putting people into debt.

    "This is good for families, good for our economy and most of all, good news for children."

  • Louis Allwood

    Childcare benefits for Universal Credit claimants

    Mr Hunt will announce childcare costs for those on Universal Credit will be paid up front.

    The maximum amount of cash parents can claim for childcare will also be increased by hundreds of pounds.

    The maximum cap for claims per month has remained unchanged for 18 years at £646 for one child and £1,108 for two.

    This is now expected to increase to £950 for a single child and £1,680 for two.

    Struggling mums and dads will be better off in a year under the plans, making it easier for them to go back to work.

    It's a major win for The Sun’s Make Universal Credit Work ­campaign, which has been calling for childcare support to be paid upfront and remove the barrier stopping parents from getting back to work since December 2018. 

    Currently, parents on Universal Credit can claim back 85% of their childcare costs – but they have to pay upfront first.

  • Louis Allwood

    Alchol duty expected to be frozen

    Booze duty will be frozen until August in a major win for pubs and brewers.

    Hated alcohol levies were due to be hiked on February 1, but the Chancellor will delay that move for an extra six months until August 1.

  • Louis Allwood

    Cigarette price hikes

    Smokers face the biggest ever price hike in fags next month as Mr Hunt prepares to raise tobacco duty – with a pack of 20 going up by £1.15. 

    Industry insiders are bracing for taxes on cigarettes to increase with inflation.

    Hiking fag levies with 12.7 per cent RPI – plus an extra minimum two per cent bump applied to tobacco products – means a pack would jump by more than 15 per cent. 

    It would see a 30g pack of hand rolling tobacco rise by £2 thanks to higher rates.

  • Louis Allwood

    Energy bill help expected to be announced

    Jeremy Hunt is poised to extend the current Energy Price Guarantee until July.

    Gas and electricity bills were due to soar from £2,500 to £3,000 next month.

    But lower-than-expected borrowing has left room for the cap on gas and electricity costs to be extended.

    Thankfully from July, when the price guarantee ends, it's expected bills will fall to £2,000.

  • Louis Allwood

    Corporation tax set to be hiked

    Corporation tax is set to be hiked from 19 to 25 per cent – though this will only affect companies with profits of £250,000 or more.

    But other policies to help with the cost of living squeeze are expected to be announced.

  • Louis Allwood

    Treasury keeping tight lid on policies

    The Treasury keeps a tight lid on policies included in the highly-anticipated budget.

    Revealing too many details in advance can move markets.

    And changes can still be made right up until the last minute.

    But Government sources have given The Sun a flavour of measures to expect – and what they will mean for your wallet.

    Unfortunately, there won't be any major changes to income tax or national insurance.

  • Louis Allwood

    Major change for parents

    Parents are set to be £480 a year better off as strict rules on staff to children ratios in nurseries are relaxed.

    Chancellor Jeremy Hunt is poised to announce a major shake-up of childcare at Wednesday's Budget.

    To help with the cost of living squeeze, the number of kids per staff in nurseries is expected to rise from four to five.

    This in turn should see families save £40 a week – or £480 a year.

  • Louis Allwood

    Jeremy Hunt to reveal budget tomorrow

    Jeremy Hunt will finally reveal the Government's Spring Budget TOMORROW.

    At 12.30pm in the Commons chamber, the Chancellor will announce how much the price of booze and cigarettes will change.

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