Last updated: 16 Mar 2023 10:00 Posted in: AIA
Chancellor Jeremy Hunt has unveiled the contents of his Spring Budget in the House of Commons.
The UK economy will avoid a recession in 2023 as inflation plunges from recent highs. The Office for Budget Responsibility now predicts the UK will avoid a technical recession - two straight quarters of falling GDP - and that inflation will more than halve by the end of this year.
The changes announced predominantly involve providing more support to help people get back into the workplace, as well as changes to pension savings allowances, which have seen steep reductions in recent years. However, critics of the Budget claim that the raising of allowances only really benefits high earners, leaving those on lower incomes out in the cold.
Although no tax increases were unveiled in the Budget, most people will end up paying higher tax bills next year if their pay goes up, thanks to the freezing of tax thresholds, which were announced in the Autumn Statement.
AIA is hosting a free webinar with Tim Keeley on Monday 20th March, which will cover the key announcements of the Spring Budget, including a comprehensive summary to help you understand what the announcements mean for you and your clients.
REGISTER FOR OUR FREE SPRING BUDGET WEBINAR FIND OUT MORE