Despite our country facing enormous global challenges, the Chancellor delivered stability in November through his Autumn Statement. In January, the Prime Minister set out his plan to halve inflation, grow the economy and reduce debt.
We know this plan is working. CPI inflation is now forecast to reduce to 2.9% by the end of the financial year. The Office for Budget Responsibility (OBR) also forecast that the UK will no longer enter a technical recession this year with a return to growth and debt falling.
In today’s Budget for Growth, the Chancellor has set out his four pillars of Enterprise, Employment, Education and Everywhere. His focus is to remove the obstacles that stop businesses investing, tackle the labour shortages that stop them recruiting, break down the barriers that stop people working, and harness British ingenuity to make us a science and technology superpower.
Some of the headline measures include:
- Energy Price Guarantee kept at £2,500 until July, while ending the premium paid by households using pre-payment meters.
- 30 hours a week of free childcare for every child from 9 months to 4 years, with support being phased in by September 2025.
- Fuel duty frozen for a thirteenth consecutive year, saving drivers £200 on average.
- Annual pension allowance increased to £60,000 and Lifetime Allowance abolished.
- Duty on draught beer frozen, ensuring a pint of beer in a pub will be as much as 11p cheaper than in supermarkets.
- An extra £200 million to fix potholes and maintain our roads, including £3.7 million for Oxfordshire.
I think this is a really sound budget which sets out the next stage of the Government’s plan to halve inflation, grow the economy and reduce debt. I welcome the Chancellor’s responsible and disciplined approach which will lay the foundations for long-term, sustained growth. It is only through reducing inflation that we can alleviate cost of living pressures, support our most vulnerable and protect vital public services.
Read today's Spring Budget in full here.
