Budget

U.K. Finance Minister Jeremy Hunt will deliver the government's Spring Budget at 12:30 p.m. London time on Wednesday.

The total cost of extending the Energy Price Guarantee at its current level will be £4 billion, the Treasury said. Why it's taken the government until the tail end of the cost-of-living crisis to fix this anomaly will baffle many." The topsy-turvy policy means that currently the poorest and most vulnerable households pay higher costs for their energy than the wealthiest in society. Hunt reveals the OBR is now forecasting that GDP will contract by just 0.2% in 2023, before growing by 1.8% in 2024. Hunt announces that 12 new investment zones modelled on the regeneration of London's Canary Wharf. "The near-term economic downturn is set to be shorter and shallower; medium-term output to be higher; and the budget deficit and public debt to be lower. to have the most pro-business tax regime in the world, Hunt announces a new investment allowance worth £9 billion per year, whereby every pound invested in IT, plant or machinery equipment can be deducted from profits. "The only permanent tax cut in the budget is for the richest 1%. Disabled benefit claimants will therefore be able to seek employment without running the risk of losing financial support. The government is publishing a white paper on changes to disability benefits. This will eventually cover all children from the age of nine months within school semester time and will apply in households where both parents are working. This will leave to a feeling of being left behind," he added.

Chancellor Jeremy Hunt is due to unveil his first official Budget. He will outline the UK government's plans for raising or lowering taxes and its decisions ...

The Treasury said: "The final design choices and agreement on an Investment Zone in Northern Ireland will be subject to the restoration of the Northern Ireland Executive." Stormont ministers would usually be the ones to decide how any additional funding for Northern Ireland would be spent. However in Northern Ireland the EPG will become less generous from the end of March. In addition to the £130m as a result of the Barnett formula, the Budget contains an extra £3m to extend the Tackling Paramilitarism programme in Northern Ireland and £40m for third-level education. It will be for the Northern Ireland secretary or an incoming administration to decide on how that money is allocated. The chancellor has said his Budget will mean an additional £130m for public spending in Northern Ireland over the next two years.

Childcare, support for business and help with energy bills are expected to be in the Budget.

He also thanked the Chancellor and the Treasury team for their swift work in securing the sale of the UK arm of the Silicon Valley Bank to HSBC.” It is also expected that he will announce funding to provide more free childcare for parents of young children. He said the Budget will deliver on all three, with a particular focus on growth. He says that UK is the best place to do business in Europe. Nurseries will be allowed to switch to one member of staff for five children rather than the current four. These include a zone in the North East and one on Teesside. I am also announcing a further £161m for regeneration projects in Mayoral Combined Authorities and the Greater London Authority. Sir Keir Starmer said the Budget “changes nothing”, adding: “Again we see a failure to grip the long-term challenges. “And secondly, I am launching the first competition for small modular reactors. Our crisis in participation simply hasn’t happened elsewhere, not to this extent, it is a feature of Tory Britain and global excuses simply won’t wash.” Tax reliefs for film, TV and video gaming will also be extended, he said. Mr Hunt has already confirmed that support on household energy bills and setting up enterprise zones in areas including the North East.