Budget 2023

Chancellor considering increase in lifetime allowance to reverse early retirement trend.

“This has resulted in large numbers of doctors retiring early or reducing their hours,” said the body. It rose to a peak of £1.8 million by 2012 before gradually being cut. Reports differ about how much Mr Hunt could put the LTA up by. And we will look at the conditions necessary to make work worth your while.” The pension lifetime allowance was first applied in 2006 when it was set at £1.5m. [Jeremy Hunt](/topic/jeremy-hunt) is understood to be ready to increase the tax-free allowance for [pensions](/topic/pensions) in a move to reverse the trend of early retirements.

The main point expected to come from the Budget is help with energy bills. Currently, the government is limiting the energy bill of a typical household to £ ...

This year, it is expected that there will be a particular focus on [ energy bills ](https://www.chroniclelive.co.uk/all-about/energy)and the [cost of living](https://www.chroniclelive.co.uk/news/cost-of-living/). The North East and Tees Valley are among the areas shortlisted to host investment zones. The chancellor is expected to reveal 12 zones around universities. It has been suggested that a review into raising state pension age will be put on the table. This would mean that millions of workers born in the 1970s would have to push back their retirement plans. However, The Guardian reports that the Budget will also contain more obligations on parents. [The Budget](https://www.chroniclelive.co.uk/all-about/the-budget), also known as the financial statement, is a statement on the nation’s [finances ](https://www.chroniclelive.co.uk/all-about/your-money)and includes economical forecasts. It will include whether the [government ](https://www.chroniclelive.co.uk/all-about/politics)plans to raise or lower taxes. The BBC reports that the government has also promised to bring prepayment energy charges in line with customers who pay by direct debit. The Budget will be delivered by Jeremy Hunt, the chancellor of the exchequer, on Wednesday, March 15th. The main point expected to come from the Budget is help with energy bills. Families on Universal Credit could get more help with childcare costs by receiving childcare funding upfront instead of having to claim it back.

The lifetime allowance is currently set at £1.07million but could be increased to as much as £1.8million, in what is being seen as plans to get people ...

The British Medical Association (BMA) has called the current LTA rate "punitive" and argued it has encouraged doctors to leave the profession. The rate of tax you pay on pension savings above the threshold is 55% if you get it as a lump sum, or 25% if you get it any other way. The lifetime allowance applies to defined benefit and defined contribution pension schemes. It is also understood the Budget could see the pensions annual allowance rate - the most you can save each tax year before you have to pay tax - increased. [pension](https://www.mirror.co.uk/all-about/pensions) pots as part of plans expected to be announced in the [Budget](https://www.mirror.co.uk/all-about/the-budget) tomorrow. [BBC](https://www.mirror.co.uk/all-about/bbc) and The Times suggest [Jeremy Hunt](https://www.mirror.co.uk/all-about/jeremy-hunt) will increase this to £1.8million, while The Daily Telegraph today reports that it could be set to more than £1.5million.

The Chancellor is expected to discuss energy bills, fuel duty, pensions and more on Wednesday as he delivers the Spring Budget.

Prices of cigarettes and alcohol are thought to be increased with a new system expected to come into place in the summer, A cross-sector coalition of energy, fuel poverty and environmental groups is urging the Chancellor to invest billions in upgrading homes with insulation and heat pumps. They're asking Jeremy Hunt to announce £5.3 billion for home insulation and £3.37 billion for heat pump installation, along with a further £6 billion a year for the next decade to help the poorest households. It’s thought that the Chancellor will cancel the planned £500 hike in average energy bills, in a move that would see bills for the average household staying at around £2,500, instead of going up to £3,000 as was previously announced. [Mr Hunt](https://www.bournemouthecho.co.uk/news/national/23116197.chancellor-autumn-budget-among-biggest-responsibilities-political-career/) is expected to announce a rise in the maximum universal credit childcare allowance by several hundred pounds. For months, the Treasury has been under pressure to boost the defence budget, as the war in Ukraine continues. A number of factors are thought to be discussed in the A key part of Jeremy Hunt’s plan is expected to focus on efforts to encourage the over-50s, the long-term sick and disabled, and benefits claimants back into the workplace. While nothing is confirmed so far, here’s a break-down of what is expected to be mentioned in the Budget. Details are thought to include the axing of the system used to assess eligibility for sickness benefits, paying parents on Matters such as energy bill prices, pensions and fuel prices are just a few thought to be mentioned in the Spring Budget when the Chancellor stands up in the Commons on Wednesday. The Chancellor will deliver his Budget on Wednesday and he’s expected to focus on measures that will get various people back to work as part of a wider push to boost growth.

The spring budget kicks off the new financial year and it is often one of the most highly anticipated days on the political calendar. The day is the launch ...

Although the red box is used on budget day, the boxes are common amongst ministers. One of the most iconic images in UK politics is produced each budget day. The spring budget kicks off the new financial year and it is often one of the most highly anticipated days on the political calendar.

Every time there is a Budget there is speculation the chancellor will do something radical on pensions taxation. It has happened so often over the past ...

The government is determined to get many in this age cohort back to work. “This and annual allowance issues have been plaguing the health service and causing serious retention issues in recent years. [pre-date the pandemic](https://www.moneymarketing.co.uk/analysis/nhs-pension-scheme-proposals-matter-for-advisers/). A lot of the unhappiness seems to stem from how pensions work at the organisation. It has been reported or leaked that Jeremy Hunt will increase the lifetime allowance (LTA) from £1.0731m to £1.8m tomorrow. And the annual allowance (AA) will rise from £40,000 to £60,000.

Amid a backdrop of mass industrial action, sky-high inflation, and a cost-of-living crisis, Jeremy Hunt certainly has his work cut out for him ...

[What is the most pressing topic for the chancellor to tackle? Corporation tax - The tax paid by businesses is expected to rise from 19 per cent to 25 per cent in April. And hard-pressed Brits probably won't have much to celebrate. Help with energy bills - The Chancellor is expected to delay a £500 rise to NHS funding - Mr Hunt is not expected to announce additional funding for the NHS - despite the health body facing the biggest crisis in its history. Sadly Mr Hunt is unlikely to slash taxes - much to the disappointment of his own MPs.

Plans by Jeremy Hunt to raise the the lifetime tax-free limit on pensions savings will not help boost the workforce, says IFS boss Paul Johnson.

[UK is likely to see taxes rise to a record high over the next two years](https://inews.co.uk/inews-lifestyle/money/budget-2023-tax-cuts-over-jeremy-hunt-over-50s-jobs-ifs-boss-2205915?ico=budget_recirc), which will stay high, he believes, for at least 30 years. He also suggested the Treasury is considering raising the maximum universal credit childcare allowance. “The second question is: for those who have just left the workforce, is there a way of getting them back? He also said that plans by [Jeremy Hunt to raise the the lifetime tax-free limit on pensions savings](https://inews.co.uk/news/budget-2023-raising-lifetime-pension-allowance-work-2206833?ico=budget_recirc) will not help boost the workforce. [Paul Johnson said that the tax-free limit on pensions savings was a “pretty small part of the picture”](https://inews.co.uk/inews-lifestyle/money/budget-2023-tax-cuts-over-jeremy-hunt-over-50s-jobs-ifs-boss-2205915?ico=in-line_link) when it came to people retiring early. The Chancellor’s plans to raise the lifetime allowance on pensions will not be “massively effective” in tempting over-50s back to work, the director of the Institute for Fiscal Studies (IFS) has said.

With Chancellor Jeremy Hunt's spring budget for 2023 just around the corner, here are the changes likely for the price of cigarettes and alcohol.

[cigarettes](https://www.bournemouthecho.co.uk/news/19993381.25s-banned-buying-cigarettes-england-strict-new-plans/) with the price of a 20-pack set to [rise](https://www.bournemouthecho.co.uk/news/national/uk-today/23363623.train-tickets-increase-6-per-cent-despite-poor-performance/) by £1.15, in line with the Retail Price Index, according to the [Mirror](https://www.mirror.co.uk/money/pack-cigarettes-to-hiked-115-29271417). The new policy is likely to be implemented in the summer. The Government is expected to announce changes to the price of With all that said, here are the changes that are expected to be announced for duty on cigarettes and alcohol this Wednesday. The budget is expected to tackle economic inactivity in the over-50s, the long-term disabled and benefit claimants with more policies to be announced for tax on certain items. With Jeremy Hunt's Spring Budget to be announced this week, many will want to know how changes could affect the price of beer and a pack of cigarettes.

Chancellor Jeremy Hunt will announce his Spring Budget tomorrow (Wednesday 15), at the same time as the government's independent assessor, the Office of ...

- Some kind of signal to global business that the UK remains ‘open for business’. Shares may no longer need to be of a class that give employees control of the company or are majority owned by investors. The annual investor limit could also be doubled to £200,000.

Jeremy Hunt is reportedly considering making changes to pensions in his spring budget, which will be revealed on Wednesday. It comes a few months after the ...

There have also been reports that the UK state pension age (SPA) could rise to 68 by the mid-2030s — years sooner than planned. [strikes across transport, the NHS and other sectors](https://www.thenationalnews.com/world/uk-news/2023/03/14/uk-strike-dates-when-tube/) there has been some hope in recent weeks that rows over pay can be brought to an end. [defence budget](https://www.thenationalnews.com/world/uk-news/2023/03/06/ben-wallace-confident-defence-budget-will-meet-british-armed-forces-needs/) as the war in Ukraine continues. [annual allowance rate for pensions](https://www.thenationalnews.com/world/uk-news/2022/12/29/uk-retirement-plans-deferred-as-employees-seek-cash-today/) increased, with Mr Hunt having asked his advisers to calculate how much a change would cost the exchequer. [cancel the](https://www.thenationalnews.com/world/uk-news/2023/03/03/uk-looking-to-cancel-imminent-energy-price-rise/) planned £500 ($606) hike in average energy bills which was due to come into force next month, in a move that would see annual bills for the average household staying at about £2,500 instead of going up to £3,000. According to Mr Sunak, the extra funding will take spending from 2 per cent of GDP in 2020 to 2.25 per cent in 2025. [childcare costs](https://www.thenationalnews.com/business/2023/03/07/motherhood-penalty-causes-uk-gender-pay-gap-to-widen/), with Mr Hunt set to announce a rise in the maximum universal credit childcare allowance by several hundred pounds. [pension](https://www.thenationalnews.com/world/uk-news/2022/11/15/rishi-sunak-hints-at-inflation-linked-pension-rises/) pot before it is taxed as part of his package. [long-term sick](https://www.thenationalnews.com/world/uk-news/2022/02/08/one-in-four-uk-workers-say-long-covid-is-main-reason-for-extended-sick-leave/) and disabled and benefits claimants back into the workplace are likely to form a key plank of Mr Hunt's plans. [the Chancellor](https://www.thenationalnews.com/world/uk-news/2023/01/27/the-futures-bright-with-the-tories-jeremy-hunt-to-say-in-keynote-speech/)’s autumn statement, which saw him raise taxes in an effort to restore confidence in the UK’s finances. [Jeremy Hunt ](https://www.thenationalnews.com/world/uk-news/2023/03/13/jeremy-hunt-to-unveil-uk-investment-zones-to-drive-growth-in-budding-industries/)is reportedly considering making changes to pensions in his spring budget, which will be revealed on Wednesday. The axing of the eligibility system will mark the biggest reform to the welfare system in a decade and will mean claimants can continue to receive payments after they return to employment.

The UK construction sector is braced for the spring budget on Wednesday (15 March), which could signal a slowdown in infrastructure investment but fresh.

The BPF is calling on the government to zero-rate VAT on building repair and maintenance of residential buildings to incentivise essential upgrades across the residential sector. The chancellor has a clear opportunity to alleviate costs for households and encourage investment in measures that improve a property’s energy efficiency.” The issue could form part of a budget announcement relating to commercial properties, which are coming under increased pressure for their energy efficiency to be overhauled. This is likely to be the primary infrastructure investment announced. The question now is about the extent to which 2023 will see similar investment pledges. He suggested that the latest budget “might present an opportunity for the government to expand on these plans”.

Exclusive: Chancellor will promise to provide extra 30 hours a week to parents of one- and two-year olds.

All three and four-year-olds are currently entitled to a free part-time nursery education place for 15 hours a week, 38 weeks a year, regardless of how much their families earn. The current £646-a-month per child cap on support is also expected to increase by several hundred pounds. In Hammersmith and Fulham in London, for example, a recent study by Nesta showed that a place for a two-year-old cost £10 an hour. Many experts have been warning that government subsidies are not sufficient to fund the places needed, leading to large supply gaps in parts of the country. The plan was first mooted by Liz Truss but was reported to have been scrapped by Sunak, as it would prove expensive and unpopular. However, it is understood the proposal came back on the table following forecasts that suggested it could help boost growth.

UK childcare costs are among the most expensive in the world, with full-time fees for a child under two at nursery reaching an average of £269 a week last year ...

all whilst making our country one of the most prosperous in the world." Labour MP Stella Creasy claimed that is only half of what would be needed, tweeting: "If this is true, it's asking childcare providers to offer more hours at a loss as it's only half the money needed to deliver this promise. The chancellor is expected to say on Wednesday: "Today, we deliver the next part of our plan: a budget for growth. • The chancellor is expected to raise the lifetime allowance for pension savings from £1m to an expected £1.8m - a record level - in order to try to incentivise doctors and other professionals out of retirement and back into work. Labour has said that the budget is an opportunity for the government to show some "real ambition" after years of "managed decline". • There will be a package of measures to try to encourage the over-50s, long-term sick and disabled people, and benefits claimants back into the workplace. • Insiders in the Treasury say there will be two parts to Mr Hunt's budget: a short-term support plan to provide immediate relief on the cost of living crisis and then a long-term plan for growth. The Treasury is also believed to be planning a cash injection of hundreds of millions into increasing the availability of the 30 hours of free childcare to three to four-year-olds. Central to that will be a package of measures to try to shift parents, the sick, disabled and older workers back into jobs. Jeremy Hunt is expected to make the announcement of a £4bn expansion of childcare for one and two-year-olds, funding a plan that would provide 30 hours a week to parents, Sky News understands. Mr Hunt is expected to announce a package of measures to help parents, including changing the rules so that those on Universal Credit are given more childcare and provided with the funding upfront. The chancellor will promise to provide 30 hours of childcare a week to parents of one and two-year-olds, Sky News has learned.

Jeremy Hunt will announce a £4bn expansion of free childcare for one and two year-olds in England in Wednesday's Budget. The plan will extend the 30 hours-a- ...

i also understands the Chancellor is poised to reveal the plan in tomorrow’s budget. “We would like to help everyone. whether it’s long-term sick who find there are barriers to working.”

Chancellor Jeremy Hunt is set to deliver his Spring Budget on Wednesday 15 March. The announcement will be the Chancellor's second fiscal statement since ...

[UK is likely to see taxes rise to a record high over the next two years](https://inews.co.uk/inews-lifestyle/money/budget-2023-tax-cuts-over-jeremy-hunt-over-50s-jobs-ifs-boss-2205915?ico=budget_recirc), which will stay high, he believes, for at least 30 years. There is speculation this could be brought forward to the mid-2030s. Based on the figures published by HMRC, it seems even more likely the Chancellor will say this is a measure the country cannot currently afford,” Mr Etherington said. The spring Budget is taking place on Wednesday 15 March. [The exact level of duty to be levied on each drink will be announced at the Budget.](https://inews.co.uk/news/brexit-alcohol-tax-august-chancellor-rules-out-delay-2203496?ico=budget_recirc) [prepare for the energy price guarantee (EPG)](https://inews.co.uk/inews-lifestyle/money/bills/energy-bills-support-scheme-when-end-how-long-government-help-last-2185756?ico=in-line_link), which currently caps bills for the average household at £2,500 a year, to [remain at that level for three months](https://inews.co.uk/inews-lifestyle/money/bills/energy-price-guarantee-expected-stay-2500-further-three-months-2185646?ico=in-line_link) after it expires on 1 April, rather than increase to £3,000 as previously planned. Mr Hunt could announce an increase to the state pension age, although i understands this is unlikely despite much speculation. [i](https://inews.co.uk/inews-lifestyle/money/budget-2023-tax-cuts-over-jeremy-hunt-over-50s-jobs-ifs-boss-2205915?ico=in-line_link) will be broadcasting a live stream of Jeremy Hunt’s announcement, alongside live expert coverage of the event, which can be [found on the homepage](https://inews.co.uk/?ico=in-line_link). [The Government is expected to extend support for energy bills](https://inews.co.uk/news/politics/energy-bills-support-scheme-extended-prices-2185632?ico=in-line_link) until the end of June to help households continuing to struggle with the cost of living crisis. [International Monetary Fund (IMF) has said](https://inews.co.uk/news/i-morning-briefing-poor-man-g7-why-britains-economic-outlook-dire-2117866?ico=in-line_link) the UK’s economy is likely to perform worst of any G7 nation in 2023, thanks in part to recent fiscal and monetary tightening. [first announcement in November 2022](https://inews.co.uk/inews-lifestyle/money/saving-and-banking/autumn-statement-2022-predictions-jeremy-hunt-budget-speech-tax-rises-benefits-1960867?ico=in-line_link), which came as a hurried remedy to his predecessor [ Kwasi Kwarteng’s car-crash mini-budget ](https://inews.co.uk/news/mini-budget-kiwasi-kwarteng-tax-cuts-liz-truss-u-turn-explained-1911243?ico=in-line_link)in September 2022. [ Jeremy Hunt is set to deliver his Spring Budget](https://inews.co.uk/inews-lifestyle/money/budget-2023-predictions-jeremy-hunt-statement-what-expect-childcare-fuel-duty-freeze-2205168?ico=in-line_link) on Wednesday 15 March.

Measures set to include 30 hours free childcare for one and two year-olds to help parents return to work.

Our plan will help us lead the pack again, by creating good jobs and productivity growth across every part of our country, so everyone, not just a few feel better off." all whilst making our country one of the most prosperous in the world." The Chancellor will also echo some of the language of Prime Minister Rishi Sunak, with a promise of “harnessing British ingenuity to make us a science and tech superpower" as he sets out a road-map for the country's economic future. You can't always do everything at once." Pressed on the subject of childcare provision over the weekend, Mr Hunt had said: “We would like to help everyone. “Today, we deliver the next part of our plan: a Budget for growth," he is expected to say.

Hunt told he is running economy like 'Jeremy from accounts'. Speaking to Sky's Sophy Ridge on Sunday show, the chancellor was told that he was running the ...

Most of the money will be earmarked for leisure centres to invest in moving towards renewable energy forms. On fuel duty, some Tory backbenchers have urged the chancellor to act to support motorists facing a 12p-per-litre hike in fuel duty in March. Unison union assistant general secretary Jon Richards said: “Decent public services are the bedrock of any society but they can’t exist without people to run them. A 23 per cent increase in the duty is pencilled in for this month, but chancellors have repeatedly frozen the levy in the past. “The jobs market remains strong, but inflation remains too high,” the chancellor said this morning. [Plea for Hunt to support charities in Budget as ‘majority fear for their survival’](https://www.independent.co.uk/news/uk/politics/budget-2023-jeremy-hunt-food-banks-b2300024.html) The requirement for benefits claimants who are lead carers of children to search for work are also to be strengthened, as part of a raft of measures the chancellor will announce on Wednesday in what he has branded his “back-to-work Budget”. In an overhaul the government claimed was “the biggest reform to the welfare system in a decade”, the Work Capability Assessment – described as flawed by campaigners – is also to be axed. Vacancies across the UK have fallen for the eighth month in a row as firms hold back on hiring amid woes in the wider economy, official figures have shown as Jeremy Hunt prepares to unveil his “back-to-work” Budget. He replied that “Jeremy the chancellor will be responsible with public finances, I make absolutely no apology for that”, adding: “What you will also see on Wednesday is that we have a plan to tackle the biggest problems we face as a country.” [Jeremy Hunt](https://www.independent.co.uk/topic/jeremy-hunt) is set to unveil key pension and [childcare](/topic/childcare) benefit changes in his highly anticipated [Budget](https://www.independent.co.uk/topic/budget) on Wednesday. [Budget](/topic/budget) comes in the wake of the autumn statement last November, which saw the chancellor hike taxes as he and [Rishi Sunak](https://www.independent.co.uk/topic/rishi-sunak) sought to restore UK financial credibility after Liz Truss’ short-lived premiership.

Jennie Gough, 42, and her daughters Claudia, 18, and Naomi, 14, launched "Bag It For Free" in Cardiff in January. People are able to pick up ...

We'll never give this up now." "I like to do things and treat family and enjoy life but the way things are lately it's not really happening," he said. "That's why I come to places like this to get clothes and stuff because I can't afford to buy them, literally can't afford to buy them," she said. He said Jennie, Claudia, and Naomi "deserve medals" for what they've done to help the community. "Stuff I didn't want to get rid of but I had no choice." "People say to us because we've been able to put clothes on their children's back they've been able to go out and do a massive food shop," said Jennie.

Tomorrow, Chancellor Jeremy Hunt will stand on the steps of No11 Downing Street – holding the famous Budget 2023 red box. He'll be the first Chancellor in.

Changes to pension allowances, revealed Tuesday, also fall into this camp. Childcare support has also been at the centre of a political furore in recent weeks, with pressure on the Treasury to address the issue far from over. Many will be watching the Chancellor closely for any childcare-shaped rabbits about to be pulled from his budget hat. Post-Brexit customs procedures will also be set for simplification, in a move sure to appease MPs eager to champion the benefits the UK has seen from its exit from the trading bloc. He’ll be the first Chancellor in the political turmoil of recent months to even hold on to the job long enough to reach this crucial point. We know the chancellor wants to deliver a ‘back to work’ budget which is laser-focused on getting Brits back into the workforce.

The budget for 2023 will be disclosed on Wednesday, March 15, 2023, by Chancellor Jeremy Hunt.

The initiative is taken to offset a destined rise from 19% to 25% in corporation tax that will be applicable from April 1. The Budget for 2023 can bring holistic development to England if it goes as per the predictions and expectations. Currently, the limit stands at $1.07 and can increase up to $1.8 which means that now you can save $60,000 in your pension instead of $40,000. The statement also reflects the increment and decrement in the tax rates. Later, [Office for Budget Responsibility](/topic/office-for-budget-responsibility), which is an independent organization publishes a report on the economy after monitoring the spending of the government. Opposition parties and campaigners opinionated that low wholesale energy prices have reduced the cost of offering support. The chancellor is anticipated to keep the Cap on assistance to claimants of universal credit can also rise up to a great extent. This move is to reduce worker shortages. What can you expect from Budget 2023?Mr. Families who are on universal credit will obtain more help in receiving childcare funding upfront instead of claiming it again. As government extends its support for energy bills, its borrowings of government are alarmingly increasing.

The chancellor will set out his plans at lunchtime to address fragile public finances and soaring living costs.

The bad news, however, is that over a longer period - in the final three months of last year - it stagnated. The Office for Budget Responsibility, an independent forecaster, will assess whether his Budget will achieve that. It outlines the government's plans for raising or lowering taxes. Ukraine and Russia also produce a lot of the world’s grain. But sometimes it can be just as significant, especially when things have changed a lot. Some Conservative MPs have raised concerns the plans to increase corporation tax will stifle growth. It is charged as a percentage of the profits they make. This is usually defined as two three-month periods of shrinking growth. This increases to 30 hours for working parents, provided their income meets the eligibility criteria. The chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons in March every year. The chancellor will announce tax breaks for businesses later – in an attempt to mitigate the impact of the corporation tax increase and the end of other support schemes. To try and mitigate that, the chancellor will introduce tax breaks for companies investing in the UK.

Sluggish UK growth has dominated political and economic debate in recent months, while the challenge of inflation and industrial disputes over public sector ...

Mr Hunt is unlikely to slash taxes - much to the disappointment of his own MPs. Our plan will help us lead the pack again, by creating good jobs and productivity growth across every part of our country, so everyone, not just a few feel better off.” "Jeremy Hunt needs to remain boring and predictable to avoid unsettling the markets." The value of the pound plunged, mortgage rates soared and the central bank was forced to intervene to protect pension funds. This time, strong and stable is the goal. [pension](https://www.mirror.co.uk/all-about/pensions) pots as part of plans expected to be announced in the [Budget](https://www.mirror.co.uk/all-about/the-budget) today. [energy](https://www.mirror.co.uk/all-about/energy-bills) under plans to be announced during the Spring [Budget](https://www.mirror.co.uk/all-about/the-budget). Ahead of the Budget campaigners have urged Jeremy Hunt to end the “energy nightmare” for families in the cost-of-living crisis. [BBC](https://www.mirror.co.uk/all-about/bbc) and The Times suggest [Jeremy Hunt](https://www.mirror.co.uk/all-about/jeremy-hunt) will increase this to £1.8million, while The Daily Telegraph reports that it could be set to more than £1.5million. There is expected to be a major expansion of childcare support set to form a key part of the package. Jeremy Hunt is set to present a budget promising growth but in the investment sector financiers are keen to ensure that there is no unsettling of the markets. A change to pensions allowances is also expected to form part of the

The plan also includes increasing funding by £288m by 2024-25 for the existing programme of free childcare for three-year-olds, The Guardian reported.

[Jeremy Hunt](https://www.independent.co.uk/topic/jeremy-hunt) is set to announce a multibillion-pound expansion of free [childcare](https://www.independent.co.uk/topic/childcare) to parents of one and two-year-olds in Wednesday’s [Budget](https://www.independent.co.uk/topic/budget). [Hunt expected to announce £8.6m funding boost for Edinburgh’s festivals](https://www.independent.co.uk/news/uk/jeremy-hunt-edinburgh-fringe-chancellor-government-b2300449.html) [Who is taking part in the Budget Day walkouts?](https://www.independent.co.uk/news/uk/home-news/budget-day-trade-unions-walkout-b2301083.html) [What we know and what has been rumoured to be in the Budget](https://www.independent.co.uk/business/what-we-know-and-what-has-been-rumoured-to-be-in-the-budget-b2300826.html) [How the price of alcohol will be hit by Jeremy Hunt’s Budget](https://www.independent.co.uk/news/uk/home-news/budget-alcohol-tax-duty-jeremy-hunt-b2300333.html) [Jeremy Hunt to announce £4bn expansion of free childcare](https://www.independent.co.uk/news/uk/politics/budget-2023-childcare-jeremy-hunt-b2300920.html) [Energy support capping bills at £2,500 to be extended three months](https://www.independent.co.uk/news/uk/home-news/energy-price-cap-bills-budget-b2301100.html) [ capping average annual household bills at £2,500, ](https://www.independent.co.uk/news/uk/politics/budget-2023-time-jeremy-hunt-childcare-pensions-b2301041.html)the [Treasury](https://www.independent.co.uk/topic/treasury) has confirmed. [set to include 30 hours a week of childcare](https://www.independent.co.uk/news/uk/politics/budget-2023-childcare-chancellor-hunt-b2300920.html) for parents in England with children in that age group. Chancellor Jeremy Hunt is expected to announce a £4bn expansion of free childcare for one- and two-year-olds in England. [chancellor](/topic/chancellor) is reportedly considering raising the [ £40,000 cap on tax-free annual pension contributions](/tv/news/money-spring-budget-jeremy-hunt-b2300599.html), as well as [ increasing the state pension age to 68](https://www.independent.co.uk/news/uk/home-news/pension-tax-changes-jeremy-hunt-budget-b2300368.html). [Alisha Rahaman Sarkar](/author/alisha-rahaman-sarkar), [Maryam Zakir-Hussain](/author/maryam-zakir-hussain) Comments [Jeremy Hunt](https://www.independent.co.uk/topic/jeremy-hunt) is set to unveil key pension and [childcare](/topic/childcare) benefit changes in his highly anticipated [Budget](https://www.independent.co.uk/topic/budget) today.

Jeremy Hunt is to set out his tax and spending plans for the year ahead today as part of the Spring Budget.

[Labour](/topic/labour) leader Sir [Keir Starmer](/topic/keir-starmer) will issue his response in the Commons immediately afterwards. [is to outline the government’s finances](https://www.scotsman.com/news/politics/what-to-expect-in-the-budget-what-do-scotland-and-the-scottish-government-want-from-the-spring-budget-and-will-they-get-it-4064061), covering how much it expects to make in tax revenue and what it plans to spent it on. Where to watch the announcement?

The Chancellor presents his first budget today. Read on for our Spring Statement predictions, from childcare to energy bills support.

[Business leaders have warned](https://www.telegraph.co.uk/business/2023/02/26/increasing-corporation-tax-now-threatens-stall-economic-revival/) that the tax raid is one of the biggest threats they face this year. Mr Hunt will use the money to back projects that will aim to store 20 to 30 million tonnes of CO2 a year by 2030. This is expected to net £18bn a year for the Treasury. Mr Hunt will announce a £20bn investment over the next 20 years in carbon capture, as part of his drive towards net zero. At the moment, existing departmental budgets will allow for a 3.5pc public sector pay rise. The move, which will be the biggest reform to the welfare system in a decade, will mean that disabled people can work without losing their benefits. The Treasury has been working with the Department for Work and Pensions to change how GPs issue sick notes, with a focus on continuing work with support instead of getting signed out of the labour force altogether. “A resolution will likely feature a stronger pay deal in 2023-24,” said Mr Raja. A temporary 5p fuel duty cut, announced by Mr Sunak in March 2022, is also due to expire this March. Think tanks have repeatedly flagged access to childcare as one of the most urgent and easily fixable issues that the government could target. Under Mr Hunt’s plans, this premium will be scrapped, saving four million households £45 a year on their bills from July. The Institute for Fiscal Studies, a think tank, estimates that borrowing this year and next will be £30bn less than previously expected.

Help with childcare costs and and a rise to the cap on pension contributions expected to boost workforce.

On our calculations, the Chancellor could still announce a reduction in forecast borrowing of £14 billion to £126 billion in 2023/24. It was designed to fill funding gaps caused by Hunt’s immediate predecessor, Kwasi Kwarteng, last September in the un-costed “mini”-Budget that knocked the confidence of international financial markets in the UK. This week’s government-brokered rescue of the UK arm of Silicon Valley Bank went some way to burnishing regulators’ credentials. The lifetime cap on pension contributions is set to go up from just over £1 million, with reports saying it could reach £1.8 million. According to Laura Suter, head of personal finance at AJ Bell, the extension is a “no-brainer” for Hunt. Childcare tax credits, currently at £2,000 a year and an extension to subsidised hours are possibilities here.

When it comes to taxes, Mr Hunt is expected to freeze fuel duty – following a pattern from the last 12 years – and also unveil tax reforms to encourage ...

[free childcare for one and two year-olds](https://inews.co.uk/news/budget-2023-parents-extra-30-hours-free-childcare-announcement-2209138?ico=in-line_link) in England in today’s Budget. The plan will extend the 30 hours-a-week entitlement, which is currently available only for three and four year-olds, to parents of one and two year-olds in England, [The Guardian ](https://www.theguardian.com/uk-news/2023/mar/14/budget-2023-hunt-to-announce-4bn-boost-for-childcare-in-england)initially reported. ](https://inews.co.uk/news/jeremy-hunt-urged-cut-vat-income-tax-in-budget-help-small-businesses-2196766?ico=in-line_link)The Chancellor is understood to be going ahead after being told that freezing the rate would cost £18bn. Labour has been pushing for the existing windfall tax on oil and gas giants to be strengthened and backdated in order to pay for the help, but the PM is reluctant to do this. But the bone of contention will be the way it will be funded. As a result, the additional help for families with high energy bills would likely be funded through existing headroom or more borrowing. A key dividing line between the Government and Labour will be energy support for households. Despite being clear about what he intends to do for businesses, there is likely to be some frustration from groups of the party – specifically backers of former PMs Boris Johnson and Liz Truss, that the Chancellor is not being more ambitious on this. Mr Hunt is expected to announce an increase to the pension cap in a bid to stop professionals retiring early, and increases to childcare allowances for benefit claimants to enable parents to work more hours. The Chancellor has ruled out further extending the introduction of the scheme despite warnings that it could place too much of a financial burden on producers and the hospitality industry. He said on Sunday that cutting taxes would be his priority, but that he must act “within the bounds of what’s responsible, we will always look to cut the tax burden”. Currently, only parents with three and four-year-olds are eligible for 30 hours of free childcare per week.

The Chancellor of the Exchequer, Jeremy Hunt, will make the official announcement in the House of Commons on Wednesday afternoon.

Continuing to hold down energy bills is part of our plan to help hardworking families with the cost of living and halve inflation this year.” The move should protect customers until the end of June when prices are expected to drop to £2,100. The Energy Price Guarantee (EPG), which limits typical household payments to £2,500, was due to end at the end of March but will now run until June.

As Jeremy Hunt unveils his first full Spring Budget, we bring you all the latest news, opinion, analysis and reaction. Dubbed a 'budget for growth', ...

Small firms have warned they face risk of closure or restructuring without more support in the budget, [owing to soaring energy prices.](https://www.cityam.com/budget-350000-small-firms-at-risk-of-shrinking-restructure-or-closure-unless-energy-bill-help-extended-fsb/) Changes to pension allowances, revealed Tuesday, also fall into this camp. [price floor for the windfall tax.](https://www.cityam.com/budget-exclusive-hunt-weighs-up-price-floor-on-windfall-tax-over-fears-key-north-sea-project-could-collapse/) [increase the lifetime allowance from £1,073,100 to over £1.5 million](https://www.cityam.com/pension-explainer-the-lifetime-allowance-and-why-its-not-just-for-wealthy-savers/) ahead of Chancellor Jeremy Hunt’s budget tomorrow.](https://www.cityam.com/march-budget-britain-grappling-with-fraying-public-services-despite-historic-tax-rise/) [ ‘back to work’ budget ](https://www.cityam.com/spring-budget-2023-brexit-customs-childcare/)which is laser-focused on getting Brits back into the workforce. [The West End has spearheaded a call for Hunt to scrap Sunday trading restrictions](https://www.cityam.com/london-west-end-knightsbridge-urge-hunt-to-relax-sunday-trading-laws/), which could bring in £350m extra a year. [Budget](https://www.cityam.com/spring-budget-jeremy-hunt-2023/) as part of a drive to get Brits into work and boost growth. Sunak thanked Chancellor Jeremy Hunt and the treasury for their work securing the sale of the UK arm of the Silicon Valley Bank to HSBC. [FTSE 100 muted](https://www.cityam.com/ftse-100-live-london-index-muted-ahead-of-jeremy-hunt-march-budget/) ahead of Jeremy Hunt March budge – by Jack Barnett Hunt also outlined some of his budget plans to cabinet colleagues, and said the autumn statement had paved the way for what he claims will be a “growth budget”. [Dubbed a ‘budget for growth’,](https://www.cityam.com/budget-for-growth-chancellor-jeremy-hunt-rolls-pitch-for-spring-statement/) it is likely to centre on childcare reforms, extending support to those with one and two year olds.

The Labour MP Stella Creasy says £4bn will not be enough to fund the scheme. If this is true, it's asking childcare providers to offer more hours at a ...

Hunt is going to announce a £4bn expansion of free childcare for one- and two-year-olds in England. I’ll try to monitor the comments below the line (BTL) but it is impossible to read them all. This would make a significant difference to households and the government can afford to do it, they are choosing not to. We know that the funding settings currently receive from government is woefully inadequate and many providers simply cannot afford to operate at those levels. The caption does not say what Jeremy Hunt and his aides were looking at on the phone, but perhaps it was the news that the Guardian was splashing their big announcement. It wants to know if the same problem will apply to the new provision for one- and two-year-olds. Earlier I said in a post that the Treasury did not release the normal pre-budget photograph last night of the chancellor working on his speech with aides. Most of them don’t – and when they do, the effect is as likely to be negative as postive. I do think we’ve set the agenda for some of this. If not, the expansion will likely exacerbate provider financial problems and risk the sustainability of many. Politico publishes a poll of polls, aggregating what all polls are saying, and this suggests Labour’s lead has been relatively constant since the early days of Rishi Sunak’s premiership. He said the budget will deliver on all three, with a particular focus on growth.”

The Chancellor will deliver his Spring Statement updating the country on the nation's finances in the Commons this afternoon.

As well as a childcare boost for parents on Universal Credit and energy bill support, it is expected that Jeremy Hunt will address fuel duty and getting more people into work. [You can stay up to date ](https://www.chroniclelive.co.uk/news/north-east-news/budget-live-chancellor-jeremy-hunt-26474602)with every announcement and the fallout across the day. [Rishi Sunak](https://www.chroniclelive.co.uk/all-about/rishi-sunak), will join other top ministers for a [Cabinet ](https://www.chroniclelive.co.uk/all-about/politics)meeting this morning to discuss the Budget plans. [£63m fund to save swimming pools could be 'lifeline' for Gateshead leisure centres](https://www.chroniclelive.co.uk/news/north-east-news/63m-fund-save-swimming-pools-26472204) [Budget leak claims big changes ahead for DWP assessments and Universal Credit sanctions](https://www.chroniclelive.co.uk/news/cost-of-living/budget-leak-claims-big-changes-26469756) [Universal Credit childcare changes could save millions of families hundreds of pounds](https://www.chroniclelive.co.uk/news/cost-of-living/universal-credit-childcare-changes-could-26459186) [Some UK households could be eligible for Council Tax bill to be slashed to zero - financial assistance explained](https://www.chroniclelive.co.uk/news/cost-of-living/council-tax-discounts-money-uk-25887961) [Martin Lewis issues warning to couples living together who are not married](https://www.chroniclelive.co.uk/news/cost-of-living/martin-lewis-issues-warning-couples-26474485) [Budget live: Chancellor Jeremy Hunt to announce measures that aim to boost the economy](https://www.chroniclelive.co.uk/news/north-east-news/budget-live-chancellor-jeremy-hunt-26474602) [live stream ](https://www.parliamentlive.tv/Event/Index/9a2782e4-5f86-4a9d-8dcd-b6767b517c25)available on the Parliament website. [Jeremy Hunt](https://www.chroniclelive.co.uk/all-about/jeremy-hunt), the Chancellor of the Exchequer, will deliver his [Spring Budget ](https://www.chroniclelive.co.uk/news/uk-news/budget-2023-happen-what-expect-26466739)today in front of the House of Commons. The Budget will be shown on most major news channels including BBC News and Sky News. When will the Budget be delivered? There will be many people following the Budget for the first time as they seek to understand the effects on their finances. [welfare system](https://www.chroniclelive.co.uk/all-about/dwp), with parents on Universal Credit able to access childcare upfront and further support for household energy bills. Mr Hunt is expected to announce big changes to the

The Spring Budget will get underway today, with Chancellor Jeremy Hunt addressing the House of Commons with his first statement since the Autumn Budget back ...

So, when is the Spring Budget, and what will be discussed? These zones will help "level up" areas outwith the capital, London. [breaking news](https://www.edinburghlive.co.uk/news/) to the latest on the [coronavirus](https://www.edinburghlive.co.uk/all-about/coronavirus) crisis in Scotland, we'll have you covered. The raising of the retirement age in the UK is also set to be discussed, as speculation grew around the age being lifted to 68 before its predicted year of 2046. However, it is expected that there will now be a new review, as the retirement age is due to increase to 67 by 2028. What is expected in the Spring Budget? The Chancellor is also understood to be ready to increase the tax-free allowance for pensions to encourage those who returned early to bolster the UK’s workforce. When is the Spring Budget announcement today? The [Chancellor ](https://www.edinburghlive.co.uk/news/11-important-budget-points-chancellor-26470162)will unveil his first ever Spring Budget, since being appointed the position, as he aims to boost financial growth amid unprecedented times. From the As the