"Assessing the Impact of UK Budget 2023 on the Economy"

The UK Budget 2022 has introduced policies aimed at getting people into work and keeping them there, including changes to childcare and pensions. The Energy Price Guarantee will continue for another three months, limiting energy bills for a typical household to £2,500 a year, plus a £400 winter discount. Working parents with three and four-year-olds are eligible for 30 hours of free childcare per week, which will be extended to cover younger children in England when both parents are working. The tax-free limit for pension savings during a lifetime will be abolished in April, and the annual allowance will go up from £40,000 to £60,000. The inflation rate is expected to drop to 2.9% by the end of the year, and the fuel duty has been frozen again.