All articles tagged with #budget 2023
The Bank of England is expected to hold interest rates at 4% in its upcoming meeting, with some analysts predicting a possible cut to 3.75% in December, influenced by recent inflation data and the upcoming Budget, which could impact future monetary policy decisions.
UK government borrowing in August reached its highest level in five years, driven by increased public spending and debt interest, putting pressure on Chancellor Rachel Reeves to consider raising taxes or cutting spending in the upcoming Budget to meet fiscal rules and address deteriorating public finances.
Chancellor Jeremy Hunt's 2023 Budget aimed for growth, halving inflation, and helping pubs, but the UK economy entered a recession, inflation did halve, but beer prices continued to rise, and there are concerns about the delivery of free childcare. Measures to promote growth and help people back into work have seen mixed results, while changes to prepayment meters and business investment have had some positive impact.
UK Chancellor Jeremy Hunt has unveiled his Budget 2023, which aims to fill a million vacancies across the country and get more over-50s, people with disabilities, and parents of young children back to work. The plan includes expanding free childcare in England and scrapping the £1m limit for tax-free pension savings. However, Labour has criticized the pensions move, saying it will only benefit the richest 1%. The Office for Budget Responsibility predicts the policies will add about 110,000 people to the UK workforce. The UK economy is expected to avoid a recession, with inflation predicted to more than half by the end of next year.