{"id":2362,"date":"2023-03-15T20:02:44","date_gmt":"2023-03-16T01:02:44","guid":{"rendered":"https:\/\/embarrdowns.com\/jeremy-hunts-first-budget-mixed-reactions-and-a-look-ahead-to-growth\/"},"modified":"2023-03-15T20:02:45","modified_gmt":"2023-03-16T01:02:45","slug":"jeremy-hunts-first-budget-mixed-reactions-and-a-look-ahead-to-growth","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/jeremy-hunts-first-budget-mixed-reactions-and-a-look-ahead-to-growth\/","title":{"rendered":"Jeremy Hunt’s First Budget: Mixed Reactions and a Look Ahead to Growth"},"content":{"rendered":"

The U.K. Treasury Chief Jeremy Hunt announced his first budget today, March 15th, 2023, twelve months after Rishi Sunak\u2019s Autumn Statement.[0]<\/a><\/sup> The Office for Budget Responsibility (OBR) forecasts that the U.K. economy will shrink by a modest 0.2%, inflation will drop to 2.9%, and real household disposable income will fall by 5.7%.[1]<\/a><\/sup><\/p>\n

Hunt promised up to 30 hours of free childcare a week for eligible households with children as young as nine months.[2]<\/a><\/sup> The annual tax-free allowance for pension contributions will rise from \u00a340,000 to \u00a360,000, while the lifetime allowance, previously set at \u00a31.07 million, will be abolished.[3]<\/a><\/sup> He also extended the Energy Price Guarantee \u2014 which caps the energy bill of a typical household at \u00a32,500 a year \u2014 for a further three months from April.[4]<\/a><\/sup><\/p>\n

The government is also introducing 12 new Investment Zones across the U.K. with access to interventions of \u00a380 million over five years.[4]<\/a><\/sup> The zones will be modelled on the regeneration of London’s Canary Wharf, and will be located in the West Midlands, Greater Manchester, the North East, West Yorkshire, South Yorkshire, the East Midlands, Teesside and Liverpool, along with at least one in Scotland, Wales and Northern Ireland.[5]<\/a><\/sup><\/p>\n

Hunt announced that fuel duty on petrol and diesel will remain frozen at its current rate, while parents claiming Universal Credit will receive monthly support of up to \u00a3951 for one child and \u00a31,630 for two children, paid upfront. The Chancellor also reclassified nuclear energy as \u2018environmentally sustainable\u2019 to allow the same investment incentives as renewable energy.[6]<\/a><\/sup><\/p>\n

Overall, the budget was met with mixed reactions. The Conservative government was criticised for not doing enough to address the cost-of-living crisis, while the Labour opposition accused it of pilfering its policies. Liberal Democrat leader Sir Ed Davey said the budget \u201cshows how out of touch\u201d the government is.[3]<\/a><\/sup> Jeremy Hunt insisted that the British economy was \u201cproving the doubters wrong\u201d, and that the measures announced in the budget would help to boost growth and \u201clevel up\u201d areas outside of London.[7]<\/a><\/sup><\/p>\n

0. <\/span>“Winners and losers from the Budget \u2013 and what it means for your money” The Telegraph, 15 Mar. 2023, https:\/\/www.telegraph.co.uk\/money\/consumer-affairs\/winners-losers-budget-2023-what-means-money\/<\/a><\/a><\/p>\n

1. <\/span>“U.K. Economy Expected to Avoid Recession, Government Say” The Wall Street Journal, 15 Mar. 2023, https:\/\/www.wsj.com\/articles\/u-k-economy-expected-to-avoid-recession-government-says-2c76e4f3<\/a><\/a><\/p>\n

2. <\/span>“Spring budget 2023: six key points for employers” People Management Magazine, 15 Mar. 2023, https:\/\/www.peoplemanagement.co.uk\/article\/1816619\/spring-budget-2023-six-key-points-employers<\/a><\/a><\/p>\n

3. <\/span>“Budget 2023: Jeremy Hunt insists plans will get people back to work” BBC, 15 Mar. 2023, https:\/\/www.bbc.com\/news\/uk-politics-64964911<\/a><\/a><\/p>\n

4. <\/span>“UK to swerve recession this year as Hunt vows \u2018budget for growth\u2019” POLITICO Europe, 15 Mar. 2023, https:\/\/www.politico.eu\/article\/uk-swerve-recession-jeremy-hunt-chancellor-exchequer-budget-growth-rishi-sunak-tories<\/a><\/a><\/p>\n

5. <\/span>“UK government announces spending, tax plans as strike action disrupts schools and travel” CNBC, 15 Mar. 2023, https:\/\/www.cnbc.com\/2023\/03\/15\/budget-uk-government-to-announce-spending-tax-plans.html<\/a><\/a><\/p>\n

6. <\/span>“UK Spring Statement: Hunt, OBR Forecast the UK Will Avoid a Recession” DailyFX, 15 Mar. 2023, https:\/\/www.dailyfx.com\/news\/uk-spring-statement-hunt-obr-forecast-the-uk-will-avoid-a-recession-20230315.html<\/a><\/a><\/p>\n

7. <\/span>“Jeremy Hunt avoided any ‘big bangs’ in his first budget – but there is still potential for blow ups” Sky News, 15 Mar. 2023, https:\/\/news.sky.com\/story\/jeremy-hunt-avoided-any-big-bangs-in-his-first-budget-but-there-is-still-potential-for-blow-ups-12834694<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.K. Treasury Chief Jeremy Hunt announced his first budget today, March 15th, 2023, twelve months after Rishi Sunak\u2019s Autumn Statement.[0]<\/a><\/sup> The Office for Budget Responsibility (OBR) forecasts that the U.K. economy will shrink by a modest 0.2%, inflation will drop to 2.9%, and real household disposable income will fall by 5.7%.[1]<\/a><\/sup><\/p>\n

Hunt promised up to 30 hours of free childcare a week for eligible households with children as young as nine months.[2]<\/a><\/sup> The annual tax-free allowance for pension contributions will rise from \u00a340,000 to \u00a360,000, while the lifetime allowance, previously set at \u00a31.07 million, will be abolished.[3]<\/a><\/sup> He also extended the Energy Price Guarantee \u2014 which caps the energy bill of a typical household at \u00a32,500 a year \u2014 for a further three months from April.[4]<\/a><\/sup><\/p>\n

The government is also introducing 12 new Investment Zones across the U.K. with access to interventions of \u00a380 million over five years.[4]<\/a><\/sup> The zones will be modelled on the regeneration of London’s Canary Wharf, and will be located in the West Midlands, Greater Manchester, the North East, West Yorkshire, South Yorkshire, the East Midlands, Teesside and Liverpool, along with at least one in Scotland, Wales and Northern Ireland.[5]<\/a><\/sup><\/p>\n

Hunt announced that fuel duty on petrol and diesel will remain frozen at its current rate, while parents claiming Universal Credit will receive monthly support of up to \u00a3951 for one child and \u00a31,630 for two children, paid upfront. The Chancellor also reclassified nuclear energy as \u2018environmentally sustainable\u2019 to allow the same investment incentives as renewable energy.[6]<\/a><\/sup><\/p>\n

Overall, the budget was met with mixed reactions. The Conservative government was criticised for not doing enough to address the cost-of-living crisis, while the Labour opposition accused it of pilfering its policies. Liberal Democrat leader Sir Ed Davey said the budget \u201cshows how out of touch\u201d the government is.[3]<\/a><\/sup> Jeremy Hunt insisted that the British economy was \u201cproving the doubters wrong\u201d, and that the measures announced in the budget would help to boost growth and \u201clevel up\u201d areas outside of London.[7]<\/a><\/sup><\/p>\n

0. <\/span>“Winners and losers from the Budget \u2013 and what it means for your money” The Telegraph, 15 Mar. 2023, https:\/\/www.telegraph.co.uk\/money\/consumer-affairs\/winners-losers-budget-2023-what-means-money\/<\/a><\/a><\/p>\n

1. <\/span>“U.K. Economy Expected to Avoid Recession, Government Say” The Wall Street Journal, 15 Mar. 2023, https:\/\/www.wsj.com\/articles\/u-k-economy-expected-to-avoid-recession-government-says-2c76e4f3<\/a><\/a><\/p>\n

2. <\/span>“Spring budget 2023: six key points for employers” People Management Magazine, 15 Mar. 2023, https:\/\/www.peoplemanagement.co.uk\/article\/1816619\/spring-budget-2023-six-key-points-employers<\/a><\/a><\/p>\n

3. <\/span>“Budget 2023: Jeremy Hunt insists plans will get people back to work” BBC, 15 Mar. 2023, https:\/\/www.bbc.com\/news\/uk-politics-64964911<\/a><\/a><\/p>\n

4. <\/span>“UK to swerve recession this year as Hunt vows \u2018budget for growth\u2019” POLITICO Europe, 15 Mar. 2023, https:\/\/www.politico.eu\/article\/uk-swerve-recession-jeremy-hunt-chancellor-exchequer-budget-growth-rishi-sunak-tories<\/a><\/a><\/p>\n

5. <\/span>“UK government announces spending, tax plans as strike action disrupts schools and travel” CNBC, 15 Mar. 2023, https:\/\/www.cnbc.com\/2023\/03\/15\/budget-uk-government-to-announce-spending-tax-plans.html<\/a><\/a><\/p>\n

6. <\/span>“UK Spring Statement: Hunt, OBR Forecast the UK Will Avoid a Recession” DailyFX, 15 Mar. 2023, https:\/\/www.dailyfx.com\/news\/uk-spring-statement-hunt-obr-forecast-the-uk-will-avoid-a-recession-20230315.html<\/a><\/a><\/p>\n

7. <\/span>“Jeremy Hunt avoided any ‘big bangs’ in his first budget – but there is still potential for blow ups” Sky News, 15 Mar. 2023, https:\/\/news.sky.com\/story\/jeremy-hunt-avoided-any-big-bangs-in-his-first-budget-but-there-is-still-potential-for-blow-ups-12834694<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":2361,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/2362"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=2362"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/2362\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/2361"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=2362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=2362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=2362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}