- Chancellor sets out next stage of the Government’s plan to
halve inflation, grow the economy and reduce debt.
- Building on the stability he gained from Autumn Statement,
will set out next steps to
drive economic growth across the UK.
- Plan will help ease the cost of living, remove barriers into
work to boost incomes, drive business investment, and support
new, high-growth industries of the future.
Chancellor of the Exchequer will unveil the next phase of
the Government’s plan to halve inflation, grow the economy and
reduce debt in his Spring Budget.
In his first Budget speech as Chancellor, is expected to build on the
stability gained at the Autumn Statement, with new measures to
support families and businesses with the cost of living, before
setting out an agenda to grow the UK economy.
The Chancellor of the Exchequer, is expected to say:
“In the Autumn we took difficult decisions to deliver
stability and sound money.
“Today, we deliver the next part of our plan: a Budget for
growth.
“Not just growth from emerging out of a downturn.
“But long term, sustainable, healthy growth that pays for our
NHS and schools, finds good jobs for young people, provides a
safety net for older people.
…all whilst making our country one of the most prosperous in
the world.
Today I deliver that by…
… removing the obstacles that stop businesses investing;
… tackling the labour shortages that stop them
recruiting;
… breaking down the barriers that stop people working;
…and harnessing British ingenuity to make us a science and
tech superpower.”
The Government is already protecting struggling families with
one-off payments worth £94 billion. After a decade of
reforms, people on low incomes can now earn £1,000 a month
without paying tax or national insurance thanks to rises in tax
thresholds. This has helped to lift two million people out of
absolute poverty, after housing costs, including 400,000
pensioners and 500,000 children.
The Chancellor is expected to announce fairness reforms to energy
bills, bringing the bills of families on prepayment meters in
line with average direct debit energy bill under the Energy Price
Guarantee. This will enable four million families to save £45 a
year on their energy bills from July.
He will also announce his plan to go even further with and
ambition to get hundreds of thousands more people into work.
Support will focus on disabled people and those with long-term
health conditions, parents, the over 50s, and people on Universal
Credit. The changes are also expected to encourage benefit
claimants to move into work or increase their hours with
increased sanctions enforcement and Work Coach support, and
childcare costs on Universal Credit to be paid up front.
The Chancellor is also expected to reject the narrative of
decline, champion the successes the UK has achieved over the past
decade, with a promise to build on the country’s competitive
advantages to spread wealth and opportunity everywhere.
