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voluntary organisations, social enterprises and volunteering
voluntary organisations, social enterprises and volunteering
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UK Spring Budget Overview
Created: 21/03/2023
News/Events Category: General NewsThe UK Chancellor’s Spring Budget includes a wide range of new initiatives to tackle poverty, joblessness, the economic downturn, health, and the cost of living crisis. A brief, non-exhaustive summary of some of these initiatives is below:
- Childcare to expand 30 hours free childcare for children over the age of nine months
- A £27 billion tax cut for business through radical ‘full expensing’ policy and capital allowances reform which will drive investment and growth
- Extension of Energy Price Guarantee
- Major set of reforms to support people into work, removing barriers that stop those on benefits, older workers, and those with health conditions who want to work from working.
- The government will also pay the childcare costs of parents on Universal Credit moving into work or increasing their hours upfront, rather than in arrears
- A new ‘Returnerships’ skills offer for older workers and more stringent Universal Credit job search requirements also feature in the plan that will boost the UK’s workforce, fill vacancies and support economic growth
- The Lifetime Allowance charge will be removed before being abolished altogether, removing barriers to remaining in work and simplifying the tax system by taking thousands out of the complexity of pension tax
- A £406 million plan to tackle the leading health causes keeping people out of work, with investment targeted at services for mental health, musculoskeletal conditions, and cardiovascular disease
- Increasing the Administrative Earnings Threshold (AET) - which determines how much support and Work Coach time a claimant will receive based on their earnings
- A new migration package that includes adding five construction occupations to the Shortage Occupation List and expanding the range of short-term business activities that are covered under the UK’s six-month business visit visa offer
- 12 Investment Zones across the UK including 4 across Scotland, Wales and Northern Ireland
- £8.8 billion over the next five-year funding period for a second round of the City Region Sustainable Transport Settlements
- As a result of decisions that do not apply UK-wide, the Scottish Government will receive around an additional £320 million over 2023-24 and 2024-25, the Welsh Government will receive £180 million, and the Northern Ireland Executive will receive £130 million
More detail on all of these initiatives, and more, including links to supporting documentation, can be uncovered by reading the UK Government’s budget press release.
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