The Budget highlights the resilience and growth of UK economy

The Chancellor’s 2023 budget highlights the resilience and growth of UK economy says Simon Blake, Partner at Price Bailey Chartered Accountants.

Chancellor Jeremy Hunt has announced the spring budget. His much anticipated statement focussed on economic growth, revealing the World Bank has now declared the UK as the best place to do business out of all large European economies.

With the UK now on track to avoid a technical recession this year, alongside predications of a fall in inflation from 10.7% to 2.9% by December, the Chancellor shed light on his “four E’s” of enterprise, employment, education and everywhere.

Other announcements covered areas such as further support for research and development intensive small to medium sized business and enterprises and the taxation of pension funds which will be of particular benefit for those in the public sector or final salary schemes. With the rise in corporation tax confirmed, there was an announcement of a new full-expensing schemes to support businesses, which will be particularly welcome to encourage investment in the UK by large businesses as well as bolstering relief for all.

The announcements offered the first glimmer of hope for many following a period of great disruption and economic instability, with announcements generally well received.

Simon Blake, Partner at Price Bailey comments:  “The Budget reflects the resilience and potential of the UK economy; it should provide the necessary support required for innovation and growth, particularly in thriving research-based communities such as Cambridgeshire. The research and development incentives will enable institutions and businesses in the UK to remain at the forefront of global innovation.”

Find a summary of the Chancellor’s 2023 Budget by Price Bailey here.