On Wednesday 15 March, Jeremy Hunt, the Chancellor of the Exchequer, addressed the Commons to deliver the Spring Budget 2023, with an aim to bring people back into the workforce. Mr Hunt commented that the Office for Budget Responsibility (OBR) expects inflation to fall from 10.7% to 2.9% by the end of 2023.
The Chancellor said the OBR now forecasts the UK will not enter a technical recession this year. But despite narrowly avoiding recession, living standards are still predicted to fall by 6% within this fiscal year and the next. Key budget announcements included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. The maximum tax-free annual pension contribution allowance for pension pots will also rise from £40,000 to £60,000 per annum from 6 April 2023.
Download our guide for an analysis of the key tax changes and practical implications for you, your family and business.
