UK Spring Budget 2023
Rishi Sunak came into office off the back of the political and economic implosion of Trussonomics with a promise to restore stability, and today's Spring Budget demonstrates that he and Chancellor Jeremy Hunt have achieved a measure of success. Improvements in the global economy, specifically the fall in energy prices, meant Hunt had more fiscal leeway than he may have previously expected. He used this to announce a package of measures to address cost-of-living pressures, boost business investment and tackle labour shortages.
However, despite the relative improvement in the UK’s economic fortunes the wider situation remains very challenging with the OBR forecasting real household incomes will continue to fall over the coming two years – a grim backdrop ahead of the next general election which is increasingly visible over the horizon. Read the report below for our analysis.
