UK Chancellor Jeremy Hunt has announced details of the government's 2023 spring budget. The Chancellor delivered his spring budget on March 15 including major announcements on energy bills support, benefits reform and childcare.
Mr Hunt announced the growth-focused budget which he said would "remove barriers" to growth and investment and get more young parents and over-50s back to work. He became chancellor after ex-prime minister Liz Truss sacked his predecessor Kwasi Kwarteng following a disastrous mini-budget in September that saw the markets descend into panic. In his autumn statement, he scrapped much of what Mr Kwarteng had announced and laid out a five-year package of tax hikes and spending cuts, which he said would help steer the UK through a recession. You can see our live updates from the budget announcement here.
Among Wednesday's major announcements were a U-turn on plans to cut government support to households for energy costs, an expansion of the government's free childcare support and changes to taxes, benefits and pension allowances. Speaking in the Commons Mr Hunt said the UK will not enter a recession this year, as previously forecast, with the economy contracting 0.2% and unemployment rising less than one percentage point compared to the autumn forecast.
