Chancellor Jeremy Hunt has delivered the 2023 Spring Budget, which included an increase to alcohol duty in supermarkets, a continued freeze on fuel duty, and a £500m investment into fixing the country's potholes.
Mr Hunt said that forecasts suggest today's Budget will ensure that the UK will not enter into a recession. The "Budget for growth" comes with a forecast from the Office for Budget Responsibility that inflation will fall from 10.7% last year to 2.9% by the end of 2023.
The announcement will have a significant impact on the finances of millions of households across the country. With this in mind, we want to know your thoughts on The Budget and how it will affect you.
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The Budget was immediately criticised in the House of Commons by Labour leader Keir Starmer, who described the Government as "Turnips" and said today's financial announcements were “dressing up stagnation as stability”. However, Ashfield MP Lee Anderson took to Twitter to describe Mr Hunt's statement as "hitting the bullseye"
What do you think about today's Budget? Let us know your thoughts in the comments section below.
During the speech, the Chancellor announced a number of new initiatives aimed at supporting families across the UK. Here is a look at the key highlights and all you need to know:
2023 Spring Budget key points
Energy bill cap frozen for a further three months
The Energy Price Guarantee, which caps the maximum amount one household will pay for energy in one year at £2,500, has been extended. It will now last a further three months, rather than being scrapped in April as first planned.
Beer to be cheaper in pubs - but cost more in supermarkets
From August, alcohol duty rates will rise in line with the Retail Price Index, but pubs will be shielded from the impact of this. A "Brexit Pubs Guarantee" will ensure that draught beer in pubs will be 11p cheaper than booze in supermarkets.
Free childcare to be expanded
Free childcare will be expanded for under-5s. 30 hours a week of childcare for parents in England with children aged under five will become available, but not straight away.
Fuel duty frozen
Millions of drivers will see a saving at the nation's forecourts, as Mr Hunt confirmed fuel duty will remain frozen for a 13th year in a row. The 5p cut to fuel duty, due to be removed this month, will also remain.
Prepayment meters to no longer pay more than direct debit customers
In a long-recommended move, millions of prepayment meter households will no longer be forced to pay more than direct debit customers. This move is expected to save around 4 million households £45 a year.
With these changes in mind, we're asking for your views on the Spring Budget, and to know more about the impact it will have on you and your families across Nottinghamshire. You can let us know your thoughts in our comments section below.
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