The U.K. unveiled its Spring Budget on Wednesday with several tax and spending pledges for the next five years.
U.K. Finance Minister Jeremy Hunt announced that the nation’s
independent Office for Budget Responsibility does not expect the U.K. to
enter a recession in 2023 as previously predicted.
- The
new budget has provisions that impact various sectors of the U.K.
economy, including the labor market, pensions, childcare, defense, and
business investment.
- The U.K. government aims to revitalize the country’s stagnating economic growth prospects.
- Inflation in the U.K. is expected to fall from 10.7% in Q4 2022 to about 2.9% by the end of 2023.
- Despite the changes, the living standards in the U.K. are expected to fall over the two years to the end of March 2024.
