Will the Spring budget stimulate economic growth?
With the UK economy flat lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in new plant and machinery which is due to end on 31 March.
The main focus of the Government continues to be reducing inflation, but Jeremy Hunt may have a few surprises up his sleeve to announce on 15 March. One issue he may address is the large number of workers over 50 taking early retirement, particularly in the medical profession. One tax change that may encourage them to continue working would be raising the current £1,073,100 lifetime cap of pension savings.
Only time will tell what will be said in the 15 March Budget but do keep your eyes peeled for our Budget Newsletter, which will come out the following day.
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