Mr Hunt said the change would not have been possible when Britain was in the European Union. The duty charged on draught pints is to be frozen to help "the great British pub", the Chancellor announced. Meanwhile, Mr Hunt has created a new annual prize of £1m, which will be awarded every year - for the next 10 years - to AI researchers for the best innovations. It has also published a new strategy to make the UK a leader in quantum computing which will see £2.5bn ploughed into research up to 2033. The Government will iron out issues around AI with the Intellectual Property Office and launch a new "AI sandbox" to to help companies bring products to market more quickly. The Chancellor has accepted recommendations from Sir Patrick Vallance, the chief scientific adviser, including a proposal to provide £900m towards developing a new cutting-edge super computer for the UK. In a bid to make the UK a leader in artificial intelligence (AI), Mr Hunt announced plans to boost the country's computing power and encourage innovation. Mr Hunt also confirmed nuclear power will be classed as "environmentally sustainable" to drive investment, a key ask of companies such as EDF which are trying to attract private investment into proposed sites including Sizewell C. Meanwhile, the Government is to launch an open competition for small modular reactors (SMRs), where companies such as Rolls-Royce can put forward their technology as candidates to receive funding. He said GBN would be tasked with ensuring 25pc of Britain's electricity comes from nuclear by 2050, as set out in last year's energy security strategy.
Mr Hunt announced the launch of Great British Nuclear, a new body that will help energy companies find suitable sites for nuclear power plants and develop crucial supply chains. He said the Government will also aim to increase defence spending to 2.5pc of GDP, up from the Nato minimum of 2pc, when economic and fiscal circumstances allow.Ī funding boost will also be handed to the Office of Veteran Affairs. Mr Hunt said the UK's defence budget will rise by £11bn over the next five years. They will be led by partnerships between local authorities, universities and businesses, aiming to galvanise innovation. These will be in the West Midlands, Greater Manchester, the Northeast, South Yorkshire, West Yorkshire, East Midlands, Teesside and Liverpool, as well as at least one each in Scotland, Wales and Northern Ireland. Mr Hunt said ministers hoped to create "12 new Canary Wharfs". The Government will create 12 new "investment zones" across the UK. These two measures combined would cost the Treasury £6bn, Deutsche Bank has predicted. However, Mr Hunt confirmed that the temporary cut would be extended by 12 months and the inflationary rise held back again. The two factors combined meant the cost of fuel duty was on course to rise by 23pc – an extra 12p per litre. Hiking the levy in line with RPI inflation would have added 7p to the price of a litre of fuel, while a temporary 5p fuel duty cut was also due to expire. He said that GDP is now expected to contract by just 0.2pc in 2023, down from a gloomier prediction of 1.4pc in November.Īfter that, the economy is expected to grow every year to 2027, including: 1.8pc in 2024 2.5pc in 2025 2.1pc in 2026 and 1.9pc in 2027.Īs trailed in advance, a planned rise in fuel duty this April has been delayed again. Read on for a summary of what the Chancellor said: The UK economyĪnnouncing the latest predictions by the OBR, Mr Hunt said improving global conditions and actions taken by ministers after Liz Truss's disastrous mini-Budget meant the UK is now expected to avoid an economic recession. The abolition of the pension lifetime allowanceĪhead of the Spring Budget, Mr Hunt was urged to cut taxes by Conservative MPs and industry lobby groups after inflation and borrowing data suggested he had more room for manoeuvre than feared.
#FLING TO THE FINISH PRICE FREE#
Expanded free childcare for children aged nine months to four.Mr Hunt said the Office for Budget Responsibility now predicts the UK will avoid a technical recession – two straight quarters of falling GDP – and that inflation will more than halve by the end of this year.Īnd in a boost to millions of households, he announced the following measures: The UK economy will avoid a recession in 2023 as inflation plunges from recent highs, Jeremy Hunt has told MPs in his Spring Budget.ĭelivering his second major fiscal statement as Chancellor, he said: "In the face of enormous challenges I report today on a British economy which is proving the doubters wrong."
0 kommentar(er)
