Spring Budget 2023

Spring Budget Summary 2023


  • The energy price guarantee will remain at £2,500 for a further 3 months.
  • Fuel duty frozen at 5p for the next 12-months.
  • Pre-payment meter charges brought in line with comparable direct debit charges.


  • £63m fund to keep leisure centres afloat.
  • £100m awarded to third sector organisations such as charities.
  • Duty on draft products in pubs 11p lower than supermarkets from 1st August 2023.
  • £200m invested in England regeneration projects.
  • £161m invested for regeneration projects in Mayoral Combined Authorities and Greater London areas.
  • £400m for Leveling-Up partnerships in areas including Blackburn, Oldham, and Mansfield.
  • In Scotland, £8.6m of targeted funding for the Edinburgh Festivals and £1.5m funding to repair the Cloddach Bridge
  • Greater responsibility for local leaders to grow their local economy.
  • 12 new investment zones confirmed. If chosen, areas will have access to £80m of support.
  • £1.8bn package of support for small and medium-sized businesses that spend on R&D.


  • Wraparound care to be offered in all primary schools from 8am-6pm by September 2026
  • 30 hours of free childcare for children over 9 months with working parents by September 2025.
  • “optional” minimum child to staff ratios changed from 1:4 to 1:5 for 2-year-olds in England.
  • Childcare costs of parents moving into work claiming universal credit paid upfront and increased by nearly 50%.
  • Funding to nurseries up by £204m from September 2023 increasing to £288m.
  • Pilot £600 incentive to new childminders rising to £1200 for agency workers.


  • £1m Lifetime Allowance on pensions abolished.
  • Corporation tax – paid on company profits rising from 19% to 25%.
  • A new policy of “full expensing” on business taxation for the next 3 years, with the intention to make it permanent.
  • Tax reliefs extended for theatres, orchestras and museums.
  • Pensions annual allowance upped by 50% from £40,000 to £60,000.


  • £8.5bn across 5-years in the second round of the city sustainable transport settlements.
  • A further £200m awarded to the Potholes fund.
  • £20m for the Welsh government to restore the Holyhead Breakwater.


  • £10m fund over 2-years to support the voluntary sector with suicide prevention.
  • £400m to increase availability of mental health support and expand Individual Placement and Support scheme.


  • “Returnerships” apprenticeships targeted at over 50s to refine existing skills.
  • Voluntary employment scheme for disabled people investing up to £4,000 to help get them into work.
  • In Northern Ireland up to £40m to extend further and higher education participation
  • £20bn allocated for development of Carbon Capture Usage and Storage supporting up to 50,000 jobs.
  • White paper to be published on disability benefits reform. Plans will abolish the Work Capability Assessment in Great Britain and separate benefit entitlement from an individual’s ability to work.


  • £11bn added to the defense budget over 5-years.
  • £30m to increase support and housing for veterans.
  • In Northern Ireland, £3m to extend the Tackling Paramilitarism Programme
  • Climate Change Agreement scheme extended for 2-years.
  • “Great British Nuclear” to help nuclear provide one quarter of electricity by 2050.
  • UK is launching the first competition for Small Modular Reactors.
  • £900m of funding to implement recommendations in independent review for an Exascale supercomputer.
  • Research and innovation programme of £2.5bn set out in quantum strategy.
  • Prize of £1m a year for 10 years to ground-breaking AI research – the Manchester Prize.

Need to know how this budget impacts your future financial goals, get in touch.

About the author: Tim Veiro