Economy
- – UK economy to avoid technical recession this year but still predicted to shrink 0.2%, according to the Office for Budget Responsibility
- – Growth for 2024 is forecast to be 1.8%, with 2.5% in 2025 and 2.1% in 2026.
- – Inflation predicted to drop to 2.9%, down from February’s figure of 10.1%
Tax and Pensions
- – The lifetime pension allowance, which stated workers had to pay extra tax on a pension pot worth more than £1.07m, has been abolished.
- – Workers can now place up to £60,000 into their pensions tax free, compared to £40,000 before.
See also: ‘Seismic change’ in pension tax landscape as lifetime allowance scrapped
Enterprise and investment
- – Creation of 12 investment zones across the country, each having access to interventions worth £80m over five years, including tax reliefs and grant funding.
- – Corporation tax rise from 19% to 25% confirmed, but companies write off the full cost of qualifying technology and machinery investment
- – AI industry to be bolstered by £900m for super computer facility
See also: Chancellor unveils 12 ‘potential Canary Wharf’ investment zones
Energy
- – Subsidies to limit household energy bills to £2,500 a year to be extended until the end of June.
- – Investment of up to £20bn in carbon capture technology
- – Launching of Great British Nuclear to support new nuclear builds, and classification of nuclear energy as sustainable.
Employment
- – ‘Returnership’ programme to encourage over 50s back to work, worth £63m
- – Working parents in England allowed 30 hours of free childcare for one and two-year-olds
