“Chancellor Jeremy Hunt will be relieved that the deficit for the year-to-date only exceeded £100bn by £5bn, on track to stay within the Office for Budget Responsibility’s latest forecast of £177bn for the full year. The continued slow-down in public capital investment is concerning given its importance to economic growth prospects and future tax revenues, compounded by continued disruption from industrial action.
“We’re pleased that the Chancellor has announced a Spring Budget and accompanying independent fiscal forecast on 15 March 2023, as this will be the first official budget for 18 months. However, it is important that HM Treasury sets out the terms of the energy bill relief scheme extension from April 2023 as soon as possible, as waiting until March could be too late for many businesses trying to work out whether they can be viable in 2023.”
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