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Spring Budget 2023

On 15 March 2023, Chancellor Jeremy Hunt delivered the Spring Budget, accompanied by a forecast from the Office for Budget Responsibility. Read ICAEW's analysis and reaction.

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ICAEW analysis

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Accounting and audit
Insights

Business-positive Budget, with a pensions shake-up

The Chancellor’s focus was fixed on business investment and growth after a better than expected OBR forecast. But much of the funding allocated for this is small fry.
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Podcast

Budget 2023: a hope or hindrance for business?

On the latest ICAEW Insights podcast, we explore the contents of the 2023 Spring Budget and the likely impacts on UK businesses and the work of finance professionals alike.
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Tax

Budget for growth: ICAEW's Tax Faculty assesses key tax measures

ICAEW’s Tax Faculty summarises the key tax announcements from the Chancellor’s Budget speech, including pension and capital allowance reforms.
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Tax

Call for evidence: VAT energy saving materials relief
  • Article
  • 28 Mar 2023
The UK government is seeking views on whether the VAT zero rate for the installation of energy saving materials should be extended to additional technologies and to installations in charitable premises.
Key measures in Spring Finance Bill 2023
  • Article
  • 23 Mar 2023
The Finance (No. 2) Bill 2022/23 includes Spring Budget announcements such as the full expensing first-year capital allowance, abolition of the pension lifetime allowance charge and investment zones.
What reliefs should be available to environmental land management activities?
  • Article
  • 22 Mar 2023
The government is implementing frameworks to support private investment in nature’s recovery. Ecosystem service markets can assist in achieving the UK’s wider net-zero strategy, but there is uncertainty about how the current tax rules apply.
Significant changes ahead for business rates
  • Article
  • 21 Mar 2023
ICAEW’s Tax Faculty explains the technical changes to the business rates system announced alongside the Spring Budget.
Update to meaning of R&D for tax purposes
  • Article
  • 21 Mar 2023
ICAEW’s Tax Faculty highlights changes to the guidelines and legislation on the meaning of research and development for tax purposes.
VAT and duties changes in the Spring Budget
  • Article
  • 16 Mar 2023
Find out more about changes to rates, DIY housebuilder claims and the VAT healthcare exemption.
Spring Budget 2023: Tax administration and simplification
  • Article
  • 16 Mar 2023
ICAEW’s Tax Faculty outlines proposals announced at Spring Budget 2023 that aim to improve and simplify tax administration. Disappointingly, there is no additional funding to improve HMRC’s service performance.
Exclusive Spring Budget 2023: tracking tax consultations and reviews
  • Article
  • 03 Mar 2023
Ahead of the Spring Budget on 15 March, ICAEW’s Tax Faculty summarises the tax-related consultations and reviews that are underway.

Tax Faculty's Spring Budget webinar

On 17 March, the Tax Faculty reflected on the announcements from Chancellor Jeremy Hunt's Spring Budget in this essential webinar. Listen to the commentary and discussion, and find out what the budget could mean for you and your clients.

Listen to the recording
Tax

Insights and news

Chancellor spends forecast upside to leave finances largely unchanged
  • Article
  • 17 Mar 2023
Jeremy Hunt limits his tax and spending ambitions in the Spring Budget to stay within a very tight fiscal rule.
How to follow ICAEW’s reaction to the Spring Budget
  • Article
  • 07 Mar 2023
Experts from across ICAEW and the Tax Faculty will be providing their perspectives on Jeremy Hunt’s Spring Budget on 15 March. Find out how to follow ICAEW’s reaction to the announcements on Budget Day and the following week.
UK interest rate hikes aim to curb inflation
  • Article
  • 24 Feb 2023
Based on the Bank of England’s latest Monetary Policy Report, Lai Wah Co explains the rationale behind the recent interest rate rises and gives a prognosis.
January surplus small comfort for Chancellor ahead of Spring Budget
  • Article
  • 21 Feb 2023
Better than expected self assessment tax receipts helped generate a small fiscal surplus of £5bn in January.
ICAEW calls for emergency taskforce to tackle HMRC backlog
  • Article
  • 08 Feb 2023
Ministers must set up a taskforce to deal with the unacceptable delays at HMRC, which are holding back the UK’s economic growth, says ICAEW.
Public sector net debt tops £2.5trn for the first time
  • Article
  • 24 Jan 2023
The highest December deficit on record has been driven by higher debt interest costs and the cost of energy support schemes.
Cost-of-living crisis to last until end of 2024
  • Article
  • 19 Jan 2023
Times are expected to get worse before they get better, with far-reaching impacts on financial resilience and health, Resolution Foundation report warns.
Energy Bills Discount Scheme: details and eligibility
  • Article
  • 10 Jan 2023
The Energy Bills Discount Scheme (EBDS) will continue energy bill support for businesses until 31 March 2024, but at a reduced rate.

Charts

Chart of the week: Spring Budget 2023
  • Article
  • 16 Mar 2023
Our chart this week is on the Chancellor’s tax and spending plans for the coming financial year commencing on 1 April 2023.
Chart of the week: Fluctuating fiscal forecasts
  • Article
  • 09 Mar 2023
Ahead of the Spring Budget on 15 March, we take a look at how the official forecast for the 2022/23 fiscal deficit has fluctuated through successive forecasts.
Chart of the week: Slowing inflation
  • Article
  • 16 Feb 2023
Our chart this week illustrates the slowing rate of inflation and how it should fall further once a big surge in prices between February and April 2022 falls out of the comparison.
Chart of the week: IMF economic projections
  • Article
  • 02 Feb 2023
Our chart this week is on the global economy and how the UK is at the bottom of the IMF’s league table for economic growth in 2023 and 2024.

ICAEW letters to the government

Ahead of each Budget, ICAEW writes to the Chancellor of the Exchequer. In February 2023, ICAEW CEO Michael Izza wrote: "We believe that the resilience of the UK’s economy and public finances is the bedrock on which the pillars of ‘Enterprise’, ‘Education’, ‘Employment’ and ‘Everywhere’ can be based: otherwise we risk building on sand. This foundation - combined with a renewed approach to infrastructure investment and public services – will enable us to achieve a prosperous and carbon neutral future." Read ICAEW's letter in full.
ICAEW REP 008-23 Submission to HM Treasury Budget
  • Representation
  • 08 Feb 2023
  • PDF (234kb)
A representation dated 31 January 2023 to HM Treasury ahead of the Spring Budget taking place on 15 March 2023.
ICAEW letter to the Chancellor Spring Budget 2023
  • Representation
  • 24 Feb 2023
  • PDF (376kb)
Letter from ICAEW CEO Michael Izza to Chancellor Jeremy Hunt ahead of the Spring Budget on 15 March 2023.

Business Confidence Monitor

UK business confidence crashes to 13-year low
  • 26 Jan 2023
ICAEW’s latest Business Confidence Monitor finds a weakened economy and depleting customer demand have caused confidence to plunge to 2009 global financial crisis levels.
UK Business Confidence Monitor: National
  • 28 Jan 2024
The latest Business Confidence Monitor (BCM) for Q4 2023 shows a slight shift in sentiment within the quarter. However, the quarter-on-quarter improvement in sentiment is marginal, remaining broadly steady at a similar level over the last few quarters. Overall confidence continues to fall short of the pre-pandemic average.

Further resources

Insights special
Gas-fired power station and factory building at night.
Energy crisis

A look at how supply difficulties, rising electricity prices and sanctions against Russia are contributing to turmoil in energy markets and an examination of what businesses can do to lessen the impact.

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Insights special
A graph going upwards
Inflation

A closer look at the impact of inflation on people, businesses, accountancy and the wider economy, bringing together the best expert opinion, data and analysis from ICAEW and its members.

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Budget and economic statement coverage from ICAEW