2023 United Kingdom budget

2023 (2023) United Kingdom budget

Presented	15 March 2023
Parliament	58th
Party	Conservative Party
Chancellor	Jeremy Hunt
Website	Budget 2023
‹ 2022 autumn statement 2023 autumn statement›

The 2023 United Kingdom budget was delivered to the House of Commons on 15 March 2023 by Chancellor of the Exchequer Jeremy Hunt. It was the first full budget statement to be presented by Hunt since his appointment as chancellor. The date of the budget was confirmed by Hunt on 19 December 2022. At the same time he confirmed the budget would be accompanied by a full budget report from the Office for Budget Responsibility. The statement was presented as a budget for growth, with the objective of bringing about the conditions for long-term sustainable economic growth within the UK.

The UK had narrowly avoided going into recession at the end of 2022, and although there were some signs of recovery during the weeks preceding the budget, inflation remained high and the country continued to be impacted by an ongoing cost of living crisis. In his statement, Hunt set out plans to remove barriers to employment (with measures such as an increase in the amount of free childcare), encourage business investment (with measures including a programme of tax cuts for business worth £27bn), and address labour shortages in some industries (such as the construction sector). Government help for families facing financial pressure was also extended, with the Energy Price Guarantee extended for a further three months. The cap on the lifetime allowance for tax-free pensions contributions was also abolished in an attempt to encourage workers such as NHS doctors and consultants to remain in employment longer.

The budget was criticised by Sir Keir Starmer, the Leader of the Opposition, who accused the Conservatives of turning the UK back into the "Sick man of Europe", while Rachel Reeves, the Shadow Chancellor, said that Labour would reverse the pension tax changes. Stephen Flynn, the Leader of the Scottish National Party at Westminster, highlighted what he believed was the lack of support for families struggling financially. The pension tax changes were welcomed by the British Medical Association, who described it as "potentially transformative for the NHS". The BBC's Laura Kuenssberg questioned whether some of the measures, such as the plans to increase childcare, could be achieved, and suggested the government would be "punished" if they were not.