- Chancellor Jeremy Hunt is aiming for a safety first Budget on Wednesday to restore the UK economy.
- The Office for Budget Responsibility (OBR) is likely to revise its 2023 forecast from a contraction of 1.4% to something close to stagnation.
- Hunt is expected to announce that government subsidies will keep average household energy bills capped at £2,500 and end the prepayment penalty for poorer households.
- Hunt is also poised to freeze fuel duties and possibly extend the temporary 5p a litre reduction from last year.
- Business groups are alarmed at how the government’s increase in corporation tax from 19% to 25% next month will coincide with the expiry of its “super-deduction” scheme.
Five things to look out for in Jeremy Hunt’s Budget
Jeremy Hunt is set to deliver the UK Budget on Wednesday with measures to nurture economic growth and address the cost of living crisis. The Office for Budget Responsibility is expected to revise 2023 forecast to something close to stagnation.