- The Conservative Government’s Spring Budget 2023 delivers on the Prime Minister and Chancellor’s priority to halve inflation, reduce debt and grow the economy.
- The Chancellor’s Spring Budget 2023 tackles the two biggest issues the UK economy faces – getting investment into the economy and filling one million job vacancies, by creating more opportunities for work across every region in the UK.
- With a £25 billion investment tax cut at its heart this Budget sets out how the Conservatives will create jobs and secure economic growth by backing UK businesses.
Bim Afolami MP welcomes the Conservative Government’s commitment to economic growth and welcomes the tax cut for business investment.
The Spring Budget 2023 sets out the Conservative Government’s plan for growth by delivering the Chancellor’s four pillars – Enterprise, Employment, Education and Everywhere.
This plan includes delivering a tax cut for business worth £25 billion over three years, rewarding businesses for every single pound they invest in the UK.
The Spring Budget 2023 confirms full-expensing which offers 100 per cent first-year relief on new qualifying investments in main rate plant and machinery from the 1 April 2023 until 31 March 2026. For every pound a company invests, their taxes are cut by up to 25 pence – this puts £25 billion back into the economy over the next three years.
It will mean the UK has the lowest headline rate of Corporation Tax in the G7 and the most generous capital allowances in the OECD.
Today’s measures build on the already extensive support in place for businesses, ensuring they are free to invest in their priorities and ultimately support economic growth.
Commenting, Bim Afolami MP said:
“On our mission to grow the economy it is right that businesses are incentivised to invest in the UK.
“I am delighted the Chancellor has announced this tax cut for businesses, rewarding investment and encouraging businesses to grow their enterprise.
“When businesses proposer, they invest more in the UK and employ more staff – both of which are vital to our mission to halve inflation, grow the economy and reduce debt.”
Commenting, Chancellor of the Exchequer Jeremy Hunt said:
“We are working hard to deliver on our priorities to halve inflation, grow the economy and reduce debt so we build a stronger and more innovative economy that will guarantee a better future for the next generation.
“This Budget tackles the two biggest issues the UK economy must overcome to grow – getting investment into our economy and filling one million job vacancies.
“It does this by delivering the four pillars – Enterprise, Employment, Education and Everywhere.”.
ENDS
Notes to Editors
- The Spring Budget announces a tax cut for business worth £25 billion over three years, rewarding businesses for every single pound they invest in the UK. The Budget delivers full-expensing which offers 100 per cent first-year relief on new qualifying investments in main rate plant and machinery from 1 April 2023 until 31 March 2026. For every pound a company invests, their taxes are cut by up to 25p – this puts £25 billion back into the economy over the next three years.
