Jeremy Hunt will deliver his budget next week - so what can we expect? 🔎 Here are some of the announcements we may hear, from energy and fuel to public sector pay
faces a number of “tough choices” ahead of delivering his budget next week, as he contends with a stalling labour market, public sector strikes and the UK ongoing cost of living crisis, a think-tank has warned.Office for Budget Responsibility
The Chancellor is expected to extend the programme at the £2,500 level by a further three months, at a one-off cost to the taxpayer of around £3bn. The Government has said it could afford a 3.5 per cent rise in public sector salaries, saying that this is all that can be provided by current budgets. Last year, average public sector pay settlements were 5 per cent – less than half the rate of inflation.
One potential change could be a replacement of the temporary 130 per cent “super-deduction” tax relief on investment that expires in April. Companies have asked for a “full-expensing” system, under which all qualifying investment is deducted from profits, which could help with growth. Measures may include encouraging older workers back to the job market by tweaking pension rules or offering tax incentives, such as increasing the lifetime pensions allowance which is currently frozen at £1,073,100 until 2026. Some wealthier older workers are retiring early as if they continue to work, and contribute to their pension, they will pay a higher rate of tax.
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