WILL THE SPRING BUDGET STIMULATE ECONOMIC GROWTH?Mar 06 2023
With the UK economy flatlining, the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may also extend the 130% super-deduction for investment in new plant and machinery, which will end on 31 March.
The government’s main focus continues to be reducing inflation, but Jeremy Hunt may have a few surprises up his sleeve to announce on 15 March. One issue he may address is the large number of workers over 50 taking early retirement, particularly in the medical profession. One tax change that may encourage them to continue working would be raising the current £1,073,100 lifetime cap of pension savings.