Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |Chancellor 'pulled a range of policy levers' to stimulate growth, says IFS

Latest news

Browse by category
Business News

Chancellor 'pulled a range of policy levers' to stimulate growth, says IFS

March 16 2023

Responding to Chancellor Jeremy Hunt's 2023 Spring Budget speech, the Institute for Fiscal Studies (IFS) stated that a 'whole range of policy levers' were pulled in order to stimulate economic growth.

In its initial response, the business group said that the expansion of free childcare for children over the age of nine months should help 'tens of thousands of parents into work, provided that it is appropriately funded'.

It also praised the changes to capital allowances, which will permit businesses to be able to deduct 100% of all plant and machinery investment spending immediately when calculating taxable profits. The IFS said that the measure will help to 'boost business investment in the short run'.

However, the IFS said what the Chancellor didn't announce was 'just as notable'. It criticised the absence of funding to improve the pay offer to striking public sector workers, and personal tax rises set to take effect from April will mean an extra £500 in tax for basic rate taxpayers in 2023/24 and an extra £1,000 for higher rate taxpayers.

'The bigger fiscal picture hasn't changed enormously since the autumn,' said Paul Johnson, Director of the IFS.

'The government remains on track to meet its relatively loose fiscal targets by only the barest of margins.

'Debt interest spending is forecast to remain well above what was forecast a year ago. And we are still in the midst of an enormously difficult period for households. We're by no means out of the woods yet.'

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.