Matthew has welcomed the Spring Budget as the Chancellor announced a package to tackle the cost of living crisis and boost employment - with a focus on prompting a return to the workforce for parents and older people.
Chancellor Jeremy Hunt delivered the first budget of 2023 in light of the news that the Office for Budget Responsibility predicts the UK will avoid recession this year. There was also news that inflation is predicted to fall to 2.9% by the end of the year.
A particular highlight of the budget is the announcement that the 30 hours of free childcare for working parents will be expanded to cover one and two year olds - helping parents get back into work and saving them money. This will be backed by financial incentives for childminders.
Matthew said: "With Putin's War in Ukraine and the world economy still recovering from the effects of COVID, I am pleased to see that the UK economy is performing better than previously thought.
"This budget has the right focus of energising and rejuvenating the workforce and providing help with the cost of living. Alongside continued energy help - and long-term investment - the budget creates solutions to problems such as energy security and creating a strong economy for future generations."
Other highlights include:
Energy:
- Household energy bills capped at £2500 for a further three months
- £20bn of investment in low-carbon energy
- £63M to help leisure centres with rising energy costs
Taxation
- Tax-free allowance for pension pots to rise to £60,000
- Fuel duty frozen
- 12 new Investment Zones across the UK
Jobs
- Universal credit support for childcare upfront instead of arrears
- £600 incentive for childminders
- £63m to encourage retirees to return to work under "returnerships"
Other
- £11bn rise in Defence Spending
- £200m for pothole repairs
- £900m for the UK AI industry
- £10m for suicide prevention charities
