Spring Budget: UK unveils £94bn cost-of-living budget package

Jeremy Hunt has announced Great British Nuclear to safeguard our energy security and resilience. 

GBN will work to:  
-Enable nuclear projects  
-Support the UK’s nuclear industry  
-Provide opportunities to build and invest

Hunt in his speech mentioned that the govt will accept the recommendations outlined in Sir Patrick Vallance's report on regulating emerging technologies, such as AI.

As said, it will help to grow economy, create new jobs and generate investment in new industries, whilst protecting consumers and businesses.

For specially abled people, a new Universal Support programme has been announced. The programme will also help those with long-term help conditions to find jobs and stay in work. It will match participants with existing job vacancies and support them into work.

-To support the crucial role that foster parents play, from next year qualifying care givers will see their tax free allowance rise from £10,000 to £18,000. 

-A new childcare package has been announced to support eligible working parents. Working families will have access to 30hrs free childcare per week for children aged between 9 months and 4 years. 

-To support parents on Universal Credit move into work or increase their hours, we’re increasing the amount of UC support for childcare costs by almost 50% & will pay this upfront instead of in arrears. Families will now be able to claim £951 for 1 child & £1,630 for 2 children.

Reforming the pensions lifetime allowance, annual allowance and money purchase annual allowance to encourage highly-skilled workers, such as senior NHS doctors, to remain in the labour market, and help to tackle NHS waiting lists.

The British finance minister said that the government will add a total of £11bn to the defence budget over the next five years and it will be nearly 2.25% of GDP by 2025. 

He said, "We were the first large European country to commit to 2% of GDP for defence and will raise that to 2.5% as soon as fiscal and economic circumstances allow." 

The British finance minister announced 12 new investment zones. Citing Canary Wharf's example,  he said that there will be in: the West Midlands, Greater Manchester, the north-east, South Yorkshire, West Yorkshire, East Midlands, Teesside, and Liverpool. There will also be at least one in Scotland, Wales and Northern Ireland. 

Hunt also said that the is giving communities more control of their destiny.

Britain said cost-of-living support for this year and next will total £94 billion ($114 billion), and forecast the economy would avoid recession this year as inflation slows sharply.

"In the face of a cost-of-living crisis... we have demonstrated our values by protecting struggling families," Hunt said in a budget speech. He outlined extra support for energy bills and childcare. 

-We have to half the inflation. 

-This govt remains steadfast in its support of the bank of England. 

-Inflation in Uk was 10.7 per cent. We aim to make it 2>2 % by the end of 2023. 

-We will continue to work hard to settle those disputes. 

-I recognise that there is enormous pressure on family finances. He said that the government is on track to halve inflation, get debt falling, and grow the economy. 

The government Wednesday said it would extend a subsidy on energy bills for a further three months after the invasion of Ukraine by oil and gas producer Russia sent them surging.

"Continuing to hold down energy bills is part of our plan to help hardworking families with the cost of living and halve inflation this year," Prime Minister Rishi Sunak said in a statement.

Stephen Flynn, who is the Member of Parliament of the UK, raised the recent news regarding Sunak's private pool during PMQ. 

Stephen Flynn said: "Scots learnt the electricity grid had been upgraded to deal with the heating for the pool at Sunak’s constituency home. Was it while swimming the PM decided not to cut fuel bills." 

Flynn also said: "Flynn says in Scotland the average heating bill is not £2,500, but closer to £3,500. The Tories are not freezing energy bills. They are looking to freeze households." 

Sunak said the government has protected the people and all parts of the UK benefit. He added, "We now know that under the SNP the trains don’t run on time, and other service don’t work. That is not his assessment, he says. It is an SNP one, from their leadership debate." 

Sunak responded to Keir Starmer, the Labour party leader, on the BBC row over free speech. Starmer said that last year the prime minister said he wanted to protect free speech and end no-platforming. So how concerned was he by Tory MP trying to cancel a broadcaster? 

While responding, Sunak said that the "issues between Gary Lineker and the BBC were for them to resolve and he's glad they did". 

British Prime Minister Rishi Sunak takes questions in parliament before British finance minister Jeremy Hunt presents the UK government's budget.

Hunt has commissioned the Office for Budget Responsibility to prepare an economic and fiscal forecast to go alongside it.

The British government is all set to unveil the Spring Budget in the Commons on Wednesday. The budget, which will be presented by finance minister Jeremy Hunt, is expected to focus on cost-of-living, including more help on soaring energy bills.

However, reports have hinted that the government is standing firm on rising public sector pay demands as the country endures a fresh wave of strikes. Hunt will deliver his tax and spending plan to parliament from 1230 GMT.