Earlier today the Chancellor of the Exchequer Jeremy Hunt set out his annual Budget, building on the stability secured in the Autumn Statement to halve inflation, grow the economy and reduce debt. He announced today that inflation is set to fall to 2.9% by end of year.
He added that the UK is expected to avoid a technical recession in 2023, according to the Office for Budget Responsibility. It is predicted that after this year, our economy will grow in every single year of the forecast period.
A series of measures were announced to help support working people, remove obstacles to investment, tackle labour shortages and remove the barriers that prevent people entering the workforce.
It is intended that will see inflation halved this year, which will help to ease the cost of living and give people more financial security, most notably through extending free childcare provision and the Energy Price Guarantee.
Following the budget Dean said “In the Autumn, the government took difficult decisions to restore stability and grip inflation, and our economy is bouncing back.
"Figures show that in Watford the unemployment rate according to ONS 2021 figures is 3.3%, below the national average of 3.7%, and over the past year the number of claimants has fallen by 255.
"The continued support with energy bills is welcome and extending free childcare for working parents to cover one- and two-year-olds is fantastic. I know the cost of childcare has prevented some parents returning to work, either full time or part time, and I am delighted that the Chancellor’s decision to extend free childcare provision will help more parents back into work.
"I am pleased also that fuel duty will be frozen for the 13th year in a row, and the 5p reduction will be maintained for a further year. In addition, from 1st August the duty on draught beer in pubs will be up to 11p lower than in supermarkets.”
