The Chancellor will make his Spring Statement, next week on 23 March. The statement will be accompanied by the latest Office for Budgetary Responsibility forecasts. In the current uncertainties stemming from the war in Ukraine, there are a number of calls on the Chancellor for action in a range of areas.
What is looking probable is an increase in defence spending and particularly an increase in the funds available to support efforts in relation to the Ukraine.
There are calls to provide short-term help to households facing higher fuel and food prices as Russian sanctions hit UK energy supplies – on top of the already announced repayable discount and one-off rebate for council bands A to D.
Similarly with petrol and diesel at all time high price levels there are calls for a reduction in fuel tax.
There are also widely heard demands for a reversal of the planned National Insurance increases, although many commentators feel this is unlikely.
The Chancellor must act at the Spring Statement or risk the UK economy drifting backwards to low growth, warns the Confederation of British Industry (CBI).
Measures advocated by the CBI include a permanent investment incentive to replace the super-deduction. The business group says this will boost business investment by £40 billion a year by 2026.
It also wants to see the Apprenticeship Levy turned into a Skills Challenge Fund. In addition, the government should tackle high energy prices by improving home energy efficiency through new grants for decarbonised heating systems.
Internet links: CBI website GOV.UK
