Spring Budget 2023

Chancellor Jeremy Hunt delivered his 2023 Spring Budget on 15 March 2023. The budget’s focus was on implementing ways to help people return to work and stay in employment.

There are around 7 million adults of working age not in employment. The Chancellor’s focus was on growing the economy through enterprise, employment and education. Here is a summary of the most important announcements for UK employers to be aware of.

  1. The Government will be introducing a ‘Universal Support’ scheme for disabled people where the Government will spend up to £4,000 per person to help them find appropriate jobs and put in place the support they need. The Government plans that the programme will fund 50,000 places every year.
  2. For those currently not working due to long-term sickness, especially those suffering with cardiovascular disease, mental health and musculoskeletal (MSK) conditions, the Government plans to implement measures to help them return. This will be encouraged by expanding the funding of occupational health services and the Government plans to introduce two new consultations focusing on improving the availability of occupational health.
  3. To attract older workers back into work, the Government plans to launch apprenticeships for the over 50s.
  4. To keep highly skilled workers in work for longer, the pensions tax-free annual allowance will be increased from £40,000 to £60,000. The lifetime allowance charge will also be removed.
  5. The Government plans to help women with children return to work by increasing the 30 hours of free childcare to every child over the age of 9 months to 2 years. There will also be increased funding in wraparound care in schools.
  6. To help increase working hours for those on universal credit the Government will increase the Administrative Earnings Threshold from 15 hours to 18 hours.

For more information, please contact Katie Maguire.

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