Spring budget 2023 and what does it mean for you

The Spring Budget of 2023 was eagerly anticipated by businesses and individuals across the United Kingdom, with expectations of tax and spending policies that would address the country's economic challenges. The budget, which was presented by Chancellor of the Exchequer Rishi Sunak, included several measures aimed at boosting economic growth and supporting businesses.

The budget also included measures to support individuals, particularly those on lower incomes. The personal allowance for income tax was increased, meaning that individuals can earn more before they start paying income tax. The Chancellor also announced an increase in the minimum wage, which will rise to £10.42 per hour, providing a much-needed boost to those in low-paid jobs.

In addition to these measures, the budget included significant investments in infrastructure and public services. The Chancellor announced funding for new hospitals, schools, and transport projects, as well as increased spending on social care and mental health services.

Overall, the Spring Budget of 2023 was broadly welcomed by businesses and individuals across the UK. The reduction in corporation tax and support for innovation are expected to boost economic growth and encourage investment, while the measures to support individuals will provide much-needed relief for those on lower incomes. The investments in infrastructure and public services are also expected to have a positive impact on communities across the country.