UK reveals measures to boost economy, eases cost-of-living burden

Xinhua
16 Mar 2023, 02:49 GMT+10

LONDON, March 15 (Xinhua) -- The United Kingdom (UK) on Wednesday unveiled a clutch of measures to boost its struggling economy, including childcare reforms, tax cuts for businesses, and policies to ease the cost-of-living burden for households.

"Britain is on a lasting path to growth with a revolution in childcare support, the biggest ever employment package and the best investment incentives in Europe," Chancellor of the Exchequer Jeremy Hunt said during his Spring Budget 2023 speech.

Hunt announced 30 hours of free childcare for every child over the age of nine months, alongside increases in subsidized childcare for parents on Universal Credit, a UK social security payment.

To support households with cost-of-living pressures, the Energy Price Guarantee will be maintained at 2,500 British pounds (3,008 U.S. dollars) for the next three months.

In addition, a planned 11 pence rise in fuel duty will be cancelled, saving a typical driver 100 pounds over the next year.

Corporation tax will effectively be cut by 9 billion pounds a year for the next three years, Hunt added. "That means that every single pound a company invests in IT equipment, plant or machinery can be deducted in full and immediately from taxable profits."

The chancellor emphasized that the government is tackling "the two biggest barriers that stop businesses growing -- investment incentives and labor supply," adding that "the declinists are wrong, and the optimists are right." (1 British pound = 1.20 U.S. dollars)

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