The Budget 2023 is fast approaching and the UK economy is eagerly awaiting the Chancellor’s announcement. With the UK’s recovery from the pandemic still underway, many industries are hoping for a budget that will help them to get back on their feet. In this article, we will take a look at what the industry expects from the Chancellor’s Budget 2023.
One of the biggest issues facing the UK economy is the high levels of unemployment. The government has already announced a £3 billion package of measures to help people find work and support businesses in creating jobs. However, many industry experts are calling for further measures to be included in the Budget 2023 to help reduce unemployment and create more jobs. This could include further investment in skills training, as well as incentives for businesses to hire more people.
The hospitality industry has been particularly hard hit by the pandemic and many businesses are struggling to stay afloat. The government has already announced a series of support measures, including grants and business rates relief. However, many in the industry are calling for further support in the Budget 2023, such as an extension of the business rates relief scheme and additional funding for hospitality businesses to help them survive.
The UK’s green recovery is another key area where the industry is expecting action from the Chancellor. Many businesses are looking for incentives to invest in green technologies and renewable energy sources. This could include tax breaks for businesses investing in green technologies, as well as additional funding for research and development into green energy sources.
Finally, the industry is also expecting the Chancellor to address the issue of taxation. Many businesses are calling for an overhaul of the current tax system, with a focus on simplifying the system and making it fairer for businesses. This could include reducing corporation tax rates for small businesses, as well as introducing new tax reliefs for businesses investing in research and development.
Overall, there is a lot of expectation on the Chancellor’s Budget 2023 announcement. Many industries are hoping for measures that will help them recover from the pandemic and get back on their feet. From reducing unemployment to encouraging green investment, there is a lot that the industry expects from the Chancellor’s Budget 2023 announcement.