Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Jeremy Hunt ‘has extra £30bn’ to ease cost of living crisis

by March 6, 2023
March 6, 2023
Jeremy Hunt ‘has extra £30bn’ to ease cost of living crisis

Jeremy Hunt will find himself with an extra £30 billion to ease the cost of living crisis and resolve labour shortages, new research suggests.

The Resolution Foundation think tank said the chancellor would benefit from borrowing being about £30 billion lower than anticipated this year due to tax receipts recovering and a lower bill than expected for energy support.

The Office for Budget Responsibility predicted in November that the borrowing bill to support household energy bills would be £177 billion. But the figure is now predicted to be lower.

Hunt has suggested he will spend about £3 billion to extend the £2,500 level of the Energy Price Guarantee. He is also under pressure to improve the supply of workers and resolve public sector pay disputes.

Cara Pacitti, a senior economist at the think tank, said: “The chancellor will want his upcoming budget to signal a lower inflation and higher growth phase. There has certainly been some good news with the economy expected to be bigger and borrowing lower this year than feared. But there is no escape from having to focus on the cost of living crisis that families are still facing. Hunt is likely to act to prevent April’s spikes in energy bills and fuel duty.”

The CBI has called on the government to encourage more people into work by reducing childcare costs and tackling the rise in long-term sickness with tax incentives for mental healthcare.

The Resolution Foundation said Hunt could extend free childcare to one and two-year-old children at a cost of up to £6 billion. The think tank suggested adding a work allowance into universal credit for second earners in a move that would cost £2.1 billion.

Employers could also be encouraged to take on those who have suffered ill health if the government ended work assessments when people applied for universal credit. The think tank said early retirement could be discouraged with a curb on pension freedoms.

The foundation also said the pay disputes could be settled with a 5.5 per cent offer with a cost to departments of £5 billion. Pacitti said: “The chancellor needs to end public sector pay disputes and wrestle with the UK’s stagnant economic growth by focusing on encouraging more firms to invest and people to work.”

Read more:
Jeremy Hunt ‘has extra £30bn’ to ease cost of living crisis

0
FacebookTwitterGoogle +Pinterest
previous post
Employers told to offer more flexible working to fight staff shortages
next post
Best processes to implement so that your business succeeds and thrives

You may also like

Incredible British craftsmanship in demand as 80% of...

February 28, 2025

HMRC crackdown causes 21% drop in R&D tax...

September 26, 2024

Government to push through revenue caps for renewable...

October 10, 2022

Why Vaping is a Great Alternative for Quitting...

January 13, 2024

Supply chains remain a major problem for Mini

August 4, 2022

UK SME plans to invest £321k to grow...

May 11, 2023

UK ports demand compensation after Brexit border checks...

May 20, 2025

Manchester chicken shop boss loses £12,000 in Tesla...

February 8, 2024

Am I the Problem? Five Stages of Reverse...

August 23, 2023

Forget the Old Casino Model – Crypto’s Version...

April 22, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • ‘Half a dozen’ more states to ban soda, junk food purchases with food stamps, Trump Agriculture secretary says

      May 23, 2025
    • GOP holdouts sound alarm on $36T debt crisis as Trump’s ‘big, beautiful bill’ passes House vote

      May 22, 2025
    • 23andMe bankruptcy prompts Cornyn-Grassley-Klobuchar bipartisan bill to protect sensitive genetic data

      May 22, 2025
    • The Best Way to Expand Naloxone Access? Clear the Path

      May 22, 2025
    • S&P 500 Slide Explained: What Past Price Action Reveals About Market Dips

      May 22, 2025
    • White House shuts down reporter’s ‘ridiculous’ challenge of White South African farmer deaths

      May 22, 2025

    Categories

    • Business (8,031)
    • Investing (1,981)
    • Politics (15,356)
    • Stocks (3,099)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved