Thursday 16 March 2023

Into calmer waters?

Assessing Budget 2023

The UK has gone through four Chancellors, three Prime Ministers and entered a cost-of-living crisis in 500 days since the last Budget way back in October 2021. On 15 March, Jeremy Hunt will unveil his first Budget, hoping to signpost the UK economy’s way towards a new, calmer, phase of lower inflation and higher growth. To that end, concrete steps to encourage people to remain in the workforce and firms to invest will be up in lights. Recent months have brought good news for the public finances, but the public face the prospect of rising energy bills and inflation that will continue to outstrip wage growth for some time to come.

How has recent good news, from falling European gas prices to lower than expected borrowing, fed through into permanent improvements to the economic and fiscal outlook? Where does Budget 2023 leave the cost-of-living crisis families are facing, including rising energy bills and widespread industrial strife across the public sector? Will the policies announced help to boost employment or investment – and therefore growth? And what does Budget 2023 tell us about the economic battleground that the next General Election will be fought over?

The morning after the Spring Budget, the Resolution Foundation is hosting an event to discuss these issues and more. Following a presentation from Foundation staff of their overnight analysis of the Budget, we will hear from the chairs of both the Treasury Select Committee and the Office for Budget Responsibility.

The event will be open for people to physically attend, alongside being broadcast via YouTube and the Resolution Foundation website. Viewers will be able to submit questions to the panel before and during the event via Slido.