- Sees economic contraction of 0.2% this year
- The prior forecast was for a 1.4% contraction this year
- Expects unemployment rate to rise to 4.4%
- Sees lower deficit to GDP throughout the forecast horizon
- 2024/25 underlying public debt to GDP now seen at 93.7% vs 97.2% in November forecast
- 23/24 budget deficit seen at 5.1% of GDP vs 5.5% in November
- Will maintain 5p cut fuel duty for further 12 months
On the policy side, here are some interesting highlights:
- Carbon capture and support will get £20bn support for its early development
- Nuclear to be reclassified as environmentally sustainable to give it access to those benefits
- Launched to aim to have nuclear 1/4 of electricity by 2050
- Energy price guarantee will continue for another three months, keeping it at £2500 for the average family
- Corporation tax will go up to 25% from 19% but new full capital expenses policy for the next three years, described as effective corporation tax cut worth £9bn