Budget 2023 as it happened: Key points from Jeremy Hunt's 'Budget for growth'

15 March 2023, 06:51 | Updated: 15 March 2023, 15:28

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By Emma Soteriou

Chancellor Jeremy Hunt delivered his "Budget for growth" on Wednesday afternoon in a bid to get people back to work, with a major expansion of childcare support forming a key part of his package.

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Energy bill support, benefits reform and pensions allowances were all at the centre of big announcements made by Mr Hunt.

There was a multibillion-pound expansion of free childcare for one and two-year-olds, which includes 30 hours a week of childcare for parents in England with one and two-year-olds, building significantly on the current provision.

Read more: Jeremy Hunt 'to announce 30 hours of free childcare for one and two-year-olds' to boost workforce

Read more: Seven Spring Budget predictions from tax, pensions, fuel and alcohol - and what the changes could mean for you

Lower than expected borrowing figures and a recent drop in wholesale energy prices created some good news for the Treasury on the public finance front, but the Chancellor is still expected to go ahead with caution.

Mr Hunt told the Commons: "In the face of enormous challenges I report today on a British economy which is proving the doubters wrong.

"In the autumn we took difficult decisions to deliver stability and sound money. Since mid-October, 10-year gilt rates have fallen, debt servicing costs are down, mortgage rates are lower and inflation has peaked.

"The International Monetary Fund says our approach means the UK economy is on the right track."

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Jeremy Hunt is presenting his Spring Budget
Jeremy Hunt is presenting his Spring Budget. Picture: Alamy