Responding to the Q1 2023 GDP, the Chancellor of the Exchequer Jeremy Hunt said: “It's good news that the economy is growing but to reach the government's growth priority we need to stay focused on competitive taxes, labour supply and productivity.
"The Bank of England Governor confirmed that the Budget has made an important start, but we will keep going until the job is done and we have the high wage, high growth economy we need."
- Countries around the globe have been shaken by the consequences of Russia’s invasion of Ukraine and the energy-price shock it triggered, and the impacts of the Covid-19 pandemic.
- The IMF is predicting around 90 percent of advanced economies will see a decline in growth in 2023.
- Since 2010, the UK has grown faster than France, Japan and Italy, and about the same rate as Germany
- The OBR said that have said that the measures in the Budget caused them to revise potential output upwards by the largest amount ever in their forecasts.
- The Spring Budget tackles two of the biggest issues in UK productivity – employment levels and business investment – head on, while also supporting households with cost-of-living pressures.
- The Budget also included a £27 billion tax cut for business through radical ‘full expensing’ policy and capital allowances reform which will drive investment and growth.
- We are maintaining record levels of capital investment - £600bn over the next 5 years – including investment in critical infrastructure like Northern Powerhouse Rail, HS2 and Sizewell C, and safeguarding the highest ever R&D budget.