The Chancellor delivered his budget this week with positive economic data showing the government’s plan to tackle inflation, grow the economy and lower debt is working.
The UK will not enter technical recession this year as many had feared. The huge challenge of inflation is also set to improve with the Office for Budget Responsibility (OBR) forecasting it will fall to 2.9% at the end of the year.
But challenges remain and the Energy Price Guarantee will be extended for a further three months until gas prices start to fall in the summer. Jeremy Hunt told us all that cost-of-living support has so far cost £94 billion, or £3,300 per household. I defy anyone to say this government has not done a huge amount to help. This support is on top of £400 billion spent on the pandemic and war in Ukraine.
That the Chancellor was still able to invest in free childcare for children under five, Investment Zones and the development of nuclear power, carbon capture and AI is impressive. These announcements will get people back into work, tackle the productivity problems we have, grow the economy and help with producing highly skilled jobs and businesses in the years to come.
Other announcements include support for charities and £10 million to help with suicide prevention for voluntary organisations. This of course has very real resonance for us in Eastbourne.
The Chancellor also froze the duty charged on draught pints in pubs across the UK in a welcome boost to our hospitality sector. Fuel duty was also frozen and a 5p cut will continue to help motorists and curb inflation.
One particular announcement was brought to life for me this morning at the over 50’s jobs fair at The View Hotel. The Chancellor had focussed on this group with ‘returnships’ and ‘MOTs’ and rightly so. It represents some of our most experienced people and locally, at the end of last year, there were 930 people over 50 actively seeking work. For context, there were 685 in the 18-25 age bracket.
There were some brilliant job opportunities showcased today at The View and a real positivity in the air and it wasn’t just some Spring sunshine!
