Last week Wednesday, the Chancellor of the Exchequer Jeremy Hunt addressed to the House of Commons. Delivering the budget regarding the state of the UK economy. Read more about what is included in UK Spring budget 2023
So with further ado, here is my opinion about Budget 2023
My take on Budget 2023
Like previous Conservative budgets under previous chancellors, a typical budget that I am not quite convinced. The only good thing I am happy is that fit to work test (work capability assessment) is scrapped completely (👍). But benefit sanctions will remain (👎). Read my previous blog post in 2021 regarding the benefits system & how messed up is it.
The inflation to be down by the end of the year 2023 & avoiding recession. I hope that is the case but again, I am not convinced unless if that does really happen (inflation to fall from the current level 10% to 2%). I’ll believe it when I see it (since the economy is still the only country in G7 not to return to pre Covid levels).
With the cost of living crisis, it is not only the factors that caused the UK to be in the bad situation financially & economically due to the war in Ukraine & the aftermath of the Covid pandemic. It is all because of both things: Brexit (the UK out of the European Union) & the 13 years of the govt’s austerity policy. Plus the the rise of food banks & that is very sad.
Also. Apprenticeship for 50 years & over. Basically, the Chancellor Jeremy Hunt wants people in the specific age group to return to workplace. In other words, the Conservative government here in the UK wants you (if you are in the age group 50+) to work until you drop with the “returnership” scheme. So the fiscal measure that is included in Spring Budget last Wednesday is just not wise. Especially that it will not solve the economic woes for the British economy with people aged 50 and over to keep working & not even to have the pension at all. Other than just keep on working until the person is weak or have passed away. That in my opinion is not right. Work is not everything and it is not compulsory (& that is why we have got the welfare system). Now there may be some who would want to keep on working and there may be some who does want to retire & does not want to work. So the government must better carefully of how they really want to achieve the goal of getting everyone back to work. In fact my friend talked all about it in his blog about the policy detailed in Jeremy Hunt’s spring budget.
And lastly, “Brexit pub guarantee”. No wonder the govt continues to not fully understand that there are shortages particularly in the hospitality sector all because of Brexit effects & yet they keep on boasting as if there is a “Brexit benefit “. So that’s all. My take on Budget 2023
