Hunt Unveils Bold Budget: Inflation Slashed, Growth Boosted, Debt Tackled
Chancellor Jeremy Hunt today revealed the government’s fresh spending plans aimed at halving inflation, sparking economic growth, and cutting the national debt.
Energy Caps and Fuel Duty Stay Put
The popular Energy Price Guarantee, which limits average household energy bills, has been extended through June. Fuel prices get relief too, with the 5p-a-litre fuel duty cut staying in place to ease the cost of living squeeze.
Free Childcare Expansion and Defence Boosts for Gosport
Caroline, former Education Minister and champion of free childcare, welcomed the news that 30 hours of free childcare will now be available to all children under five, rolling out from April 2024.
In a major win for Gosport, home to many serving military personnel, defence spending will rise by £5 billion. Plus, £30 million has been pledged to the Office of Veterans Affairs to ramp up housing and welfare support for veterans — a community that makes up 12.5% of Gosport’s residents.
Economic Outlook Brightens, Budget Gets Praise
The Office for Budget Responsibility (OBR) forecasts inflation falling to 2.9% by year-end and expects to dodge recession, paving the way for steady, long-term growth and relief for households.
Caroline said: “This budget delivers real help for the people of Gosport, many of whom are battling the cost of living crisis. With support for soaring energy bills and free childcare for children over 9 months old, families here can better get back to work.
The defence spending boost recognises Gosport’s vital military heritage and safeguards local jobs and national security. Maintaining the fuel duty cut and slashing alcohol duty shows the government is serious about easing everyday pressures. The Chancellor has laid a strong foundation for future economic growth.”
Chancellor Jeremy Hunt added: “In November, we secured stability. Today, we deliver growth. We’re tackling the toughest blockers for businesses – investment incentives and labour supply. More help for disabled people, removal of barriers for older workers, frozen fuel duty and beer duty cuts, capped energy bills, plus 30 hours free childcare for all under 5s.
“We’re building a future where inflation falls, debt shrinks, and growth climbs.”
