Jeremy Hunt's spring budget marks a significant moment in his stint as Chancellor, both for Hunt and the UK economy. Aiming "to build an economy that works for everyone," the budget puts primary focus on increasing wages, investing in infrastructure, and targeting small businesses to help UK families get ahead. backgrounds. Above all, despite how well-received initial indications of Hunt's spring budget have been so far, many are eagerly anticipating further details to confirm whether his bold promises match their scope or not.
This budget has been released in an effort to foster economic growth and improve the lives of families. To that end, the budget includes an investment of resources towards stimulating job creation, increasing wages for existing jobs, and providing additional support for those on limited incomes.
This is seen as essential for creating vibrancy within the economy by bolstering consumer demand and putting money back into the pockets of everyday citizens. It stands out as a landmark moment that demonstrates recognition from authorities that economic recovery starts with helping individuals and households first.
Help with household energy bills
Households all over the country have suffered greatly in recent times due to the rising cost of living, and this issue only continues to be compounded. Hunt has announced in the spring budget that the energy price guarantee for households will be extended.
This will provide a lifeline for many struggling families and households across the nation, shielding them from the harshness of financial strain brought on by higher energy prices.
The support for households should also lead to an increase in financial stability, which has been welcomed by business groups as this means smaller businesses could get the boost they need as people's disposable income will rise.
Businesses are worried as support is being reduced
Business owners are incensed with the spring budget as a number of groups had pushed for additional energy support to help businesses manage utility bills. Unfortunately, not only was any extra business energy support excluded from the budget, but existing energy support is still being reduced as of April.
This could have damaging effects on companies - especially small businesses - who are already struggling financially due to coronavirus restrictions. Many businesses rely on both to help subsidies their energy costs and climb out of debt before revenues meet pre-pandemic levels, so this is not welcome news. It may become increasingly difficult for smaller companies to stay afloat if they have no additional help in covering their overhead costs.
Compare prices today to stay on top of high energy bills
To ensure your business does not struggle with high energy bills, why not compare gas and electricity contracts today? Ensuring you fix your energy bills ahead of time or at least start to look at prices will help you prepare for any price rises you could face.