Three ways the 'back to work' budget will affect your finances
- Written by Jonquil Lowe, Senior Lecturer in Economics and Personal Finance, The Open University
In the 2023 spring budget, UK chancellor Jeremy Hunt unveiled a raft of measures designed to boost economic growth and productivity. To achieve this he has overhauled both pensions and childcare support, which will have implications for current and future personal finances.
The Chancellor wants to encourage the UK’s 8.9 million “economically inactive” working age people back into the labour force. As the chart shows, this means focusing mainly on those who are retired, ill or caring for children.
Reasons for not working
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