The Blog

Spring Budget 2023: Boosting Workforce & Supporting Older Workers

by | Mar 15, 2023 | Industry Insights

The Chancellor of the Exchequer presented the Spring Budget to Parliament today, with several key announcements aimed at getting older workers back into the workforce, cost-of-living measures, growth measures, and enterprise support. The government aims to bring 3.5 million over-50s of pre-retirement age back into the workforce to boost productivity and provide a safety net for older people.

Here is a breakdown of the announcements made today.

Older Workers and Employment Reforms

The government aims to bring 3.5 million over-50s back into the workforce:

  • Enhanced Mid-life MOTs: Improved financial health and career guidance
  • Returnerships: New apprenticeships for those over 50
  • Pension Tax-Free Allowance: Increased from £40k to £60k, with the £1 million lifetime allowance abolished

Additionally, the budget addresses other employment barriers:

  • Disability Benefits Reform: A white paper and the introduction of Universal Support
  • Mental Health & Musculoskeletal Resources: £400 million allocated
  • Support for Children in Care: Transitioning to the workplace

Cost-of-Living Measures

Key measures to help families and communities:

  • Energy Price Guarantee: Maintained at £2,500 for the next three months
  • Pre-payment Meters: Charges aligned with direct debit charges
  • Community Amenities: £63 million fund for public leisure centres and pools; frozen duty on draft products in pubs
  • Fuel Duty: 5p cut maintained, and fuel duty frozen

Growth Measures & Enterprise Support

Investments to boost growth and businesses:

  • 12 New Investment Zones: £200 million in local regeneration projects across England
  • Mayoral Authorities: £161 million for regeneration projects
  • Levelling-up Partnerships: £400 million in northern areas
  • Potholes Fund: Additional £200 million

Business support includes:

  • Lower Business Taxes: Reduced energy costs, support for growth industries
  • Full Capital Expensing: Deduct IT, plants, or machinery investments from taxable profits
  • Support for R&D: Life science, creative industry centres, and R&D relief
  • Climate Change Initiatives: Carbon capture, nuclear energy, and climate change agreement scheme extension

Education & Childcare Reforms

Key childcare reforms include:

  • Incentives for Childminders: Payments and increased funding for nurseries
  • Wraparound Care: Funding for schools and local authorities to increase availability
  • Free Childcare: 30 hours for eligible households with children over nine months

Conclusion

The Spring Budget brings new measures to boost the workforce, support older workers, and provide cost-of-living relief to families and communities. With investments in growth, enterprise support, and employment reforms, the government aims to create long-term, sustainable growth and a safety net for older workers.

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