Budget 2023: The Key Points

Words Jayde Edwards

The anticipation leading up to the Budget 2023 announcement by Jeremy Hunt, Chancellor of the Exchequer has been overwhelming, with the current cost of living crisis, strikes taking place all over the UK and uncertainty on the leadership in our own country.

I thought it would be important to give you a quick summary of what has been announced this afternoon and you’ll probably be able to tell I’m feeling quite positive about the announcements:

 • Jeremy Hunt has announced Free Child Care of 29 hours a week for working parents to be expanded from 9 months to 2 years. The Government has already allocated 30 Free Child care to Woking parents who have a 3 year old but this expansion will give working parents the opportunity to remain in work, climb up the ladder without feeling the pressure of extortionate childcare prices.

• The Government as announced that the defence budget will increase by £11bn over the next five years.

• Parents on Universal Credit will now receive up to £951 for one child and £1,630 for two children per month which will now be paid upfront.

• The Government will pilot incentive payments of £600 for childminders joining the profession - £1200 if they join through an agency.

• Government to offer "Returnerships" to operate alongside skills boot camps and sector-based work academies "targeted at the over 50s who want to return to work".

• Jeremy Hunt announces there will be a prize worth £1m every year, for the next 10 years, "to the person or team that does the most ground-breaking AI research".

This is definitely a big day for the UK and something I believe we should be proud of. We cannot deny there are still issues that our Government has a duty to address, but we should celebrate this moment and feel confident about the future to come!