What the Spring Budget 2023 means for your money
Please find below a NCF briefing on the Spring Budget which was delivered earlier today by the Chancellor. This should be read in conjunction with what was previously announced in the Autumn Statement (link below).
The Budget does not contain any new measures or funding for adult social care other than what was announced in the Autumn Statement. However, there are a number of wider measures, such as childcare funding and the announcement of a Health and Disabilities White Paper, which are relevant. On energy, the Chancellor has heeded calls for an extension to the domestic Energy Price Guarantee at the current cap for three months but has not made the Energy Bills Discount Scheme (which goes live in April) more tailored for social care. It should also be noted that more people may fall into higher income tax bandings as these have remained frozen and inflation may have led to increases in wages.
We are still awaiting further clarity on what has happened to a number of the People at the Heart of Care White Paper Reforms.
The briefing attached gives a summary of what we think the key issues are for our members. The Budget is very focused on getting people back into work or encouraging them to push back retirement.
Some of the relevant documents to note: