The Office for Budget Responsibility (OBR) is now forecasting that Consumer Price Index (CPI) inflation will fall to 2.9% by the end of 2023. The Bank of England has taken steps to control inflation by raising interest rates, and the government’s Energy Price Guarantee (EPG) has reduced energy bills for millions, keeping inflation lower than it otherwise would be.

High inflation erodes the value of wages and hurts economic growth. Putin’s illegal invasion of Ukraine and global supply chain pressures have pushed wholesale energy prices to record highs and saw inflation peak at 11.1% in October 2022, the highest level in 40 years. At Spring Budget 2023 the government is building on this foundation, with a plan to deliver on three of the five key priorities set out by the Prime Minister in January: to halve inflation, grow the economy and get debt falling. Ordered by the House of Commons to be printed 15 March 2023Īt Autumn Statement 2022 the government took the difficult decisions needed on tax and spending to restore economic stability, support public services, and lay the foundation for long-term growth.Presented to Parliament as a return to an order of the House of Commons.

Outlook one time purchase