The Chancellor has announced the Spring Budget 2023, aimed at securing economic stability and long-term growth, 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. Below is a summary for Love Wimbledon BID businesses.

Business Rates

The Chancellor made a long-term commitment to local authorities retaining 100% of their business rates. A recap of the Merton Business Rate Payers Meeting, can be viewed here.

Cultural Tax Relief

The temporary Theatre Tax Relief will be extended a further two years, to April 2025.

Alcohol Duties

From 1 August, the government will increase the Draught Relief on beer and cider from 5% to 9.2% to freeze the duty charged on a typical pint in the pub, ensuring this will always be lower than in the supermarket.

Employment

A new over 50s returners programme developing existing skills to support them reentering the workforce will be introduced, supported by a £63.2 million investment.

Energy

The Energy Bills Discount Scheme will provide all eligible businesses, voluntary sector organisations and public sector organisations with a baseline discount on energy bills until 31 March 2024. To encourage energy efficiency, the government will extend the Climate Change Agreement Scheme for a further 2 years, until March 2025.

Full details of the Spring Budget can be found here.