Budget announcement RECAP: Jeremy Hunt's Spring Budget as it happened with pension, fuel duty, and energy bill changes

Jeremy Hunt has announced the UK Spring Budget.

As part of a package aimed at helping with the cost of living, the Chancellor said the energy price guarantee, which caps average household bills at £2,500, will be extended at its current level from April to June.

It had been due to rise to £3,000 in April and the cost of scrapping the planned 20% increase will amount to about £3 billion.

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Jeremy Hunt confirmed nuclear power would be classed as “environmentally sustainable” to drive investment in the energy sector, and said he would launch “Great British Nuclear” to bring down costsJeremy Hunt confirmed nuclear power would be classed as “environmentally sustainable” to drive investment in the energy sector, and said he would launch “Great British Nuclear” to bring down costs
Jeremy Hunt confirmed nuclear power would be classed as “environmentally sustainable” to drive investment in the energy sector, and said he would launch “Great British Nuclear” to bring down costs

The fuel duty freeze and the 5p cut will be maintained for another year, saving the average driver around £100.

Jeremy Hunt confirmed nuclear power would be classed as “environmentally sustainable” to drive investment in the energy sector, and said he would launch “Great British Nuclear” to bring down costs

You can follow updates in our live blog.

Budget announcement RECAP: Jeremy Hunt announces Spring Budget with pension, fuel duty, and energy bill changes

Good morning and welcome to our live blog. Pour yourself a coffee and join us on a seismic day in UK politics. We will have PMQs followed by the Spring Budget, and all the latest on the Scotsman.com.

As always you can support us by subscribing HERE

And we also preview The Budget in today’s Daily Bulletin

As well as being able to watch The Budget above on our live stream, we preview how to watch and what to expect in our piece ahead of Jeremy Hunt’s statement

Leisure bosses are calling on the Scottish Government to follow the Chancellor’s lead and extend “vital” help for swimming pools.

Community Leisure UK (CLUK), which represents charitable trusts operating swimming pools, warned money is desperately needed to deal with rapidly rising energy costs and other bills.

Amid fears some pools may be forced to close, CLUK said if Chancellor Jeremy Hunt uses his Budget to provide financial aid south of the border, the Scottish Government must do the same.

Mr Hunt is expected to promise a £40 million one-year fund to make pools more energy efficient in the long-term, along with £23 million in cash grants to leisure centres with pools facing immediate cost pressures.

While this cash will not be available to pools in Scotland, additional money will come to the Scottish Government through the Barnett formula.

Robin Strang, chair of CLUK in Scotland, said it is “vital” Holyrood ministers follow Mr Hunt’s lead with financial aid.

Views of Gourock pool a heated saltwater pool in Inverclyde.Views of Gourock pool a heated saltwater pool in Inverclyde.
Views of Gourock pool a heated saltwater pool in Inverclyde.

The Chancellor confirmed that the energy price guarantee, which caps average household bills at £2,500, will be extended at its current level from April to June.

It had been due to rise to £3,000 in April and the cost of scrapping the planned 20% increase will amount to around £3 billion.

More on the calls for support for swimming pools

Leisure bosses are calling on the Scottish Government to follow the Chancellor’s lead and extend “vital” help for swimming pools.

What else is expected in the Budget today?

– An increase in the tax-free lifetime allowance (LTA) on pension savings, reported to rise from £1.07 million to as much as £1.8 million.

– Paying childcare support to parents on Universal Credit upfront, rather than in arrears, and increasing the amount they can claim.

– A ramping-up of sanctions for claimants who do not look for or take up employment.

– The creation of 12 investment zones – eight in England, four in Scotland, Wales and Northern Ireland, benefiting from tax breaks, each backed by £80 million over five years.

– Some £63 million of money to help leisure centres with swimming pools meet energy costs and become more efficient.

– Ending the “prepayment penalty” for energy bills which sees households with prepayment meters charged more than those on direct debit.

Rishi Sunak told Cabinet colleagues that Wednesday’s Budget would deliver on three of his administration’s five priorities.

According to a Cabinet readout, issued before the Chancellor gets to his feet in the Commons, Mr Sunak “said it was no mistake that three of the Government’s five priorities were focused on the economy.

“He said the Budget will deliver on all three, with a particular focus on growth. He also thanked the Chancellor and the Treasury team for their swift work in securing the sale of the UK arm of the Silicon Valley Bank to HSBC.”

The readout said that Mr Hunt, setting out his Budget measures, thanked colleagues “for their support over recent weeks”.

“He set out the improved economic picture following his autumn statement, explaining it paved the way for this Growth Budget.”

“He referenced plans for deregulation with Brexit freedoms, plans to invest billions in carbon capture and storage and develop nuclear energy, a boost to levelling up through 12 investment zones across the UK and a significant package to help people get into work, ranging from support for the over 50s, those on benefits, parents, and those with long-term health conditions.”

The Guardian reports Prime Minister Rishi Sunak has had the electricity network in his constituency upgraded so he could heat his private swimming pool.The Guardian reports Prime Minister Rishi Sunak has had the electricity network in his constituency upgraded so he could heat his private swimming pool.
The Guardian reports Prime Minister Rishi Sunak has had the electricity network in his constituency upgraded so he could heat his private swimming pool.

Liberal Democrat Treasury spokeswoman Sarah Olney said the extension of the current energy price guarantee “does not go far enough”.

She said: “Instead of a sticking plaster for another three months, we need meaningful action now.

“The Liberal Democrats are calling on the Chancellor to cut energy bills by £500 per household. This would make a significant difference to households and the Government can afford to do it, they are choosing not to.

“In three months’ time families will once again be facing a cliff edge of unaffordable heating bills.”

SNP economy spokesman Stewart Hosie said: “It’s truly pathetic that the Chancellor has failed to cut energy bills, despite having ample resources to do so.

“The Tories are ripping families off by keeping bills at such exorbitantly sky-high levels, with many families forced to pay three times what they paid a year ago.”

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