Chancellor George Osborne’s fourth Budget statement was delivered on 20 March 2013 against a challenging domestic and global economic backdrop.
The UK economy shrank by 0.3 percent at the end of 2012. In February, the UK economy lost its AAA credit rating with rating agency Moody’s for the first time since the 1970s. On the morning of the Budget, the Office for National Statistics figures showed that the unemployed figure grew by 7,000 from November 2012 to January.
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The Office for Budget Responsibility (OBR) revised its forecast for growth down to 0.6 percent for 2013, from its previous estimate of 1.2 percent growth for this year. It cited weaker-than-expected outlooks for consumer spending, business investment, and exports for its decision.
The Budget announces the Government’s budgetary plans and this serves as a reminder to us all that we should ensure that our personal and business budgets and plans reflect the reality of our available income and necessary expenditure.
We can help you review your plans; adapting them as necessary to take into account the ongoing challenging economic environment and your own personal circumstances, plans, and objectives.
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Please read the Report as soon as possible
Contact us to discuss any action you may be considering, and to review your longer-term plans. We always welcome the opportunity to advise.
Economic and Fiscal Update
The economic background to Chancellor George Osborne’s fourth Budget speech could hardly have been more challenging. After he declared that the economy was “on the road to recovery” in his December Autumn Statement, some significant obstacles appeared along that road.
For Business
A summary of the Budget announcements that could affect your business.
For Your Finances
Key Budget 2013 announcements affecting your finances.
Other Announcements
Other announcements made in Budget 2013.
VAT and Indirect Taxes
A summary of VAT and other indirect tax changes, such as fuel duty, made in the Budget.
Vehicle Taxation
A summary of Budget 2013 announcements relating to vehicle taxation.
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