Today’s news summary – Paper Talk
Wednesday’s front pages lead with expectations and predictions for the Spring Budget – set to be announced at noon on Wednesday by Chancellor Jeremy Hunt.
Spring Budget 2023 – Chancellor Hunt to unveil at noon
The Financial Times reports that the Chancellor will unveil plans to boost business investment, labelling it a “budget for growth” and pledging billions of pounds towards this end. However, a Conservative official has warned that the statement will be deliberately cautious, and right-wing MPs have been cautioned not to expect significant tax cuts.
Meanwhile, the Daily Telegraph suggests that the Chancellor’s plan to increase corporation tax is likely to provoke a backbench rebellion. The Sun warns of the potential for foreign companies to flee the UK due to the government’s desire to balance the books. Even Boris Johnson, who was Prime Minister when the tax hike was announced, is said to be calling for its reversal, according to The Times.
The Daily Express suggests that Jeremy Hunt will take a carrot-and-stick approach, with tough penalties for benefit claimants who refuse to work. In contrast, the Daily Mail characterises the budget as a “back to work” plan, highlighting its most significant offering as a substantial expansion of free childcare.
The Guardian sees the budget as an effort to match a Labour pledge to develop bold childcare policies before the next election, while the Daily Mirror urges the Chancellor to address inequality rather than pursuing policies that it considers to favour the wealthy.