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.
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.
HOW TO MAKE THE MOST OF OUR SERVICES
- 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.
