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Spring Budget 2023 : How Jeremy Hunt’s Reforms Will Affect Women

The Chancellor has also announced that families in households with pre-payment meters will not pay more for their energy than those on direct debit. Historically they’ve had to pay higher rates to cover the extra costs for firms managing the meters but this is now being scrapped, saving four million households £45 a year on their bills from July.

He said: “Under a Conservative government, the energy premium paid by our poorest households is coming to an end.”

What about the cost of petrol?

Jeremy Hunt has frozen the fuel duty for a further year. He said: “Because inflation remains high, I have decided now is not the right time to update fuel duty with inflation or increase the duty. So here’s what I am going to do: for a further 12 months I’m going to maintain the 5p cut and I’m going to freeze fuel duty too. That saves the average driver £100 next year and around £200 since the 5p cut was introduced.”

The Chancellor has also frozen duty on beer in pubs from August, meaning it’s cheaper than buying in the supermarket.

“Our energy price guarantee, fuel duty and duty on a pint all frozen in today’s budget. That doesn’t just help families. It helps the economy too.”

Is Hunt helping female entrepreneurs to grow their businesses in the UK?

In his Spring 2023 Budget, the Chancellor emphasised his commitment to growing the economy and boosting businesses and entrepreneurs.

He wants to create new business hubs in the UK in what he’s dubbed the “12 new Investment Zones, 12 potential Canary Wharfs” including the likes of the West Midlands, Greater Manchester, South Yorkshire and Teesside in hope to create more entrepreneurs across the country. 

He also announced a new policy that meant businesses could fully expense IT equipment, plant and machinery from taxable profit. 

However, despite wanting to encourage more entrepreneurs, in a major blow to businesses, the Chancellor has announced that corporation tax was rising from 19% to 25% for those with profits of more than £250,000. 

Emily Austen, founder and CEO of EMERGE, an award-winning PR Agency, based in London, told GLAMOUR it will have a devastating impact, particularly on female-founded businesses.

“The 6% rise has a significant impact on British entrepreneurs. Female founded businesses already have a long way to go, with women-founded startups raising 1.9% of all VC funds in 2022, a drop from 2021. A hike in corp tax discourages investment.”

She added: “It creates a confusing dilemma for business owners, who need to present profits to their shareholders. The incentive for entrepreneurs to generate large profits to offset the challenges of the last 36 months, fuel growth and provide reasonable negotiating leverage to avoid a down round, evaporates if 25% of that margin is paid to the government. Imagine paying a quarter of your profit immediately to the government. Not to mental health initiatives for your staff, flexible working arrangements or team building off site days for team morale.”

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