Spring Budget

Spring Budget 2024

This year, the Spring Budget is being announced on Wednesday 6th March.

Keep an eye out for updates coming on FE News!

Spring Budget 2023

The Chancellor of the Exchequer presented his Spring Budget 2023 to Parliament on Wednesday 15 March 2023.

This year’s Spring Statement is billed as the Back to Work budget .

Chancellor Jeremy Hunt explains that the Office for Budget Responsibility (OBR) now thinks that the country will not enter a technical recession this year.

The Chancellor explained that innovation in AI is to be targeted with an AI Sandbox to market and development of a Quantum Strategy with a £2.5B 2033 Quantum fund.

The Chancellor explained that he wanted to remove barriers to work, with two million inactive due to sickness or disability and over two million more disabled people out of work from 2013. This prompted the launch of a White Paper in Disability reform to help people back into work.

There be an increase in DWP Mid Life MOT strategy, up from 8,000 to 40,000 per year. Skills bootcamps will be expanded by 8,000 places per year in 2024-25, up from 56,000 currently, reskilling people in important sectors such as construction and technology.

Returnerships will offer skills training that focuses on flexibility and takes previous experience into account, shortening the length of time they have to be in training.

Read more about the spring budget here.