Chancellor Hunt delivers first budget

The Chancellor, who has been in his post since Kwasi Kwarteng's disastrous tenure last year, has endeavoured to build on increased stability with a budget aimed at stimulating growth, reducing runaway inflation and increasing employment. In terms of growth, we saw tax breaks for business research and development somewhat offset by a 6% increase in corporation tax to 25%. Labour policies surrounded increasing ability to work with a £5bn expansion of free childcare at the centre as well as efforts to persuade the sick, disabled and over 50s to join or increase participation in the job market. Lastly, the inflation outlook was softened by an extension of the £2,500 energy price guarantee. This contributed to the Office of Budget Responsibility's view that inflation would fall to 2.9% by the final quarter of 2023. The pound did not move drastically on the announcement with the FTSE 100 dropping over 3%, amid global concerns in the banking sector.