More on Jeremy Hunt's Spring Budget to come, as we take a look back at last year's promises. On 15th March 2023, the Chancellor delivered what he called "a Budget for growth". But how have the government got on with meeting their promises in the last twelve months? Stay with us as we find out later.
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00:00 With the spring budget looming, did the last one deliver?
00:05 Well, during his speech last year, Jeremy Hunt said that a forecast from the Office
00:08 for Budget Responsibility said that inflation would be halved by the end of the year.
00:13 When the statement was made, inflation was still above 10% and it did more than halve,
00:17 reaching 4% by the close of 2023.
00:20 But whether the budget was won for growth is another story.
00:23 That's what the Chancellor called it, but according to official figures, the economy
00:26 has not grown since.
00:28 For the rest of last year, at first, there was zero growth, followed by two contractions,
00:32 plunging the UK economy into a recession.
00:35 Hunt also promised help for pubs, but beer prices kept rising.
00:39 The Office for National Statistics said they were up 7.5% in January, with prices increasing
00:44 every month of the year.
00:46 But that was still a smaller increase than beer from shops.
00:49 That was last year, but what about the year ahead?
00:51 With the cost of living continuing to rise and the country now in a recession, the Chancellor
00:55 certainly has a big job on his hands.