Opening up opportunities to more people
The Spring Budget has been dubbed the “back to work” budget by the Chancellor and announces several new measures designed to get more people into employment. This includes scrapping the work capability assessment and introducing universal support, a new voluntary employment scheme, both to help those living with disabilities find work.
New schemes have been brought in to support older workers, including a new type of apprenticeship called a returnship for those over 50 and abolishing the pension lifetime allowance, or the amount of pension savings you can accumulate before you pay tax. The annual tax-free limit for pension contributions has also been lifted from £40,000 to £60,000 per year.
A reform of the childcare system was announced, with parents of children over 9 months offered thirty hours of free childcare a week and an increase in funding for free nursery places. However, these changes are set to be phased in gradually over the next few years to ensure demand for childcare can be met.