Response to Budget 2023
Budget 2023 was the Chancellor’s first major opportunity to respond to the challenges facing households across the UK, which are most acutely felt by low-income families. This briefing sets out whether he made sufficient headway.
Prior to the today’s Budget, JRF identified three major challenges for the Chancellor to confront:
- The inadequacy of the social security system impacting the ability of low-income households to meet the rising costs of essentials.
- The systems around our labour market which currently don’t do enough to help people remain in, or join, the labour market when they have childcare responsibilities or ill-health.
- The housing downturn which risks entrenching the unaffordability of homes and continuing to lock people out of the homes they need.
Action in some areas is promising – particularly in relation to childcare funding – but overall the Budget has failed to adequately address the challenges facing households, particularly those on low incomes.