The UK had narrowly avoided going into recession at the end of 2022, and although there were some signs of recovery during the weeks preceding the budget, inflation remained high and the country continued to be impacted by an ongoing cost of living crisis.

The cap on the lifetime allowance for tax-free pensions contributions was also abolished in an attempt to encourage workers such as NHS doctors and consultants to remain in employment longer.

The budget was criticised by Sir Keir Starmer, the Leader of the Opposition, who accused the Conservatives of turning the UK back into the "Sick man of Europe", while Rachel Reeves, the Shadow Chancellor, said that Labour would reverse the pension tax changes.

Stephen Flynn, the Leader of the Scottish National Party at Westminster, highlighted what he believed was the lack of support for families struggling financially.

Jeremy Hunt was appointed as Chancellor following the economic crisis brought about by the mini-budget of September 2022 and the subsequent resignation of his predecessor, Kwasi Kwarteng.

Kwarteng had outlined a programme of unfunded tax cuts worth £45bn, most of which was reversed by Hunt as a result of a negative market reaction that undermined confidence in the UK economy.

After taking office in October 2022, Hunt outlined an autumn statement the following month, which was a budget in everything but name, and included measures to lessen the impact of a potential recession.

The Chancellor also announced a programme of tax cuts for business worth £27bn, as well as extending government help for families facing financial pressure as a result of the cost of living crisis.

[16] In his response to the budget statement, Sir Keir Starmer, the leader of the Labour Party and leader of the Opposition, accused the Conservatives of turning the United Kingdom back into the "Sick man of Europe" after presiding over more than a decade of economic stagnation and low wages: "Like millions across our country, this budget leaves us stuck in the waiting room, with only a sticking plaster to hand.

Rachel Reeves, the Shadow Chancellor of the Exchequer, said that Labour would reverse the changes, which Hunt claimed would encourage workers, such as NHS doctors and consultants, to stay in their jobs longer.

[22] Speaking on the 16 March edition of BBC One's Question Time, Stephen Flynn, the leader of the Scottish National Party in the House of Commons, highlighted what he felt was the lack of support for families struggling with the rising cost of living: "[P]eople can't afford to pay their energy bills.

Highlighting the plans for expanding childcare, she observed that the number of available nursery places had been decreasing in recent years: "Ministers are aware that it could be a stretch: that is why the changes are being phased in gradually.

Hunt said the government supported the Bank's decision, but Reeves said a higher interest rate would cause concern to families struggling with the cost of living.