The Finance (No. 2) Bill is a government bill intended to give statutory effect to the tax measures announced in the spring budget 2023, as well as other previously announced policies. These include:

  • the introduction of full expensing of capital expenditure on plant and machinery from 2023 to 2026
  • the abolition of the lifetime allowance of tax relievable pension savings
  • the freezing of fuel duty rates for 2023/24

The bill had its second reading in the House of Commons on 29 March 2023. The bill was considered in a committee of the whole House on 18 and 19 April 2023, before moving to public bill committee. It completed committee stage on 18 May 2023 and passed its remaining stages in the House of Commons on 20 June 2023.

The bill was introduced to the House of Lords on 21 June 2023 and its second reading and all remaining stages are due to take place on 4 July 2023.

Related posts

  • International Women’s Day 2024: Economic inclusion of women

    Economic disparities persist between men and women globally, with women generally facing lower pay, higher levels of informal employment, and more unpaid care work than men. Internationally, the UK government has made commitments to promote gender equality and economic inclusion, but concerns have been raised about the level of aid funding. In the UK, the government has expanded childcare places for working parents and supported private members’ bills to make changes to employment law.

    International Women’s Day 2024: Economic inclusion of women
  • Higher education: Contribution to the economy and levelling up

    The economic output of the UK higher education sector is estimated to be at least £116bn and graduates often experience better employment outcomes than non-graduates. Improving skills features in the government’s levelling up strategy and ministers have said that higher education institutions play a vital part in supporting regional economies. However, some stakeholders have criticised the government’s plans to restrict access to certain higher education courses and for not putting enough emphasis on the benefits provided by the sector.

    Higher education: Contribution to the economy and levelling up