Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the Spring Budget 2023 on (a) the UK economy and (b) international shipowners.

This question was answered on 17th April 2023
Assessments of the impact of the Budget, are the responsibility of the independent Office for Budget Responsibility (OBR). Further details can be found in the OBR’s latest Economic and Fiscal Outlook published in March 2023: https://obr.uk/efo/economic-and-fiscal-outlook-march-2023/

At Spring Budget 2023, the Government announced further Tonnage Tax changes to encourage jobs and investment in the UK shipping industry. These changes include opening an election window to allow shipping companies to join or re-join UK Tonnage Tax and benefit from the advantageous Corporation Tax regime following reforms to Tonnage Tax that came into effect last year. These reforms aim to increase the number of firms basing their headquarters in the UK.