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Safeguarding progress, building resilience
While Budget 2023 is rightly positioned as a 'cost of living' budget, the Government has the unenviable task of tackling short-term inflationary pressures while maintaining focus on long-term issues such as housing supply, ageing demographics and climate change.
This year's Budget has been described as a 'cost of living' budget. We can therefore expect many measures that tackle inflation and support those struggling with increasing costs. However, the Government will be wary of further fuelling inflation as they consider their options. Meanwhile, longer-term challenges persist that require immediate focus, including the housing crisis, the scarcity of public health services, our ageing population and the climate crisis. Budget 2023 therefore needs to balance short-term expenditure with long-term investment to protect the progress made in recent years while building resilience for the future.