The Chancellor of the Exchequer, Jeremy Hunt, confirmed the next UK (spring) Budget for Wednesday, March 6, 2024. It marks his second Budget, encompassing tax and spending plans, alongside new growth and borrowing forecasts. Pundits propose an early March Budget allows for a general election as soon as May 2024, required by January 2025.
The government, aiming to attract voters and narrow the gap against Labour, might introduce a round of new tax cuts and changes. All Spring Budget announcements will be detailed on a dedicated section of the GOV.UK website, updated after the Chancellor’s speech.
The Office for Budget Responsibility (OBR) will publish the Budget alongside its latest forecasts. This forecast, following the Autumn Statement, fulfills the requirement for the OBR to produce two forecasts in a financial year.
The OBR holds executive responsibility to produce official UK economic and fiscal forecasts, evaluate the government’s fiscal target performance, assess public finances’ sustainability and risks, and scrutinize government tax and welfare spending.