Chancellor sets 6 March as date for Spring Budget

The Spring Budget 2024 will take place on 6 March, the Treasury confirmed today. It may be the last Budget before an expected General Election at the end of 2023 or early 2024 - unless the Government seeks an earlier poll. Chancellor Jeremy Hunt has commissioned the Office for Budget Responsibility to prepare an economic and fiscal forecast to be presented to Parliament alongside his Spring Budget on 6 March, the Treasury said. The Treasury has invited interest groups, individuals and representative bodies to make written representation to comment on government policy or suggest new policies to include in the Spring Budget 2024. The Treasury said: “HM Treasury welcomes representations from stakeholders as part of the policy-making process.” The representations portal will close on 24 January. Amid sluggish GDP growth, there is pressure on the Chancellor to cut personal taxes. The Chancellor has frozen tax thresholds until at least 2027/2028, two years long than originally announced, meaning millions more face paying higher rate tax as earnings rise. In his recent Autumn Statement in November, Mr Hunt unexpectedly cut Employee National Insurance and introduced bigger tax breaks for business. In the Autumn Statement Mr Hunt announced he would cut Employees’ National Insurance by two percentage points from 6 January, from 12% to 10% - saving employees’ earning £35,000 a year £450. The Chancellor called his speech in the Commons: “An Autumn Statement for Growth.” Among the other key measures he announced were significant changes on pensions, with a new ‘pension pot for life’ plan announced, increases in the State Pension of 8.5% and cuts to some business taxes.

Chancellor sets 6 March as date for Spring Budget

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