When Is the Spring Budget 2023?
The Chancellor Jeremy Hunt has announced he will deliver his Spring Budget 2023 on 15th March 2023.
In a written statement he said:
“I can inform the House that I have asked the Office for Budget Responsibility (OBR) to prepare a forecast for March 15 2023 to accompany a Spring Budget.
“This forecast, in addition to the forecast that took place in November 2022, will fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.”
The fiscal event in Spring will be Hunt’s first full budget since becoming Chancellor, offering him a crucial opportunity to respond to what is expected to be a recession-hit winter for the country. Here’s everything you need to know about the highly-anticipated financial statement.
What will Happen?
It’s with confidence Jeremy Hunt will announce in the Spring Budget 2023 will be ongoing strike action and the economical effect, energy crisis, and cost of living.
The Spring Budget will likely offer a decision on whether or not to boost investment incentives to business, which would help offset April’s planned increase in corporation tax from 19% to 25%.
Other predictions for the fiscal event include the Chancellor addressing inflation, which the Prime Minister on Wednesday (4 January) promised to halve, and taking a look at the impacts of the interest rate increases from the Bank of England.
There is an expectation there will be an announcement that alcohol duty will be frozen until August in a major win for pubs and the hospitality sector.