Chancellor Jeremy Hunt has announced that the 2024 Spring Budget is scheduled for delivery on 6 March, according to a statement from the Treasury.
As part of this budgetary event, the Chancellor has tasked the Office for Budget Responsibility (OBR) with preparing a comprehensive economic and fiscal forecast to be presented to Parliament.
The upcoming budget is anticipated to unveil the Government's tax and spending plans, coupled with fresh growth and borrowing projections. Speculation is rife that this budget may represent the Government's final opportunity to implement substantial changes to tax policies ahead of the impending general election.
The Chancellor's recent Autumn Statement saw tax breaks for businesses and a reduction in National Insurance, but with tax thresholds remaining frozen, overall tax levels reached historic highs.
The chosen date of 6 March presents the option for a general election to be called in May, potentially aligning with local elections on 2 May.
The OBR has been formally tasked with releasing its economic forecasts in tandem with the budget announcement, adding another layer of anticipation to this crucial fiscal event.
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