The Treasury has announced that the Spring Budget will be held on 15 March 2023, just under four months after the Autumn Statement was revealed on 17 November 2022.
Chancellor of the Exchequer Jeremy Hunt confirmed that the Budget will be accompanied by a forecast from the Office for Budget Responsibility (OBR), saying:
“In addition to the forecast that took place in November 2022, this will fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.”
According to the latest economic report from the OBR, the UK is currently in a recession which is expected to last until late 2023 or early 2024. Hunt acknowledged this and stated things would “get worse before it gets better”.
As inflation soars and the cost of living crisis continues, the Spring Budget is expected to focus on protecting the UK economy further.
The Autumn Statement already set out a number of changes to tax legislation which come into effect from April 2023, including a rise in corporation tax rate to 25% and the additional rate threshold lowering to £125,140. These changes are expected to help plug the £55 billion black hole in the economy.
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