Jeremy Hunt is set to announce his latest spring Budget this week, with measures including further tax cuts and public spending reductions widely expected.
It will be the chancellor’s fourth fiscal event, coming just over three months after his 2023 autumn statement.
His first statement early last year was mostly dedicated to undoing the sprawling tax cuts announced in Liz Truss and Kwasi Kwarteng’s disastrous September “mini-budget”.
Mr Hunt’s subsequent economic policy announcements have largely focused on more measured tax-cutting initiatives.
Chancellor Jeremy Hunt before the 2023 spring Budget
(PA Archive)
During Mr Hunt’s tenure, inflation has fallen from a peak of 11.1 per cent in October 2022 to 4 per cent in December 2023. However, it was recently confirmed that the UK entered a recession at the end of 2023, while it remains unclear when inflation will return to the Bank of England’s 2 per cent target.
Mr Hunt’s economic approach has been well-received by business leaders as measured and sensible, with a positive market response. However, Sir Keir Starmer criticised his first spring Budget as a “sticking plaster” which ignored the structural issues facing the country.
The respected Institute for Fiscal Studies (IFS) think tank has also criticised the chancellor’s approach, recently warning against once again using his fiscal headroom to pursue further tax cuts, rather than increasing public spending.
What time will Jeremy Hunt announce the Budget on Wednesday?
Mr Hunt will announce his 2024 spring Budget at 12.30pm on Wednesday 6 March.
It is not known how long his spring Budget will take to deliver. However, his 2023 spring Budget lasted around an hour, while his last autumn statement took just over 50 minutes.
Following Mr Hunt’s statement, the opposition is given the chance to reply. It is traditionally the leader of the opposition who will do this.
Rishi Sunak and Jeremy Hunt
(UK PARLIAMENT/AFP via Getty Imag)
Some measures announced by Mr Hunt could come into effect as soon as 6pm the very same day. However, the chancellor may choose to delay some of the changes, which he will indicate at the time.
The Budget statement will take place immediately after Prime Minister’s Questions. It will be broadcast live, and livestreamed online by The Independent.
