Budget announcement: When is the spring budget 2024 and what time it will be presented?

Jeremy Hunt is set to announce his spring Budget today, 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.

Follow our latest coverage on the Spring Budget here.

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.

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.

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.

What can we expect in the Budget?

The chancellor is expected to offer millions of workers a 2p cut to their national insurance in Wednesday’s Budget, saving the average earner £450 a year.

Combined with the cut handed out in November, the average earner will now have been handed an annual tax cut worth £900, the Treasury says.

Reports suggest he will also freeze fuel duty for the 14th consecutive year and keep in place a 5p cut to petrol.

Mr Hunt is expected to raise taxes in other areas and cut future public spending to find his pre-election giveaways.

The Labour Party is braced for him to steal its policy of reducing non-dom tax exemptions for wealthy people who pay no tax on their income abroad.

He could also extend the windfall on the profits of oil and gas giants.

The senior Tory was also said to be preparing to raise £300 million by changing the preferential tax regime for holiday lets.

Another £500 million could be raised by introducing a levy on vapes, according to speculation.