​Spring Budget 2024: Key Announcements Expected on 6th March

The Treasury has confirmed that Chancellor Jeremy Hunt will present the Spring Budget on 6th March 2024. This crucial fiscal event will outline the government's plans for taxation, spending, and projections for economic growth and borrowing.

Simon Walker / No10 Downing Street, OGL 3, via Wikimedia Commons

This Budget is particularly significant as it represents potentially the last opportunity for the government to make substantial tax policy changes before the next general election. There's speculation of further tax cuts, a move seen as an attempt by the Conservatives to mitigate their deficit in polls.

Chancellor Hunt's previous major statement, the Autumn Statement, was notable for extending business tax breaks and reducing National Insurance. Despite these measures, tax levels have remained historically high, partly due to ongoing freezes on tax thresholds.

The upcoming Budget is rumoured to include ambitious commitments in housing and taxation. Prime Minister Rishi Sunak, facing a challenging race against Labour, might use these pledges to gain political ground. Housing Secretary Michael Gove indicated possible initiatives to aid first-time buyers, possibly involving deposit reductions or reviving the Help to Buy Scheme.

Opposition parties have criticised the upcoming Budget, with Labour's James Murray commenting on 14 years of what he termed "economic failure" under the Conservatives. Sarah Olney of the Liberal Democrats also expressed scepticism, suggesting it's too late for significant changes to reverse the current economic stagnation.

The exact date of the next general election, which must occur before January 2025, remains at the discretion of Prime Minister Sunak. The Budget's timing on 6th March aligns closely with local elections scheduled for 2nd May. However, it doesn't guarantee a concurrent general election.

The Office for Budget Responsibility is set to release its economic forecasts on the same day as the Budget announcement.