Posted: Mon 19th Dec 2022
The government will announce a full Budget on Wednesday 15 March 2023, the chancellor has confirmed.
In a written statement to Parliament, Jeremy Hunt said:
"Today I can inform the House that I have asked the Office for Budget Responsibility (OBR) to prepare a forecast for 15 March 2023 to accompany a Spring Budget.
"This forecast, in addition to the forecast that took place in November 2022, will fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation."
It was designed to calm the financial markets after the mini-Budget from former Liz Truss and her chancellor Kwasi Kwarteng which included several tax cuts that were not assessed by the OBR. Most of those measures have been reversed.
The March 2023 Budget will follow a tough winter for consumers and businesses due to rising energy costs, high inflation and increased interest rates.
According to the Times, the government is set to extend the Energy Bill Relief Scheme for all businesses by up to a year from April 2023, although the support is likely to be much less generous than it currently is.
The newspaper said prime minister Rishi Sunak is considering extra discounts for energy intensive sectors such as hospitality and manufacturing.
Image credit: HM Treasury