CHANCELLOR Jeremy Hunt will announce his latest Spring Budget on Wednesday, with a wide range of measures set to be announced.
Tax cuts and reductions on public spending are expected in what will be the Chancellor’s fourth fiscal event, coming three months after his 2023 autumn statement.
Here’s everything you need to know.
What is the Spring Budget?
The Spring Budget, as the name suggests, takes place in the spring each year and is usually when the Chancellor announces the main tax changes for the year ahead.
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It is also when they put final legislative tax changes through to the Finance Act for the year – which usually becomes law during the summer.
What time will the Spring Budget start?
The Budget is expected to start immediately after PMQs, which starts at midday on Wednesday so we should expect it around 12.30pm.
It usually lasts around an hour and will take place in the House of Commons.
How can I watch the Spring Budget?
It’s likely that most major broadcasters will show the Spring Budget on TV.
However, you can also watch live proceedings in the House of Commons through Parliament TV – which can be found HERE.
What has been said ahead of the Spring Budget?
The SNP have warned Scotland is facing another “decade of devastating austerity cuts” and that the UK Government is looking to set a “damaging Spring Budget”.
Scottish Finance Secretary Shona Robison urged Hunt not to cut taxes, while Social Justice Secretary Shirley-Anne Somerville called on the Chancellor to tackle poverty and remove several damaging policies, such as the two-child benefit cap.
Speaking during his Sunday broadcast round however, all Hunt would hint at is that any cuts to taxes would be “sustainable and affordable”.
Elsewhere, SNP MP Drew Hendry has urged the Chancellor to revitalise struggling town and city centres by reintroducing a reduced rate of VAT for the hospitality sector and VAT-free shopping for international visitors.
The party has also called for renewable generators to be offered the same tax incentives as oil and gas firms and for a tariff to be introduced to help disabled people with energy costs.
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