Chancellor announces Spring Budget date

Chancellor Jeremy Hunt has announced that the Spring Budget will be delivered on 15th March 2023.

In a recent comment, Mr Hunt stated that he has commissioned the Office for Budget Responsibility (OBR) to prepare an economic forecast to accompany the Budget.

In his statement, Mr Hunt said:

“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.”

The Spring Budget will be the Chancellor’s second fiscal event, following November’s Autumn Statement. Mr Hunt used the Statement to reverse many of the tax cuts announced by his predecessor, Kwasi Kwarteng.

Danielle Harvey, Director at HTB Accountants, has said that the importance of adhering to the Spring Budget and its changes should not be underestimated:

“Keeping up to date with the upcoming laws is imperative taking your business into a more secure position, and tax planning is the most efficient way to do so. With the tax system becoming more complex each year, compliance is key.”

“If your business is struggling to take on that extra responsibility, then it’s worth seeking professional advice.”

For more information on the Spring Budget changes, visit the UK Parliament website.