What Will Be In Chancellor Jeremy Hunt's Budget On 15 March?

14th March 2023

The Institute for Government takes a look at the possibilities for the budget on Wednesday 15th March 2023. One way or another it does not look good. Even if any sweeteners can be afforded the cost of living for many is getting worse.

On 15 March 2023, chancellor Jeremy Hunt will present his first budget. This will set out the government's plans for tax and spending policy. Alongside it, the Office for Budget Responsibility (OBR) will publish updated economic and fiscal forecasts for the next five years - running up to and beyond the next election.

The OBR's latest forecast, in November 2022, presented a dire economic outlook. The UK was expected to enter recession this year, and grow slower over the next five years than originally anticipated last March before the full extent of the Ukraine crisis was apparent. While the Bank of England is now expecting a smaller recession than it was in November, it is still more pessimistic than the OBR's latest forecast.

Read the full report HERE