The Treasury has announced that The Chancellor of the Exchequer, Jeremy Hunt, has confirmed in a written statement that the next UK Budget will take place on Wednesday, 15 March 2023. This will technically be the new Chancellor Jeremy Hunt's first Budget, although his Autumn Statement to the House of Commons on 17 November 2022 included many announcements more typically seen in a traditional Budget.

What to expect in Spring 2023?

Details of all the Spring Budget measures will be made in a special section of the GOV.UK website, which will be updated following the completion of the Chancellor's speech next March.

On 27 January, Chancellor Jeremy Hunt stated that the "best tax cut right now is a cut in inflation"; therefore, confirming that there will not be any significant tax cuts soon. His position on tax cuts was met with some disapproval by Liz Truss Conservative supporters stating, "There is no reason why we can't start to put tax cuts in motion this spring," claiming that the UK economy is getting stronger and recovering well.

Office for Budget Responsibility (OBR)

The Budget will be published alongside the latest forecasts from the Office for Budget Responsibility (OBR). This forecast will be in addition to that published for the Autumn Statement and fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.

The OBR has executive responsibility for producing the official UK economic and fiscal forecasts, evaluating the government's performance against its fiscal targets, assessing the sustainability of and risks to the public finances and scrutinising government tax and welfare spending.

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