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Westminster Spring Budget on the 15th of March

6 months 2 weeks ago #378 by gazer
Mr. Hunt is scheduled to give a presentation of his Spring Budget on the 15th of March. The remark of the Chancellor is scheduled to take place after the completion of "Questions to the Prime Minister," which typically takes place about 12:30.

It is anticipated that the primary focus of his remarks would be on the objectives of the government, which include the reduction of inflation and the public debt as well as the acceleration of economic growth.

Alongside the publication of this report, the Office of Budget Responsibility (OBR), which monitors how much money the government spends, will publish the most recent version of its economic and fiscal outlook.

Soon, Jeremy Hunt, who has been put under a significant amount of pressure to lower taxes, will make the second major budgetary statement of his tenure as Chancellor.
Because of declining energy prices and higher-than-anticipated tax receipts, the projections for Mr. Hunt's Spring Budget are looking more favourable than they did previously. According to the findings of the Institute for Fiscal Studies, there will be a reduction in borrowing of thirty billion pound sterling between this year and the following.

But, the Treasury Department has made it quite clear in briefings that significant tax cuts are not on the table; hence, the windfall from the Energy Price Guarantee will not lead to any long-term changes in policy.

If the Office of Budget Responsibility (OBR) lowers its growth estimates, the Institute for Fiscal Studies (IFS) says the Chancellor's ability to spend may be constrained as a result.

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