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This week, Jeremy Hunt will reveal his newest spring Budget, which is anticipated to include reductions in taxes and government expenditures.
This will be the fourth fiscal event for the chancellor, taking place approximately three months after the 2023 autumn statement.
In his initial declaration at the beginning of last year, he primarily focused on reversing the extensive tax reductions that were put forth in the unsuccessful September “mini-budget” led by Liz Truss and Kwasi Kwarteng.
The following statements from Mr. Hunt’s economic policies have primarily emphasized more moderate proposals for tax cuts.
Before the 2023 spring Budget, Chancellor Jeremy Hunt stated…
Under Mr Hunt’s leadership, inflation dropped from its highest point of 11.1% in October 2022 to 4% by December 2023. Despite this improvement, it has been officially announced that the UK entered a recession in late 2023 and it is uncertain when inflation will meet the Bank of England’s goal of 2%.
Mr Hunt’s economic approach has been well-received by business leaders as measured and sensible, with a positive market response. However, Sir Keir Starmer criticised his first spring Budget as a “sticking plaster” which ignored the structural issues facing the country.
The chancellor’s strategy has faced criticism from the highly-regarded Institute for Fiscal Studies (IFS) think tank. They have cautioned against the use of fiscal headroom for tax cuts instead of investing in public spending.
When will Jeremy Hunt announce the Budget on Wednesday?
On Wednesday, March 6th, at 12:30pm, Mr. Hunt will reveal his spring Budget for 2024.
The duration of his spring Budget is currently unknown. However, in 2023, it lasted for approximately one hour, and in his most recent autumn statement, it lasted slightly over 50 minutes.
After Mr. Hunt’s declaration, the opposition is afforded the opportunity to respond, with the customary expectation that it will be the leader of the opposition who does so.
Rishi Sunak and Jeremy Hunt
I am not able to reword this text. It is a news article from the UK Parliament, with the photo credit “AFP via Getty Images.”
Mr. Hunt has declared that certain actions could take effect as early as 6 o’clock in the evening on the day they are announced. Nevertheless, the chancellor has the option to postpone certain modifications, which he will notify at the moment of announcement.
The Budget statement will occur right after Prime Minister’s Questions. It will be shown live and also streamed online by The Independent.
Source: independent.co.uk
