When is the Spring Budget and what can you expect to be announced?

The Chancellor will announce the Spring Budget soon which may have a direct impact on your personal finances.

It will be the second major economical announcement from Jeremy Hunt after he tried to fix the mistakes of the previous chancellor, Kwasi Kwarteng, which effectively tanked the UK's economy overnight. Mr Hunt will be under a lot of pressure as he addresses Parliament with the cost of living crisis continuing to tighten people's pockets accompanied by the looming threat of soaring energy bills.

Here is everything you need to know about the upcoming Spring Budget...

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When is the Spring Budget?

Mr Hunt will deliver the Spring Budget on Wednesday, March 15. Alongside this, a forecast from the Office of Budget Responsibility (OBR) will also be announced.

The OBR forecast has a direct impact on the effectiveness of policy decisions as well as economic turns. It is always released alongside the Spring and Autumn budgets and helps to assess how public finances will be used alongside government spending and taxes.

The previous OBR forecast in November 2022 revealed that the UK was in a recession and that it expected the country's GDP to plummet by 1.4 per cent in 2023.

What will be announced in the Spring Budget?

While it isn't completely clear what the chancellor will focus on with his Spring Budget, the current situation in the country can provide some strong hints. For example, Mr Hunt could increase the state pension age earlier than currently broadcasted.

Furthermore, the increased involvement of the UK in the Ukrainian war could see an increase to the defence budget. This is also compounded by the fact that the government is consistently blaming the current energy crisis on the war.

It is also possible that more cost of living support packages will be announced following the confirmation that the energy cap will rise to £3,000 for the average household.

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