Treasury says 2024 Budget to be held 6 March

Chancellor Jeremy Hunt will deliver the 2024 spring Budget on 6 March, the Treasury has said.

It will include the government’s tax and spending plans as well as new growth and borrowing forecasts.

It could be the last chance for the government to announce significant changes to tax policy before the general election.

Reports suggest there may be further tax cuts as the Conservatives try to close a major deficit in the polls.

The chancellor used his last big fiscal speech, the Autumn Statement, to extend tax breaks for business and cut National Insurance.

However, those policy decisions did not prevent taxes staying at their highest level on record due to a continued freeze on tax thresholds.

Ministers have hinted that the next Budget could include bold pledges on housing and taxes, as Prime Minister Rishi Sunak struggles to narrow the gap with Labour ahead of a general election widely expected to be held next year.

Housing Secretary Michael Gove suggested to the Times newspaper that policies to cut costs for first-time buyers could be brought forward.

These could include support to reduce the size of deposits, or a relaunch of the Help to Buy Scheme.

Meanwhile, the Telegraph reported that the prime minister was considering a handful of major tax cuts as he comes under pressure from Tory MPs.

One option could be to abolish inheritance tax, which is levied against the estate of someone who has died.

While the move would benefit the wealthy, and few people actually pay it, it is likely to create a clear dividing line with Labour.

The government has not commented on the reports.

Commenting on the Budget news, opposition parties said it was too late for the Tories to “repair the damage they have done to our economy”.

Labour’s shadow financial secretary to the Treasury James Murray said: “The next Budget will come after 14 years of economic failure under the Conservatives that have left working people worse off.

“The tax burden is set to be the highest in 70 years, with 25 Tory tax rises since the last election alone, and economic growth is on the floor.”

Liberal Democrat Treasury spokeswoman Sarah Olney said it looked like “a last throw of the dice”.

“It’s too late for Jeremy Hunt to turn the tide after his record of failure has left us with growth flat-lining and public services at breaking point.”

The next general election must be held before the end of January 2025 but it is up to Mr Sunak to choose when to call it.

The 6 March date leaves the option open to call a general election in May alongside local elections on 2 May, but does not make it any more certain.

The Office for Budget Responsibility has been formally commissioned to publish economic forecasts on 6 March.

— Reports /TrainViral/