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When is the Spring Budget 2023: Time and predictions
15 March 2023, 09:53
Chancellor of Exchequer Jeremy Hunt is set to announce the new UK Budget today but what time is it on TV? And what will be said?
Mr Hunt was forced to make big changes during his Autumn Budget in 2022 following his predecessor Kwasi Kwarteng's huge economic mistakes.
And today, he looks set to make some important changes as part of his 'back to work' to plan which will include a rise in pensions, extended cost of living support around energy bills and extending free childcare.
Here's what we know so far about the Spring Budget 2023.
When is the Spring Budget 2023 and what time is it?
Jeremy Hunt will announce his Spring Budget on March 15, 2023, at 12:30pm just after the Prime Minister's Questions. It can last around an hour in time.
As part of usual proceedings, the Office of Budget Responsibility announce alongside the budget a forecast which the Chancellor confirmed he had done in December 2022.
The Autumn and Spring Budget serve different purposes with the November budget outlining the government's spending and taxes.
In his last statement, Hunt focused on "stability, growth and public services".
The Spring Budget is an update on the economy alongside any further government changes which are usually minor in comparison to the ones made in autumn.
What are the Spring Budget 2023 predictions?
It won't come as a surprise that cost of living and inflation will be the main themes for the budget. Here's the forecast so far:
Energy bill support
Energy prices are rising again in April 2023 and it's believed Mr Hunt will cancel the plan to reduce help with bills.
Annual bills will be rising from £2,500 to £3,000 but government help is now expected to continue for a further three months.
Mr Hunt is expected to make a huge change to the current childcare system, which is known to be one of the most expensive in the world.
It's believed he will extend the 30 free hour support package to one to two year olds as well as increasing the Universal Tax Credit allowance.
Fuel and alcohol duty freeze
Fuel prices have come back down again after 2022 saw a huge increase in price for both petrol and diesel.
However, a forecast from the Office for Budget Responsibility said 12p a litre would be added to pump prices if the government didn't act.
This means the chancellor could continue to freeze fuel duty in his Spring Budget.
The Sun has also reported he could freeze alcohol duty in a win for pubs.
Cost of living packages
Government help for the cost of living crisis could be scaled back as they "target those in need and rein in government spending according to City A.M.
Public sector pay