The Treasury has announced that Chancellor Jeremy Hunt will present the spring Budget for 2024 on March 6. This will contain future borrowing and growth estimates, as well as outlining government spending and tax policy projections. The Conservative Party will be seeking to regain lost ground, and there are rumours that the Budget will contain a number of significant tax cuts. However, the ruling party has not yet confirmed whether this may be the case.
The Conservative government needs to act before the next general election, predicted to occur in 2025. Reports suggest that bold pledges regarding housing and taxes may be featured in the upcoming Budget. A scheme could be proposed to support reducing deposit sizes for first-time buyers, with supporters hoping to relaunch the Help to Buy scheme. Furthermore, a few anticipated tax cuts could be forthcoming.
The Autumn Statement saw big fiscal changes, such as National Insurance cuts and business tax extensions, but taxes are still at an all-time high due to thresholds remaining frozen. The government plans to narrow the gap with the Labour party ahead of the next general election, Minister Michael Gove has indicated. Meanwhile, the Prime Minister will be pushing for a number of major tax cuts in order to regain lost ground and create a clear line between the two biggest parties in the UK.
Lastly, the Office for Budget Responsibility will release economic forecasts on March 6, in time for the Budget. The Conservatives will be seeking to make headway before the upcoming general election, with further significant measures looking to be introduced
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