The Treasury has announced that the next budget, setting out the government’s tax and spending plans, will be held on 15 March 2023.
In a statement, Chancellor Jeremy Hunt said the budget would be accompanied by a forecast from the Office of Budget Responsibility.
The chancellor last set out her economic plan in November, which included tax increases and spending cuts.
He claimed that this would help in controlling rising inflation.
Labor said the measures were the result of an “economic carnage” created by the previous Prime Minister, Liz Truss.
The government’s forecaster, The Office for Budget Responsibility, has said the UK is facing its biggest fall in living standards as a result of rising prices.
Inflation is expected to remain at 9.1% in 2022, rising to 7.4% next year, he said.
Earlier this month, Mr Hunt warned that the economy would “get worse before it gets better”.
The chancellor used her autumn statement in November to announce cuts to a number of departments alongside the tax cuts of her predecessor Kwasi Kwarteng – although these will not come into effect until 2025.
Some Conservative MPs have expressed concerns about the tax hike, but Mr Hunt insisted he had a plan and “if we stick with it, we might get to the other side”.
Backbenchers are also seeking assurances from the government that it will not hike fuel duty – the tax is supposed to rise in line with inflation but has been repeatedly frozen.
The Treasury has said that a decision on the tax will not be taken until the Budget in spring 2023.
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