As the Spring Budget gets underway today, Chancellor Jeremy Hunt will be addressing the nation with his latest round of money-related announcements.
From the Energy Price Guarantee to pension age reviews, there is set to be a whole host of information discussed in Hunt's statement this afternoon.
The Chancellor will unveil his first ever Spring Budget, since being appointed the position, as he aims to boost financial growth amid unprecedented times.
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It was just a few months ago that Jeremy Hunt revealed his first Autumn Statement, after being appointed Chancellor on October 14. This appointment followed a host of economic chaos caused by former Prime Minister Liz Truss and Kwasi Kwarteng's mini-Budget announcement in September.
And now, Jeremy Hunt is aiming to bring the UK back into financial stability, with plans to boost funding in many areas. So, when is the Spring Budget, and what will be discussed?
Read on below to find out more about the Spring Budget 2023, and what the Chancellor has planned for the UK.
When is the Spring Budget announcement today?
Chancellor Jeremy Hunt is due to deliver his Budget to the House of Commons at 12.30pm today, following Prime Minister’s Questions.
What is expected in the Spring Budget?
Jeremy Hunt is expected to introduce 12 new low-tax "investment zones", as he aims to kickstart the UK's stalling economy. These zones will help "level up" areas outwith the capital, London.
The Chancellor is also understood to be ready to increase the tax-free allowance for pensions to encourage those who returned early to bolster the UK’s workforce.
He is also set to announce £100m of investment in research and development projects in Glasgow, Greater Manchester and the West Midlands, as well as providing more funding for levelling up partnerships across England.
The raising of the retirement age in the UK is also set to be discussed, as speculation grew around the age being lifted to 68 before its predicted year of 2046.
However, it is expected that there will now be a new review, as the retirement age is due to increase to 67 by 2028.
Where can I watch the Spring Budget?
The Budget announcement will be shown live on major news channels including BBC News and Sky News, and details will be published on the Treasury’s website.
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