Major changes are expected this week when Jeremy Hunt announces his spring budget. The chancellor will reveal the budget on Wednesday, March 15 in what will be his first spring budget since he arrived in Number 11 Downing Street last October.
Mr Hunt became chancellor after ex-prime minister Liz Truss sacked his predecessor Kwasi Kwarteng following a disastrous mini-budget in September that saw the markets descend into panic. In his autumn statement, he scrapped much of what Mr Kwarteng had announced and laid out a five-year package of tax hikes and spending cuts, which he said would help steer the UK through a recession.
On Wednesday Mr Hunt will reveal the budget against a backdrop of still-rising energy prices and economic uncertainty. The Office for Budget Responsibility (OBR) will also publish its latest five-year forecasts for the economy and public finances on Wednesday.
