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Treasury confirms date for Budget 2024

Treasury confirms date for Budget 2024
Nick Cheek
Written By:
Nick Cheek

The Treasury has announced the date for the Budget 2024, as speculation rises over an early election and vote-garnering changes to reverse the Government's waning popularity.

The Budget 2024 will be held on 6 March, potentially directly after Prime Minister’s Questions and ahead of a widely-expected election in May this year.

It will be the final Budget before the General Election, and is the last opportunity for the Government to introduce fiscal changes which will boost their popularity with the electorate.

In a short statement on the Government’s website, the Treasury said that Jeremy Hunt, the Chancellor of the Exchequer, had “commissioned the Office for Budget Responsibility to prepare an economic and fiscal forecast to be presented to Parliament alongside his Spring Budget on 6 March 2024”.

The announcement has once again prompted speculation around potential changes to inheritance tax, just as there was in the build up to the Autumn Statement in November. However this has been downplayed by Downing Street, which pointed out that the levy is paid by only a small number of estates.

Opposition parties noted that the spring Budget may be ‘too little, too late’ for the current government.

Labour’s shadow financial secretary to the treasury James Murray said: “The next Budget will come after 14 years of economic failure that have left people worse off. Nothing the Conservatives do in March can repair the damage they have done to our economy. In 2024, Britain will have the chance to vote Labour to change our country for the better.”

Liberal Democrat Treasury spokeswoman Sarah Olney said:  “It’s too late for Jeremy Hunt to turn the tide after his record of failure has left us with growth flat-lining and public services at breaking point.”

Related: Autumn Statement 2023: Tax cuts, triple lock, tougher sanctions and 10 more key takeaways