Jeremy Hunt will conduct his first Budget on March 15, 2023

On March 15, 2023, Jeremy Hunt will present his spring budget, the Treasury confirmed today.

Last month, the Chancellor attempted to guide the UK economy back to calm seas after a stormy time by delivering an Autumn Statement that was seen as a de facto Budget.

Last month, the Chancellor attempted to guide the UK economy back to calm seas after a stormy time by delivering an Autumn Statement that was seen as a de facto Budget.

According to a recent economic estimate, the UK economy is on pace to contract by 1.3% in 2023 during a recession that is expected to endure until the end of the following year.

According to KPMG economists, the UK has already experienced a “shallow but prolonged” recession as a result of ongoing inflation and rising interest rates.

Cost rises for food and energy have decreased people’ purchasing power this year, according to Yael Selfin, chief economist at KPMG UK.

According to KPMG, the nation will experience a recession in the third quarter of 2022.

According to official data from the Office for National Statistics, between July and September, the GDP declined by 0.2%.

A technical recession is characterized by a decline for at least two consecutive quarters.
It comes at a time when fresh data showed just how much cash his Treasury is bringing in through tax increases.

According to data from the Organization for Economic Co-operation and Development, UK tax receipts increased by £85.1 billion over the previous fiscal year (OECD).

The international economic organization discovered that the UK’s overall tax income increased from £690.5 billion in the prior year to £775.6 billion in the year ending in March 2022.

A number of tax reliefs for people and companies that had been implemented during the epidemic were gradually phased off, which caused the increase.

According to the OECD’s study of yearly data, tax receipts were also £225.2 billion greater than they were ten years earlier, or around 41% more.