Government sets March 15 date for Spring Budget
- On December 21, 2022
- By GrowthInvest Marketing
HM Treasury has today (December 18) confirmed that an Office for Budget Responsibility forecast will accompany the Spring Budget early next year.
Chancellor Jeremy Hunt has informed parliament that he has asked the OBR to prepare a forecast to accompany the Spring Budget on March 15 next year.
In a statement he said: “This forecast, in addition to the forecast that took place in November 2022, will fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.”
The announcement followed criticism of Liz Truss’s government earlier this year after then chancellor Kwasi Kwarteng did not instruct the OBR to release an economic forecast alongside September’s “mini” Budget.
This was despite the fact the body had previously said it was ready to provide an emergency forecast.
Back in August, Mel Stride, previous chair of the Treasury committee, warned the previous chancellor Nadhim Zahawi against releasing an emergency budget without an accompanying economic forecast, saying it amounted to “flying blind”.
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