The Spring Budget 2024 will take place on Wednesday 6 March.
The Budget, now usually in the spring each year, is when the Chancellor announces the main tax changes for the year ahead and puts final legislative tax changes through to the Finance Act for the year (which usually becomes law during the summer).
The Budget is different to the Autumn Statement, which is made to the House of Commons by the Chancellor of the Exchequer outlining the state of the economy and the latest predictions by the Office of Budget Responsibility (OBR). Unlike the Spring Budget, the Autumn Statement is not officially supposed to announce tax changes, but Chancellors usually use the opportunity to outline some of the Government’s proposed changes to spending plans.
It has not yet been announced, but in previous years most budget statements are made at approximately 12:30pm, straight after the Prime Minister’s questions.
The speech usually lasts about an hour. The longest ever speech was by William Ewart Gladstone in 1853 which lasted 4 hours and 45 minutes. The shortest speech was given by Benjamin Disraeli in 1867 and lasted 45 minutes.
The Chancellor of the Exchequer, Jeremy Hunt will make the Budget speech.
The Chancellor of the Exchequer, Jeremy Hunt will make the statement in the House of Commons.
The 2024 Spring Statement is likely to see the Chancellor try to deliver on the government’s aim of reducing the personal tax burden. Personal taxation is the highest it has ever been, and if inflation continues to fall as predicted, the government is expected to take the opportunity to make some cuts.
All ministers have a red box for briefing papers. A red box has been used to carry the Chancellor’s speech from Downing Street to the House of Commons for over one hundred years, started by William Gladstone in 1860. Holding the red box up to the press in Downing Street is the classic image of Budget day in the UK. The word ‘Budget’ itself comes from a French word ‘bougette’, meaning little bag.
An Emergency Budget is unscheduled, and reacts to outside forces, and is often geared towards solving a particular crisis, like that of Autumn 2022.
Follow our coverage of the announcements here and what the Spring Budget means for you and your business.