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During his speech, Hunt confirmed that the Office for Budget Responsibility had predicted the UK would avoid entering recession during 2023, but that the economy would shrink by 0.2%. Economic growth of 1.8% was predicted for 2024, rising to 2.5% in 2025 then falling slightly to 2.1% in 2026.
The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year. Thus, the UK budget for financial year 2021 runs from 1 April 2021 to 31 March 2022 and is often referred to as 2021–22. Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year.
For the financial year 2023-24, total government spending is expected to be £1,189 billion. [2] The UK government has spent more than it has raised in taxation since financial year 2001-02, [3] creating a budget deficit and leading to growing debt interest payments.
OBR forecasts biggest fall in living standards on record as Labour’s Sir Keir Starmer accuses chancellor Jeremy Hunt of ‘permanent tax cut for wealthy’
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The 2023 autumn statement was Hunt's second as Chancellor. [17] The accompanying report, published by the Office for Budget Responsibility (OBR), forecast that the UK economy would grow much more slowly over the coming two years than had previously been predicted, and that inflation would not meet the 2% target forecast for 2024. [18]
The Resolution Foundation has warned that the pay outlook is “dire” and many UK workers will not feel any better off ... UK politics live: Budget means weekly pay to rise just £13 in 20 years ...
15 March – Chancellor of the Exchequer Jeremy Hunt presents the 2023 budget to the House of Commons. [77] [78] 16 March – The UK government announces that TikTok is to be banned on electronic devices used by ministers and other employees, amid security concerns relating to the Chinese-owned app's handling of user data. [79]