What time will Hunt unveil his budget?
Jeremy Hunt will announce the government’s financial plans for the upcoming year today.
The Chancellor is expected to begin his statement at 12:30pm.
You can follow this blog for all the latest in the lead-up and after the event.
David Cameron attends Cabinet Meeting on Budget Day
David Cameron smiled as he left 10 Downing Street ahead of today’s Spring Budget.
This afternoon, Jeremy Hunt will announce the Government’s fiscal plans for the year to come.
Mr Hunt is expected to announce a 2p cut to National Insurance in a bid to win over workers ahead of a crucial election year.
‘We’re sticking to the plan’
Jeremy Hunt is just hours away from announcing the Spring Budget.
He has vowed that they will “stick to the plan” as The Chancellor looks set to cut National Insurance.
‘People are getting an increase in their real disposable income’
The Head of the treasury select committee, Harriet Baldwin, has told Times Radio that chancellor Jeremy Hunt will continue the “journey to lower taxes”.
Speaking with Aasmah Mir and Stig Abell she said: “I think what Jeremy Hunt will continue to do today is the journey to lower taxes that he started last November.
“So since January 6, people have been, in work, have been, enjoying £0.02 off their national insurance. That means that for someone on median earnings, it’s £450 a year.
“If he can do that again, that would be, £900 a back in people’s pockets. So I think that will help with the corner that we’ve turned, which is why we are now seeing wages going up faster than inflation. So people are getting an increase in their real disposable income.”
“One of the things that I think is interesting is obviously public spending itself is at record levels, but you’re seeing in some areas that you’re not getting the same amount of productivity from public spending as you did before the pandemic. So I think there’s still work to be done, to get the level of outputs as opposed to the inputs of spending. So it’s exactly the same level.”
Jeremy Hunt’s warning about a Labour government
Mr Hunt will warn the public that a Labour government will increase borrowing to pay for public services — with the huge bill left outstanding for decades to come.
He will say: “An economy based on sound money does not pass on its bills to the next generation.”
Shadow Chancellor Ms Reeves claimed the Budget is the “final chapter” of fourteen years that has left the country worse off.
‘I’m looking for a cut in fuel duty not a freeze’
Simply freezing fuel duty is not enough, says Grant, of Bromley, South London.
He says of the Chancellor: “He’s got to realise just how tight the purse strings are for the majority of the country.
“I’m looking for a cut in fuel duty, not a just a freeze. We all know how important transport is for business and, if the cost of fuel comes down, it means more people have more money in their pockets.
“For me, that’s going to be key to what he can do, not just for businesses but for families.
“I would also like to see a reduction in VAT on energy bills for households. We’re all seeing that net zero is going to be catastrophic for the country in the medium and long term.
“The majority of people would feel better if the economy was booming, everyone was feeling good and had money in their pockets.
“Once everyone’s got more money and businesses are thriving, then we can look at introducing a green tax here or there.”
