When will today’s budget be announced?

Jeremy Hunt is set to unveil his first spring budget since becoming chancellor on Wednesday, aiming to spur growth amid the ongoing cost-of-living crisis.

The budget plans to introduce 12 new low-tax “investment zones” to boost the UK’s faltering economy and help “upgrade” areas outside of London. The Chancellor is also understood to be ready to increase the tax-free amount on pensions to encourage those who returned early to strengthen the UK workforce.

The financial announcement comes as the International Monetary Fund (IMF) has warned that the UK economy is likely to be the worst-performing G7 nation this year.

Mr Hunt will present his budget to the House of Commons at 12.30pm, following the Prime Minister’s questions.

The spring budget contained in the red budget box is to introduce 12 new low-tax “investment zones”.

(AFP/Getty)

The chancellor is expected to unveil 12 zones clustered around universities – radically rolling back a program introduced by former Prime Minister Liz Truss that pitted hundreds of councilors against each other.

Just a few months ago, Mr Hunt issued his autumn statement after being appointed chancellor on October 14 following the economic chaos caused by Ms Truss and Kwasi Kwarteng’s mini-budget in September.

His predecessor’s plan drove up the pound and quickly ended Mrs Truss’ tenure.

Months later, Mr. Hunt is still grappling with skyrocketing inflation, mass labor disputes over wages and a cost of living crisis.

Mr Hunt said he wanted to spur “growth” across the country, saying: “True leveling has to be about local wealth creation and local decision-making to remove barriers to regeneration.”

Kwasi Kwarteng and Liz Truss at the Conservative Conference in October

(Getty)

The Chancellor will also announce investments of £100m in research and development projects in Glasgow, Greater Manchester and the West Midlands, as well as more funding to expand partnerships across England.

The Independent will stream the Spring Budget live from the House of Commons and report live on our website. The announcement can also be followed live on major news channels including BBC News and Sky News.

https://www.independent.co.uk/news/uk/politics/budget-what-time-announced-b2301092.html When will today’s budget be announced?

Linh

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