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Spring Budget 2024
March 6
The Chancellor will present his Budget to the House of Commons on 6 March. The Office for Budget Responsibility (OBR) will publish revised forecasts for the economy and public finances on the same day as the Budget statement. The OBR is the independent public finances watchdog, which produces the official forecasts for the economy and public finances used by the Chancellor.
The Budget is a statement made by the Chancellor to MPs in the House of Commons, presenting the Government’s plans for the economy, including changes to taxation and spending.
The economic and fiscal outlook is published by the Office for Budget Responsibility (OBR) on the same day as the Budget. This is an independent analysis of the UK’s economic and fiscal situation, which the Chancellor addresses in their speech. The Treasury also publishes a report alongside the Budget, with further detail on the rationale and the costing of measures announced.
After the Budget statement, MPs may be asked to approve immediate changes to some taxes. There is then a debate in the Commons, normally lasting four days. After this, MPs are asked to agree to ‘ways and means’ resolutions to approve tax proposals. Finally, a Finance Bill which gives permanent legal power to the Budget’s proposals is introduced.
