Spring Budget 2023 Preview

We expect the Spring Budget on 15^th March to contain some giveaways confined to 2023/24. But a downgrade to the Office for Budget Responsibility’s (OBR) medium-term GDP growth forecasts will prevent an unwinding of the £54bn (1.8% of GDP) of fiscal consolidation in 2027/28 announced last November. That will have to wait for later this year, or early next year, ahead of the next general election.

UK Drop-In (15th Mar.): Will the Spring Budget see Jeremy Hunt splash the cash or hold off until the election – or will new OBR forecasts tie the Chancellor’s hands? Register for our special 20-minute budget day online briefing with Neil Shearing, Paul Dales and James Reilly. Register Now.