Spring Budget Alert: What’s Up Next?
On Wednesday, Chancellor Jeremy Hunt finally put a date on the much‑anticipated Spring Budget. The Office for Budget Responsibility (OBR) is now racing ahead to fire up an economic and fiscal forecast that will be unveiled to Parliament on March 6.
Why the Buzz?
- New Gear Set: Prime Minister Rishi Sunak is reportedly planning a “gear‑change” that could see inheritance tax cut— at least for the high‑rollers.
- Income Tax Flip: Rumors suggest a slash on income tax too, though the details are still a bit murky.
- Party Pushback: Labour is warning that any such moves might push the UK’s tax burden to its highest point in 70 years, sending a red flag to the Treasury.
Inside the Cut‑Back Talk
Sunak’s potential cuts would favor the wealthy, a strategy that Labour says isn’t going to fold into the system. The headlines? “Inheritance tax on the rocks” and “Savings for the rich, not the rest of us.”
Party‑by‑Party Retorts
Shadow Treasury (James Murray)
“After a whopping 14 years of economic missteps by the Conservatives, we’re heading into a budget that will most likely be the costliest in seven decades. Fifty‑one Tory tax hikes since the last election alone have left growth on a plateau—nothing Sunak or Hunt can fix in March.”
Liberal Democrat Treasury (Sarah Olney)
- “It looks like a last‑ditch roll of the dice by a broken Conservative government.
- “Jeremy Hunt’s record of failure—flat‑lining growth and broken public services—has left the NHS rattling and families bombed by endless tax hikes.
- “Only a general election can wipe the slate clean.”
Quick Self‑Assessment Survival Guide
Need to file your Self Assessment tax return without a freakout? Here are seven handy tips that will keep you from hair‑pulling at the deadline:
- Start early—time is your friend.
- Get all receipts handy—no last‑minute hunt.
- Use the HMRC online portal—easy peasy.
- Double‑check income sources—don’t miss that gig.
- Record every expense—tracing deductions saves money.
- Ask for an extension if needed—no deadline or “bug‑out.”
- Check your status—STUDENT? EMPLOYEE? Get the right form.
Stay in the Loop
To catch every twist and turn of this budget saga in real time, subscribe now and never miss an update.
