In a written statement, Chancellor Jeremy Hunt has announced that the Spring Budget will be delivered on 15 March 2023.
Mr Hunt stated that he has commissioned the Office for Budget Responsibility (OBR) to prepare an economic forecast to accompany the Budget.
The OBR said that rising prices amid the ongoing cost-of-living crisis have contributed to the biggest drop in UK living standards since records began.
The Spring Budget will be the Chancellor’s second fiscal event, following November’s Autumn Statement. Mr Hunt used the Statement to reverse many of the tax cuts announced by his predecessor, Kwasi Kwarteng.