Budget announcement 2023: What time is Jeremy Hunt's speech?

The Chancellor will use his announcement to set out the Government's plans to halve inflation, reduce debt and grow the country's economy. 

In a statement on Twitter, Mr Hunt said that the new budget will build "on the stability we gained from my Autumn Statement" as he outlines "the next steps to drive economic growth across the UK".

The statement follows confirmation that energy bill support is being extended for a further three months.

We are extending energy bills support for further 3 months.

With energy bills set to fall from July, extending the Energy Price Guarantee will bridge the gap, easing the pressure on families.

Made possible in part by windfall taxes on energy profits 👇 pic.twitter.com/5J1ihyjzRl

— Jeremy Hunt (@Jeremy_Hunt) March 15, 2023

The Energy Price guarantee will remain at £2500 a year for a typical household until the end of June which the Chancellor predicts will save the average family £160. 

When is Jeremy Hunt's budget today?

Mr Hunt is expected to address the Commons in his first spring budget since becoming Chancellor at 12.30 pm on Wednesday, March 15.

The statement will follow the weekly Prime Minister's Questions segment at 12 pm.

Where can I watch today's budget?

Today is Budget day.

Last year we stabilised the economy, today we deliver the next part of our plan - growth.

Tune in at 12.30pm to watch live here on my Twitter. pic.twitter.com/7fM4sZlZFu

— Jeremy Hunt (@Jeremy_Hunt) March 15, 2023

The Chancellor's budget will be broadcast on both BBC Two and ITV News in special segments. 

The BBC will be covering the statement on Politics Live from 12.30 pm and ITV News will also have a News special which will air from 12.15 pm.

Viewers will also be able to watch a live stream of the statement from the Chancellor's official Twitter account.

What is Jeremy Hunt expected to announce?

The Spring Budget is expected to feature a package of measures geared at removing barriers to work including a major childcare announcement. 

Mr Hunt is predicted to announce that childcare support will be paid to parents up front on Universal Credit rather than in arrears and increase the amount they can claim.

Another measure expected to be outlined is a tax-free lifetime allowance (LTA) on pension savings.

It is expected to rise from £1.07 million to as much as £1.8 million.

Sanctions for claimants who do not look for or take up employment are expected to ramp up too.

Mr Hunt is also predicted to create 12 investment zones which will benefit from tax breaks and be backed by £80 million over five years.

Eight of the zones are located in England and there are also thought to be four in Scotland, Wales and Northern Ireland.

Additionally, around £63 million is expected to be budgeted to help leisure centres with swimming pools meet energy costs and become more efficient.

A “prepayment penalty” for energy bills which sees households with prepayment meters charged more than those on direct debit is also predicted to be scrapped.