Spring Budget date revealed as agents call for more support
Jeremy Hunt has prepared the way for his final chance to woo voters with tax breaks including, Propertymark has said, hopefully support for the sales market and landlords.
The Spring Budget is to take place on 6th March, the Government has announced.
In a short statement, HM Treasury says the Chancellor of the Exchequer, Jeremy Hunt, has “commissioned the Office for Budget Responsibility to prepare an economic and fiscal forecast to be presented to Parliament alongside his Spring Budget”.
The budget, which will be the Government’s last chance to present its economic measures to the voting public ahead of a likely election late in 2024, has several headwinds to content with as the nation teeters close to recession.
On the Friday before Christmas the ONS reported that the UK economy shrank between July and September 2023. Gross domestic product (GDP) contracted by 0.1% in the third quarter.
Estate agents are hoping that Hunt will reveal measures to boost house building and market activity.
Nathan Emerson CEO of Propertymark, says: “Propertymark is keen to see housing play a pivotal role within the coming Spring Budget, beyond all else, a robust housing plan is the underpinning of every community across the entire UK.
“It is vital momentum remains switched on to ensuring the supply of quality homes always matches demand.
“We need to see forward-thinking strategies that support all sectors of society, from first time buyers all the way to long term renters.
“There can never be a one size fits all solution regarding housing, but we hope there is recognition of a need for an accelerated level of support, innovation, and incentives to encourage a diverse mix of housing in order to keep pace.”
