UK Spring Budget Set for March 6 Amid Election Speculation

Downing Street Considers Major Tax Cuts and Support for First-Time Home Buyers

UK's Chancellor of the Exchequer, Jeremy Hunt, will deliver the spring budget on March 6, 2023, which is expected to be the final fiscal statement before the next general election.
Downing Street is reportedly considering major tax cuts, including the potential abolition of inheritance tax, to boost the Conservative Party's chances in the upcoming election.
Other measures being considered include increasing the threshold at which people start paying the 40% rate of income tax, reducing the basic 20% rate, and offering government support for longer fixed-term mortgages to reduce the cost for first-time home buyers.
Despite the potential tax cuts, the overall tax burden in the UK is heading towards its highest level in about 70 years due to a freeze on many tax threshold levels used to recover money spent during the Covid-19 pandemic.
The Labour Party, currently leading in the polls, has criticized the potential tax cuts as desperate attempts to win over voters, arguing that they won't repair the economic damage caused by the Conservatives.