Chancellor Jeremy Hunt is set to deliver his first Spring Budget since taking office, with a focus on boosting growth amid inflation, pay, and public finance concerns.
He is expected to announce 12 low-tax "investment zones" and efforts to encourage people back into work, including over-50s, long-term sick and disabled, and benefits claimants.
Key pension and childcare benefit changes, such as raising the £40,000 cap on tax-free pension contributions and increasing the state pension age to 68, are also anticipated.
Hunt is under pressure from supporters of ousted prime minister Liz Truss, who prioritized growth to revitalize the economy.
The Budget's goal is to address the UK's financial standing while alleviating the cost-of-living crisis.
The Independent and The Guardian both reported on Chancellor Jeremy Hunt's upcoming Spring Budget.
The Independent reported that Hunt's plan is focused on silencing critics from the Conservative party, as he is under pressure from Liz Truss supporters who prioritized growth for the economy.
The Budget is expected to introduce 12 new low-tax "investment zones" and include efforts to get several groups back into work.
In addition, key pension and childcare benefit changes, such as raising the £40,000 cap on tax-free pension contributions and increasing the state pension age to 68, are anticipated.
Meanwhile, The Guardian highlighted that the Budget comes at a time when the UK's economy is predicted to perform the worst among G7 nations.
The outlet also discussed the inflation and public finance concerns facing the country.
Despite this, Hunt's focus on growth sets this Budget apart from the autumn statement last year, which saw the chancellor hike taxes to restore UK financial credibility.