The fiscal plan will follow November's Autumn Statement, which introduced changes aimed at supporting British workers and business, including cuts to National Insurance rates.
While nothing is certain until the day, rumours are already swirling about what his plan for the UK economy will include.
Here, Which? takes a look at some of the Budget predictions being reported in the press. We will update this story as and when new rumours are reported.
What is the Spring Budget?
The Spring Budget on 6 March is an opportunity for the Chancellor to provide an update to Parliament and the public on the state of the UK economy since the Autumn Statement in November, and announce any further economic plans for 2024-25 and beyond.
The statement will be made in the House of Commons, alongside a forecast from the Office for Budget Responsibility (OBR). These forecasts assess the impact of government policy decisions and economic developments.
Find out more:A Budget fit for an election?
While there will be some changes unveiled, Spring Budgets don't tend to include any major policy shifts. However, a general election is likely to be held at some point this year and the Chancellor could be tempted to pull a rabbit out of the hat in an attempt to woo potential voters.
The timing of this year's Spring Budget has also fuelled speculation that the nation will go to the polls early to coincide with local elections on 2 May.
Spring Budgets are generally held in the second or third week in May, but with rules dictating that a general election must take place 25 days after the dissolution of parliament, if Hunt was aiming for 2 May, he would need to announce it on 25 March. A 6 March Budget announcement therefore fits that timeline well.
Prime Minister Rishi Sunak has since said he expects the general election to be held at some point in the second half of the year – although he hasn't ruled out the possibility of a May event.
In any case, a general election must happen before January 2025.
Income tax cuts
If there is a sense of déjà vu reading that headline, that's because we've been here before. But, as with ahead of the Autumn Statement, there are hopes and dreams that the Chancellor will use this pre-election Budget to slash income tax rates.
The TimesFind out more:Inheritance tax cut or scrapped
Many Tory MPs are continuing to urge the Chancellor to reduce the rate of Inheritance Tax (IHT) or even abolish it.
Under current rules, IHT is charged at 40% on assets or money you leave to heirs over the tax-free threshold of £325,000. The latest available figures from HMRC show 27,000 estates paid IHT in the year 2020-21. But that accounts for less than 4% of UK deaths that year.
So while Jeremy Hunt told BBC Radio 4 that the tax is 'pernicious', he refused to commit to making any changes to the current system.
He said: 'Well, I don’t know at this stage, whether it’s going to be affordable to reduce taxes, and I would only do so if it was responsible to do so. But what I can tell you is that just like the Autumn Statement, the Spring Budget will be focusing on growth, because that is the way that we give hope to people.'
Find out more:source https://www.which.co.uk/news/article/spring-budget-2024-what-it-means-for-your-money-aRzMQ1q7C9uy