The Chancellor of the Exchequer, George Osborne, has announced that the Budget 2016 will be published on Wednesday 16 March, 2016. The Budget is the annual event which is renewed by the legislation each year. He had previously delivered a Budget Statement on 18 March 2015.

This will be his seventh budget which is expected to set out the government’s plans for the economy according to the latest forecasts and tax proposals for the subsequent year. He had declared the Autumn Statement back in 25 November 2015.

He has planned to achieve a £10 billion surplus by the end 2019-20. However, reaching this surplus depend on predicted level of inflation, interest rates, wages and migration.