Jeremy Hunt will update the government's tax and spending plans on Wednesday. On the same day, the Office for Budget Responsibility (OBR) will publish its latest five-year forecasts for the economy.

In November 2022, the OBR forecasted a 1.6% contraction in UK GDP. Now, independent forecasters are saying that the UK will have a milder contraction in 2023 but a slow and shallow growth path from 2024 to 2027.

This means stronger growth in the short run and weaker growth in the long run.

Read more on this topic here: https://news.sky.com/story/budget-2023-jeremy-hunt-is-set-to-deliver-his-first-budget-here-are-the-things-to-look-out-for-12830477

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