Spring Budget will take place on March 6 – but landlords look like missing out (again…)

The Spring Budget has been scheduled for March 6, 2024; Chancellor Jeremy Hunt has announced.

He has now commissioned a fiscal and economic forecast from the Office for Budget Responsibility (OBR) for Parliament that will be presented with the Budget.

Top Tories have been dropping hints in newspapers that they could offer big pledges on taxes and housing as the Prime Minister Rishi Sunak battles to reduce the Conservative’s poll deficit.

The Conservatives look like helping first-time buyers and bringing in long term mortgage support.

However, of the hints being made to news outlets there is nothing being mentioned to benefit landlords in the private rented sector or for tenants.

‘Shouldn’t #renting be the focus?’

This has led to the chief executive of the National Residential Landlords Association, Ben Beadle, to tweet on X, formerly Twitter: “Homeownership is obvs great – but given there are 1m+ people on social housing waiting lists, 25 applications for each rented property, a record spend on temporary accommodation, highest rents on record and lowest LL profits since 2007, shouldn’t #renting be the focus?”

He added: “And doesn’t a properly functioning and thriving rental sector mean a greater chance of home ownership?”

The Times reported that Housing Secretary Michael Gove hinted that the Conservatives could reduce the cost of a home for first-time buyers.

Sunak comes under pressure from Tory MPs

The Telegraph is also reporting that senior Party figures are considering big tax cuts as Mr Sunak is being pressured by his fellow MPs.

In a move that boost the wealthy, and lead to a dividing line with Labour, the Budget could see inheritance tax being cut.

The Times stated that ministers are considering Government assistance to help first-time buyers with raising deposits and helping those needing longer fixed-term mortgages.

The Conservative election manifesto could also feature a new help-to-buy scheme which might be raised in the Spring Budget.

‘A potential cut in the rate of income tax’

Sarah Coles, the head of personal finance at Hargreaves Lansdown, said: “A potential cut in the rate of income tax was widely trailed ahead of the Autumn Statement, but didn’t happen.

“It’s very possible the Chancellor is keeping this up his sleeve as a late present in March.

“This is an approach that previous Chancellors from Nigel Lawson to Ken Clarke have used in the run up to an election, so it wouldn’t be a big surprise.”

She added: “A cut in basic rate income tax – say from 20% to 19% – would put more money in people’s pockets. It would also have a knock-on impact for pension tax relief.”

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