Spring Budget predictions: Ten announcements that could be made by Jeremy Hunt this week

The government is set to announce its Spring Budget later this week.

Jeremy Hunt will lay out his latest plans for the British economy on Wednesday, March 6. The Spring Budget could see the chancellor make some major announcements on taxes and spending ahead of the next general election, which will take place this year. The Office for Budget Responsibility (OBR) is also due to publish its revised forecasts for the economy and public finances as the chancellor makes his statement.

The Prime Minister has hinted that some major tax cuts could be introduced on Wednesday after claiming the UK economy is on the right track. He also told the media during the Scottish Tory conference last week that he doesn't want to make workers' lives harder by increasing taxes.

Read more: Rishi Sunak hints at national insurance cut ahead of Jeremy Hunt's spring Budget

It is not yet clear whether tax cuts can be expected as the Treasury keeps the majority of its plans under wraps until the day of the statement. However, it is understood the government is considering slashing National Insurance contributions once again after workers saw a decrease from 12 per cent to 10 per cent in January.

Possible changes to income tax and inheritance tax have also been reported, while first-time buyers could also see the introduction of a new mortgage plan to make it easier to get on the property ladder.

Here's a breakdown of some of the things that may be announced during Wednesday's Spring Budget.

The Chancellor could announce a further cut to the rate of National Insurance. It comes after the government cut the rate from 12 per cent to 10 per cent back in January.

It's now been reported that the chancellor is considering cutting the rate by another