The next Budget will take place on Wednesday 15 March, the Treasury said today.

Chancellor Jeremy Hunt has asked the Office for Budget Responsibility (OBR) to prepare an economic forecast to accompany the Spring Budget.

The Budget is set to take place against a backdrop of recession, rising unemployment and stubbornly high inflation.

In his Autumn Statement Mr Hunt reversed many, but not all, of the measures announced by his predecessor Kwasi Kwarteng in an effort to restore calm to financial markets.

Mr Hunt said the OBR’s forecast accompanying his Budget was in addition to the one that was published at the time of his Autumn Statement in November, fulfilling an obligation for the OBR to produce at least two forecasts in a financial year.

In the run up to the Budget the Treasury has launched a Budget representation consultation. It is inviting interest groups, individuals or representative bodies to comment on government economic policy and suggest new policy ideas to be considered in the Budget.

The Treasury said it welcomes representations as part of the policy-making process. The Treasury wants to see comments on existing policy, or suggestions for new policy.

Comments and suggestions must be submitted by 1 February to the representations portal.

Submissions should contain policy suggestions for the Budget and explain the, “policy rationale, costs, benefits and deliverability of proposals.”