Good morning: A spring statement or a mini budget? In recent weeks the Treasury has been keen to downplay expectations of any big announcements before Wednesday’s set-piece event.
The chancellor, we were told, would use Wednesday to publish the latest forecasts of the Office for Budget Responsibility and lay out plans to consult before the full budget in autumn. “Don’t expect any surprises” was the message.
But there is increasing speculation that Rishi Sunak will set out a package of support for those hit hardest by soaring inflation and energy bills including a 5p cut in fuel duty and an increase in the threshold at which people start paying national insurance.
As Mehreen Khan, our economics editor, explained in Saturday’s paper, the chancellor is in line for a £40 billion boost to Treasury coffers from higher tax receipts and a growing economy.
On the corporate front this morning:
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PZ CUSSONS: The consumer goods group has announced the acquisition of Childs Farm, the baby and child toiletries brand, for £36.8 million. Joanna Jensen, Childs Farm’s founder, will continue “as an investor and as a champion of the brand”.
PLUS500: The online trading company has announced plans to expand into Japan with the acquisition of EZ Invest Securities for an undisclosed sum.
I’ll be on Times Radio just after 4.30pm today to talk through the day’s market action. Listen online, on DAB radio, your smart speaker or via the Times Radio app.
Please do keep sending your thoughts, observations (and corrections) to me at richard.fletcher@thetimes.co.uk and don’t forget to follow me on Twitter @fletcherr.
Richard
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