THE financial markets have calmed since former Prime Minister Liz Truss and ex-Chancellor of the Exchequer Kwasi Kwarteng unleashed what proved to be their catastrophic mini-Budget in September.

But Jeremy Hunt, who moved into 11 Downing Street after Kwarteng’s brief but controversial tenure at the Treasury, continues to have his work cut out to kick-start the economy, with the UK almost certain to fall into recession this year.

Mr Hunt moved quickly to reverse many of Ms Truss and Mr Kwarteng’s unfunded tax cuts after becoming Chancellor, as new Prime Minister Rishi Sunak sought to restore credibility to the UK’s economic plans. Instead of cutting tax to drive growth, Mr Hunt has embarked on a further wave of public spending cuts under a strategy he believes will bring soaring inflation and interest rates under control.

However, critics have argued that further austerity will choke off growth and believe the UK Government has still to come up with a credible plan to drive the economy forward. Mr Hunt did unveil a plan for growth in January, but it was met with criticism from business groups for its lack of detail.

Attention is now turning to March 15 when Mr Hunt reveals his first Budget since becoming Chancellor. The contents will be closely examined by the business community for signs of how the UK Government can give confidence to companies and entrepreneurs which continue to be weighed down by the cost-of-trading crisis.

The Bank of England hinted last week that inflation in the UK may now have peaked after its Monetary Policy Committee voted to raise the bank rate by half a percentage point to 4% as part of efforts to dampen inflation. It brought hope that the imminent recession will be shorter than shallower than previously feared.

But nonetheless the year ahead will inevitably be challenging for businesses and households, which still face levels of inflation not seen for several decades, and interest rates at their highest since before the financial crisis of 2008 and 2009.

Whether the Budget offers any hope on this front remains to be seen. But The Herald will be on hand to explain what its contents mean for you.

The newspaper will be hosting a Budget Briefing – held in association with law firm Wright, Johnston & Mackenzie LLP, The Business Insurance Bureau and LocalIQ – the morning after Mr Hunt delivers the Budget in the House of Commons (March 16).

Chaired by the veteran political journalist and Herald commentator Brian Taylor, it will feature a panel discussion with appearances from Grant Johnston of WJM and Bob Hannah from The Business Insurance Bureau.

Mr Johnston, partner and head of wealth planning at WJM, said: “As we look to the upcoming Budget, the question on everyone’s mind is whether the UK can return to growth in 2023.

“A clear and decisive plan of action is essential from the Chancellor as people seek reassurance that enough is being done to turn things around after an incredibly challenging few years. This event is a great opportunity to discuss the main takeaways from the Budget with business representatives from a range of sectors who can advise on the various ways we will be impacted by the decisions taken in the Chancellor’s announcement.”

Bob Hannah, whose title is supreme commander of The Business Insurance Bureau, said: “The UK is suffering from what I call economic long Covid and I’d like to see the government offer more assistance in any way they can to tackle it properly. Every industry has been affected by the fall out of the pandemic and it is time we saw the government take more action.”

The Budget Briefing takes place on March 16 at The Herald head office at 194 Bath Street in Glasgow. Tickets are prices £10+VAT and can be purchased here.