The 2016 Budget will be on Wednesday, March 16, Chancellor George Osborne has told MPs.
Mr Osborne’s announcement, less than a week after his Autumn Statement, was met with cheers by Tory MPs at Treasury Questions in the Commons.
In his questions, Shadow Chancellor John McDonnell urged Mr Osborne to make good his u-turn on tax credits by ensuring the working poor would not lose out under universal credit.
In the usual brief statement during Commons questions, Mr Osborne said: “The core purpose of the Treasury is to ensure the stability and prosperity of the UK economy.
“Today I can tell the House the date of the Budget next year will be Wednesday, March 16.”
Mr McDonnell returned to last week’s Autumn Statement.
He said: “You bowed to Labour pressure last week and made a u-turn on tax credits. While tax credits won’t be cut in the new year as planned, cuts to universal credit are still going ahead in full.
“You have not reversed your cuts to family incomes but have just delayed them.
“I’m sure you have looked at the impact of these changes in some detail, so can you tell the House how much a single parent with one child working part-time on the so-called national living wage would lose as a result of your planned changes to universal credit?”
Mr Osborne quipped: “I didn’t feel a huge amount of Labour pressure last week but I am happy to see you at the Despatch Box.”
He added: “We are introducing with universal credit a fundamental improvement to our benefits system and anyone on tax credits, including the case you refer to, who is moved onto universal credit by DWP from next year will have their cash rewards protected.”