The date was announced during George Osborne’s appearance in front of the Treasury select committee yesterday, to give evidence at the committee’s review of the Autumn Statement he delivered earlier this month.

The March Budget date is less than two months before the general election, which is to be held on 7 May. It is being delivered less than two weeks before Parliament is dissolved, on 30 March 2015, in order for MPs to begin campaigning.

The first Finance Bill and Finance Act for 2015 will be well on the way to Royal Assent by 18 March.

In his evidence to the committee, Osborne downplayed suggestions that the 2015 Budget would see major tax changes designed to appeal to the electorate, stating: ‘Anyone expecting unaffordable pre-election giveaways will be disappointed because we will stay on course to prosperity.’

Next year’s Budget will be the sixth of the current Parliament. The Chancellor delivered an emergency Budget in June 2010, weeks after the coalition government was formed, as well as statements in 2011, 2012, 2013 and 2014.