Sajid Javid will deliver the Spring Budget to MPs on 11 March with a promise to kickstart a “decade of renewal” for Britain.
The Budget will be Javid’s first as chancellor after the cancellation of last year's speech following Boris Johnson's announcement that he wanted a December election, and is expected to be the first after the UK’s departure from the European Union on 31 January.
Speaking on a visit to Manchester’s new Trafford Park tram project today, Javid said: “People across the country have told us that they want change. We’ve listened and will now deliver.
“With this Budget we will unleash Britain’s potential – uniting our great country, opening a new chapter for our economy and ushering in a decade of renewal.”
The launch of the Budget process means that individuals, interest groups and representative bodies can now submit representations to the Treasury to comment on government policy and suggest new policies.
Javid has promised to prioritise the environment and cost of living, as well as building on previous spending pledges in the Conservative manifesto.
Campaign promises included raising the national insurance threshold to £9,500, keeping the “triple lock” on personal taxation and ending the benefit freeze.
Javid is also expected to set out plans for "responsible borrowing", including updating the government's charter of fiscal responsibility to allow himself more room to increase public spending.
Javid also confirmed shortly after the election that the minimum wage would rise by 6.2% in April to £8.72 per hour, reaching £10.50 an hour by 2040.
Other plans already announced by the government include £34bn a year in extra cash for the NHS, which will be the first major funding commitment for the health service enshrined in law.
On health, the party has also promised 50,000 more nurses, 40 new hospitals, scrapping some hospital parking charges and £1billion a year extra for social care.
They have also committed more cash for environment initiatives such as £9.2bn for better insulation for schools and hospitals, and a new £3bn skills fund is expected to provide funding for further education and training, as well as an increase in per-pupil school spending.