Chancellor of the Exchequer, Sajid Javid, has confirmed the date of the next 2020 Budget for Wednesday, 11th March.
In the Chancellor’s first Budget since December’s General Election, Javid has hinted that the Government’s spending plans will include billions of pounds of investment across the country as part of an “infrastructure revolution”. Javid added that the Government would look to take advantage of the “record low interest rates” by investing more “in a responsible way”.
He also commented “we are going to help hard-working people in particular – especially with the cost of living – and how we are going to level up across the entire country.” One of the headlines set to come out of Budget 2020 is a tax cut for almost 30 million workers, with a rise in the threshold for paying National Insurance, saving those who earn £12,600 and above up to £100 a year.
Officials have also confirmed that Javid will build on recent announcements to boost spending on public services including hospital investment, vocational training and a significant hike in the minimum wage.
Plans for a Budget on 6th November 2019 were scrapped to pave the way for the General Election a month later. With a majority government secured, the Conservatives are now able to propose a confident and decisive Budget 2020 that stays true to their election manifesto.
Business leaders said it was the new administration’s first opportunity to show it understood the country’s concerns amid continued political uncertainty over Brexit. It has been widely discussed that businesses need a boost in the here and now to push spending decisions over the line, so is imperative that the budget should include additional efforts to cut costs and red tape and incentivise business investment via reliefs.
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