Budget date provisionally set for 6 November
14 October 2019
Chancellor Sajid Javid has confirmed that he will deliver his first Budget on 6 November 2019 but that, in the event of a no-deal Brexit, this will be a ‘simple economic statement’ with a full Budget postponed until a later date. Mr Javid was appointed as Chancellor back in July 2019 and stated that his first Budget would demonstrate strategies to “shape the economy for the future.” The Budget addresses tax and spending issues that will take effect from the commencement of the following tax year, so the November Budget will target changes due in April 2020.
The Office for Budget Responsibility (OBR) compiles and provides all the forecast data behind the Budget and have revealed that current predictions assume that a Brexit deal is agreed and comes to fruition. This would provide the reason behind why a no-deal Brexit would prompt a delay to the Budget as these forecasts would need to be amended accordingly and would be required in order to deliver an accurate portrait of the intentions for next tax year.
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