The new Chancellor, Rishi Sunak, commits to delivering Budget on 11 March
18 February 2020
After last week’s dramatic cabinet reshuffle, which saw Sajid Javid resign in his post as Chancellor of the Exchequer, whispers had been circulating that his successor, Rishi Sunak, would need to delay the planned 11 March Budget date. It has now been confirmed officially that the Budget will be delivered as planned, in mid-March.
The official confirmation of this will come as a massive relief to those in the payroll industry as there is widespread concern about the already delayed date of the Budget and the potential wider implications this could have. Software developers and payroll teams need to familiarise themselves with the outcome of the content of the Budget and introduce new information to software ahead of the new tax year on 6 April. There is already only approximately four weeks in which to do this based on the 11 March Budget date.
Mr Sunak took to Twitter to post a picture of himself, with the caption, “Cracking on with preparations for my first Budget on March 11. It will deliver on the promises we made to the British people – levelling up and unleashing the country’s potential.”
As reported by The Guardian, it is understood that Mr Javid’s Budget plans were well developed, with substantial increases to spend on infrastructure planned, but with departmental budgets remaining relatively unchanged, but it is thought that Mr Sunak will make drastic changes to some of these proposals. It is thought that he will relax budget constraints across Whitehall departments but is being pressed by others to increase taxes for the wealthiest in society to fund any extra spending.
The Budget was originally due to be held last November but was rescheduled due to the general election, which is why it is being held so much later than those delivered in recent years. By law, the Budget must be held by 5 April, so the timeframes surrounding the delivery of the Budget are already tight.
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