The Treasury have announced that the autumn budget, which was planned for October, has now been scrapped. This coincides with the recent announcements made by the Prime Minister, introducing stricter restrictions on England.
The autumn budget, which would have laid forth a plan to potentially start recouping the costs of the pandemic, has been scrapped in order to help focus on the response to the coronavirus pandemic. The Treasury stated it would “not be right” to announce any long term plans in the midst of the uncertainty of the ongoing pandemic.
The Chancellor, Rishi Sunak will be addressing parliament later today where he will reveal his “plans to continue protecting jobs through the winter.”
The budget, which typically outlines the state of the country’s finances and any potential tax changes going forward will now be put on hold until next year. There will however still be a spending review to outline the overall shape of government spending in the meantime.