The Chancellor of the Exchequer, Sajid David, has set Wednesday 11 March 2020 as the date for the first budget of the new parliament. He told the BBC that there will be an 'infrastructure revolution'. We might speculate that this means extra government spending in certain areas and more details as to the fate of High Speed 2 (HS2). In terms of direct tax, this may indicate more increases in capital allowances and possible changes to enterprise zones. 

In terms of other changes that we think we know about, Prime Minister Boris Johnson announced before Christmas that the proposed 2% reduction in corporation tax on 1 April 2020 will be reversed. He also told voters during election campaigning that the Class 1 National Insurance threshold will rise, although he gave no timetable for the phasing in of this measure. 

The biggest known factor to affect government, aside from world politics, will be Brexit and the possibilities of new trade deals. The Office of Budget Responsibility is due to publish its report on the government finances by 31 March 2020 and it seems to now have a very tight reporting deadline.

 

 

 

 

 

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