Next Budget set for March 2021
The UK Chancellor Rishi Sunak has confirmed that the next Budget will be held on 3 March 2021.He said it would "set out the next phase of the plan to tackle the virus and protect jobs".
A budget had been expected to take place in Autumn, but this was scrapped due to the coronavirus pandemic.
Mr Sunak also announced that the Furlough scheme, which subsidises the wages of workers hit by the virus, will be extended from March to April 2021.
Governments usually use the Budget to outline the state of the country's finances and propose tax changes. The budget will come at a difficult time for the UK economy as it faces the fallout from the pandemic.
Official forecasts have predicted the biggest economic decline in 300 years with the UK's national income expected to shrink by 11.3% in 2020 and not return to pre-crisis levels until the end of 2022.
Government borrowing will also rise to its highest level outside of wartime - and unemployment is predicted to increase to 2.6 million, according to the Office for Budget Responsibility.
Speaking in Parliament earlier this year, Mr Sunak warned that "our economic emergency has only just begun."
He said that, although the high levels of borrowing were justified to deal with the virus, "the situation is clearly unsustainable over the medium term."
The Institute for Fiscal Studies think tank has warned that tax rises of more than £40bn a year are "all but inevitable" to stop debt from spinning out of control.
Posted on 17.12.2020.
We provide services
Other useful articles
- Upper Tribunal says that article 8 rights of overseas family members must be considered
- Government pledges new support to prepare for EU border checks
- Home Secretary announces new measures to boost Britain’s border security
- No discrimination found against Afghan man blocked from Ukraine visa schemes
- “Smart” borders to start operating from 2025: new rules for entry into the Schengen area for citizens of the UK and other countries
- UK economy continues recovery with 0.6% growth
Get specialist advice
Please contact with one of our immigration lawyers by phone +44 (0) 207 907 1460 (London), +971 509 265 140, +971 525 977 456 (Dubai) or complete our enquiry
Contact us