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The Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech he stated ‘we are at the beginning of a new era in this country.
It’s great news that the Junior ISA (and Child Trust Fund) allowance has been increased to £9,000. This move will help families build significant nest egg for their children’s future, whether eventually used for higher education or a house deposit.
The root and branch review of the fiscal framework looks interesting and could imply austerity is well and truly over in the light of low interest rates.
R&D is the future of the UK’s booming high technology sector, and we welcome the Chancellor’s commitment to increasing investment in R&D to a record £22 billion per year.
This Budget bore very little resemblance to the traditionally expected Conservative Budget and focused on expenditure or public infrastructure projects in a bid to boost the economy.
£18 billion increase in general public spending, but tax measures were relatively few.
“The Chancellor’s first Budget is one of unplanned circumstance, to a degree. Above all COVID-19 has succeeded in disrupting what should have been the Chancellor’s first attempt at outlining what the government’s vision for the post-Brexit UK really is.
Rishni Sunak, the Chancellor, today announced a number of measures, he says, to support the UK economy both long term and in light of the Coronavirus outbreak.
The chancellor planted a few seeds for Boris Johnson’s future plans for the UK economy, before investing heavily in the fiscal equivalent of stockpiling to see the UK through the impending coronavirus (COVID-19) storm.
New Chancellor Rishi Sunak presented the Spring Budget on 11th March 2020. Of course, there was no Autumn Budget 2019 due to the general election, so this sees a return to a March Budget affecting the tax year starting 6th April.
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