Budget day 2020 is on the 11th of March which I am sure you are well aware of. With Sajid Javid unexpectedly stepping down we are not exactly sure what to expect. This will be the first for the current government with its current majority so we may see some significant reforms.
The newly appointed Rishi Sunak will deliver the statement which is due to be eye-catching. It is possible there will be changes to tax, pension, housing as well as social care.
Predictions are that the government will increase public borrowing, taking advantage of the current low-interest rates to invest in the future. This new approach might also be embraced by all businesses at every level, the UK economy has been stagnating for the past 18 months with business investment taking a major drop as companies have delayed spending due to uncertainty. Investment in the right areas could provide the financial boost needed to create more investment and growth in the UK.
The main personal finance pledge in the Tory’s election manifesto was a tax cut for more than 30 million workers in the form of an increase in the threshold for paying National Insurance. This will save all workers earning more than £12,600 around £100 a year. This is also likely to be confirmed in the Budget.
On the 11th of March let’s all keep our eyes open and see how the budget may have an effect on our lives and businesses.
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