7 January 2020
The Autumn Budget is a key fiscal event in which the Chancellor of the Exchequer announces the government’s plans for tax and spending for the next financial year, so they can be legislated for the start of the year ahead.
Since 2017, the Budget has taken place in the Autumn rather than the Spring of each year. The UK now has just one major change to the tax system every year.
What is the date of the 2019 Autumn Budget?
The date for the 2019 Autumn Budget had been set for Wednesday 6 November 2019. However, as the vote on Brexit has been delayed, the Chancellor of the Exchequer, Sajid Javid, has since announced that the Budget will not take place on 6 November. Instead, it has been announced that the next Budget will take place on Wednesday 11 March 2020.
In September, there was growing speculation that the 2019 Autumn Budget would take place in the week of 21 October if Britain can agree on a Brexit deal.
The 2018 Autumn Budget actually took place earlier than expected, so it didn’t clash with ongoing Brexit negotiations at the time. The previous Chancellor of the Exchequer, Philip Hammond, also announced the date via Twitter on 26 September 2018 – just over a month before the event.
What will be included in the Autumn Budget 2019?
It is expected that the 2019 Autumn Budget will follow the same format as the previous two Budgets, as the Chancellor of the Exchequer delivers the latest tax updates.
In the 2019 Spring Statement, Mr Hammond announced that he will be launching a Spending Review, which will be concluded alongside the Autumn Budget, however, this has now been put on hold until 2020 due to Brexit.
As of August 2019, in his first interview with The Times as Chancellor, Mr Javid hinted at his plans to reform the housing system – potentially changing Stamp Duty Land Tax so that the seller pays rather than the homebuyer.
Then, in September, the Chancellor delivered his Spending Round to Parliament, which sets out departmental spending plans for 2020-2021.
In this review – which is the largest spending rise in more than 15 years – he announced an increase of £13.8 billion in spending to deliver on the public’s priorities. The government will provide schools with more money per pupil, along with a boost for the NHS, the social care sector, the police and the Armed Forces.
With regards to Brexit, Mr Javid also committed to setting aside another £2 billion set aside to help with preparations related to leaving the European Union without a deal in place.
Recap: Autumn Budget 2018 key points
In the 2018 Autumn Budget, Mr Hammond announced forecasts of ongoing growth that will make for a strong and prosperous post-Brexit UK. He also shed some positive light on the business landscape, driving spend into an entrepreneurial movement that is more fitting for the new technological age.
Read more: Follow the link for our key takeaways for the Autumn Budget 2018.
Whatever happens in the Autumn Budget, TBL Accountants will keep you up to date, letting you know how the announcements will affect you and your business.