Breaking news: next Budget will be held on 11 March
Posted on 8th January 2020
According to Javid, the Budget will prioritise tackling the ever-growing environmental issues and also expand on the recent announcements regarding extra expenditure on public services. The rising cost of living will also be addressed, as well as recent discussions surrounding investing in new hospitals, the training of thousands of new police officers, more funding being granted towards vocational education and the 'biggest ever' increase to the National Living Wage of 6.2% seeing an increase to £8.72.
The Chancellor has said that the new Budget will "unleash Britain’s potential, level up across the UK and usher in a decade of renewal", while starting a new economic chapter and "seizing the opportunities that come from getting Brexit done".
The March Budget is expected to deliver on the government's promises to address the ever-rising cost of living for hardworking British citizens by addressing tax issues. Javid will also be expected to address the committment to invest billions of pounds in public services and education across the country.
Low interest rates will be taken advantage of, leading to responsible investments while keeping the national debt under control. The Charter of Fiscal Responsibility will be updated with new rules to reflect these changes.
What could it mean for you?
During the 2019 election, Prime Minister Boris Johnson said that he would raise the National Insurance threshold from £8,632 to £9,500, and then to £12,500. This plan, which would save around 31 million lower paid workers around £100 a year, could be confirmed in the Budget so it'll be interesting to see if Johnson comes through with his promise.
Johnson also hinted during his campaign that the TV licence fee could be scrapped for pensioners - and they are also expected to benefit from other perks including a winter fuel payment,an older person’s bus pass and a triple lock increase on the state pension.
Finally, would-be homeowners who work in the public sector may also get a look in on this year's Budget. The government did pledge to support home ownership so there could be announcements surrounding plans to offer public sector employees a 30% discount when buying a home, which would be funded by developers.
Nicola J Sorrell
- Effective Accounting
Founder | Xero Champion | IR35 Expert
Tagged as: Budget & Tax Rates
Share this post: