Budget 2020: Don't Mention The B Word!

Where was the budget in 2019? Especially as last year saw two Chancellors housed in Number 11. Did I miss it? No ...

We have to go back to Lord North who failed to give a budget in 1768, so remember this fact for next Christmas' game of Trivial Pursuit or your local pub’s quiz night.

Does it matter that we were bereft of a budget? Probably not, as the last one was in November 2018 and Sajid Javid has announced that he will hold one on 11th March. It is important to have a budget, not just to play around with those all-important alcohol duties, but to allow the nation to scrutinise the economy and forecasts.

"So, have you any predictions for the budget? What would you do?"

It’s clear with interest rates so low and that the ability to reduce further is near nigh on impossible and that borrowing for infrastructure projects will be undertaken to provide an economic stimulus.

I expect projects to be announced for the north of England, but I have my doubts that, with the SNP calling for Independence, Sajid will budget for the proposed bridge between Northern Ireland and Scotland.

With the ability to borrow at such low rates, spending will be on the cards with more for the NHS, Education, the Police and Social Care spending. The main personal tax pledge in the manifesto was to increase the threshold for paying National Insurance, so that over the next few years it will get in line with the tax personal allowance (which it once was). This will give every worker more cash in their pocket, which can only be a good thing.

Whatever happens, the Treasury will no doubt have an eye on the trade agreement being negotiated with the EU in 2020. The hard bit of getting Brexit done is still to come.

If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.