Budget 2020: Don't Mention The B Word!
I'm not referring to Boris or Brexit ...
Posted by Roger Eddowes on 13/01/2020 @ 8:00AM
Where was the budget in 2019? Especially as last year saw two Chancellors housed in Number 11. Did I miss it? No, because there wasn’t one, the first time a budget was missing in the year for over 250 years ...
Sajid Javid has scheduled Budget 2020 for 11th March!
copyright: ventdusud / 123rf
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 the ability to reduce them further is near nigh on impossible, 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.
One great tip for 2020 is:
While writing a date on any document in the new year 2020, we should write it in its full format eg 06/01/2020 and not 06/01/20 because anyone can change it to say 06/01/2000 or 06/01/2019 or any year in between to suit their convenience.
So, don’t write or accept it in any documents!
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.
Until next time ...
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About Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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