Autumn Budget cancelled
The Autumn Budget has been cancelled due to the uncertainty caused by the pandemic.
Typically the Budget outlines long-term measures for the economy and happens around November.
Instead Chancellor Rishi Sunak (pictured) is expected to unveil new measures to combat Covid-19 today in response to the dreaded ‘second wave’ of the virus.
The Coronavirus Job Retention Scheme, which allowed employers to furlough staff, is due to close in October.
Genevieve Morris, head of corporate tax at tax and advisory firm Blick Rothenberg, said: “The announcement that there will be no Budget this year comes as no surprise.
“it would have been difficult for the Chancellor to announce tax changes in the Autumn which are aimed at recouping the costs of the pandemic, whilst the country is still in the grip of a second wave and many businesses and individuals will be looking at having to pay deferred income tax, corporation tax and VAT liabilities and start repayments on the CBILs in the first quarter of 2021.”
She added:” What we need from the Chancellor now is a promise that there will not be overnight tax changes announced in the Autumn, or reforms which put additional burden on individuals and businesses.
“A promise from the Chancellor now will remove the ambiguity which is worrying people at the moment and at least provide some certainty over the next six months.”