Chancellor of the Exchequer, Sajid Javid, has confirmed that the next budget will be held on Wednesday 11 March, 2020.
The Chancellor says this budget will set out plans to unleash Britain’s potential, level up across the UK and seize the opportunities that arise from getting Brexit done.
Priorities within the Budget could include:
- opening a new chapter for the UK’s economy;
- delivering on the Government’s pledge around tax cuts, raising the threshold for paying National Insurance and a cash increase to the National Living Wage;
- reducing regional productivity disparities by investing billions of pounds across the country, including higher levels of investment in the North and Midlands;
- prioritising the environment, with a commitment to reach net-zero carbon emissions by 2050, measures could include investment for energy-efficient homes, carbon capture storage and additional charges on single-use plastics;
- outlining plans to increase spending on public services, including funding for new police officers, hospitals, schools and social care;
- within the housing sector, there could be discounts for key-workers and first time buyers who are purchasing properties in their area along-with the possibility of a policy to enable tenants to transfer deposits between rented properties;
- reviewing entrepreneur’s relief.