Here’s what we know so far.
The i newsletter cut through the noise
When is the Budget 2020?
The Treasury is yet to set a date but it its expected to be this autumn, to allow major tax changes to occur well before the start of the fiscal year.
In 2017, the budget took place at the end of November, while in 2018 it was delivered in October.
It was cancelled last year after Prime Minister Boris Johnson announced plans to hold a general election in December.
There are speculation that the autumn budget could once again be delayed this year over fears of a large second coronavirus wave in the UK.
According to the Financial Times, in the event the Budget was postponed until Spring next year, Mr Sunak would still deliver a “mini-spending review” this autumn.
What will be included in the Budget?
Nothing has been confirmed yet – but there’s already a lot of speculation about what the Chancellor is planning to announce.
The Chancellor claimed there would not be a “horror show of tax rises with no end in sight” but both he and Mr Johnson made clear there would be some increases for taxpayers to fund the coronavirus bailout.
There have also been reports that the Chancellor is considering options including corporation and capital gains tax increases, or cuts to pension tax relief and aid spending.
Support for businesses and workers
Rishi Sunak set out before the summer that the Government’s furlough scheme would come to an end on 1 October, bringing with it the potential prospect of mass redundancies and a return to unemployment figures not seen since the 1980s.
In an exclusive interview with i, Frances O’Grady, general secretary of the TUC, said that without additional support for businesses and workers, millions will lose their livelihoods in the months ahead.
Despite calls from across the business community to extend furlough payments, the Government has insisted the Job Retention Scheme (JRS) and Self-Employment Income Support Scheme (SEISS) will both end as planned at the end of October.
The Prime Minister and the Chancellor will have to decide whether they can introduce a more flexible furlough scheme for industries that are still closed down and whether they can find other measures to keep people in work.
State pension changes
Speculation has been mounting since July that the Government will renege on its election manifesto pledge to give pensioners a yearly income increase under the policy because an expected spike in wages could make the bill unaffordable in 2022.
Rishi Sunak previously told the Treasury Committee that he cannot comment on future policy but added it would be appropriate for the Government to look at the triple lock at the “right time”.
— to inews.co.uk