UK Government Budget 2020
Rarely have we seen a Budget delivered against such a dramatic existential threat to the global economy. The fact that the Coronavirus will have a major impact on the major economies of the world is not in dispute. The extent of that impact on the UK economy is a significant judgment call for a Chancellor who has only been in the role for a matter of days. Who would envy Rishi Sunak the challenge he faces in the coming months? As if the task of managing the economy through a pandemic wasn’t big enough, he also faces the additional challenge of a collapse in the oil price after OPEC and the Russians falling out over production levels and price control mechanisms, and a significant correction in the UK stock market.
So what has he delivered in his first Budget? The Chancellor announced an injection of £12bn into the economy to mitigate the impact of the Coronavirus, and there was support for small businesses but a cut to Entrepreneur Relief.
Our summary also includes a useful recap of the key changes for the forthcoming 2020/21 tax year that have already been announced and passed into law.
If you have any questions about the contents of our summary or how any aspects of your tax and financial planning may be affected by the Budget, please call us to discuss them.