The next Budget will be held on Wednesday 11 March, the Government has revealed.
To be held shortly after Britain leaves the EU, the Spring Budget will offer a first glimpse into the economic position of the UK.
According to the Chancellor Sajid Javid, the March Budget will address three key areas:
- a new chapter for the UK’s economy and prepare it for the decade ahead
- deliver on the Government’s promises on tax, to help tackle the cost of living for hard-working people
- make good on the commitment to level up and spread opportunity, including by investing billions of pounds across the country
As well as economic pledges, the Budget will also prioritise environmental reforms, boost spending on public services and increase the National Living Wage (NLW).
“People across the country have told us that they want change. We’ve listened and will now deliver,” said the Chancellor.
“With this Budget we will unleash Britain’s potential – uniting our great country, opening a new chapter for our economy and ushering in a decade of renewal.”
According to a recent announcement, the NLW will increase by 6.2 per cent from £8.21 to £8.72 for those over the age of 25 from 01 April 2020. The Government has also committed to supporting small businesses by reducing tax. Under changes expected to be confirmed in the Budget, the Employment Allowance – a relief on National Insurance bills for small employers – will be increased from £3,000 to £4,000, while business rates will continue to be cut for the smallest of businesses with the extension of the Retail Discount.