Autumn Budget Back On?

There has been much speculation in the media over the weekend that an Autumn may not be postponed as many previously speculated but may be back on again.

Media reports claim that the Chancellor, Rishi Sunak confirmed late last week that he has already requested an updated Economic and Fiscal Forecasts report from the Office for Budget Responsibility by notifying the Chair of the Treasury Select Committee by letter.  Mr Sunak suggests that this report will be delivered by the OSBR by 27/10/2021.

Many commentators believe that it may not be a good thing to prepare a budget based upon economic and fiscal forecasts when we are still not clear of the pandemic and also the full impact of withdrawing government support to firms with furloughed staff as well as the Brexit effect.

Comment

The Scouts motto, as many will know is “Be Prepared”.  We suggest it would be remiss of the Chancellor and his advisers to not make plans for the Budget or economic stimulus in a post pandemic and post Brexit World.  We agree that the full effects of the pandemic and Brexit are still unknown but we assume the Government will have multiple models and scenarios planned for and will make the decision accordingly as to whether to postpone the Budget, have a contingency Budget or indeed prepare a fully expansive Budget depending upon how the following months ‘pan out’.