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COVID-19 BRINGS AUTUMN BUDGET POSTPONEMENT

The UK Treasury has announced a postponement to the Autumn Budget 2020. Whilst no date had been set for delivery of the Budget by UK Chancellor, Rishi Sunak, it had been expected this October. This would have followed a “mini-budget” in July 2020 and Mr. Sunak’s first budget in March this year.

In the last few weeks, there had been much speculation in the UK press regarding potential changes the Chancellor would announce to UK pensions, as part of an overall package aimed at starting to recoup the costs of the pandemic. However, a statement from the Treasury said: “As we heard this week, now is not the right time to outline long-term plans – people want to see us focused on the here and now.

“So we are confirming today that there will be no Budget this autumn.”

In a follow-up to this postponement, the Chancellor unveiled the Government’s Winter Economy Plan on 24 September, aimed at providing further support to businesses and workers in light of the pandemic.