(Previous) Chancellor Sajid Javid announced that he would present the 2020 Budget on 11 March, pledging to kickstart an “infrastructure revolution”. Since this announcement he's been replaced by a new Chancellor, Rishi Sunak. Mr Javid scrapped last year's Budget, which was due to take place in November, to make way for December's General Election.
Following the Conservative's landslide election win, the Chancellor is expected to use their first Budget to formalise many of the spending commitments outlined in the Tory manifesto.
Announcing the Budget date, Mr Javid said: “People across the country have told us that they want change. We've listened and will now deliver. 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.”
What can we expect from this year's Budget?
As Budgets go, this year's is set to be a big one. Not only is it the Conservative's first Budget since securing a large parliamentary majority, it will also be the UK's first Budget after leaving the EU on 31 January.
The Chancellor has already indicated that infrastructure will play a central role in the Budget, telling the BBC that “there will be up to an extra £100bn of investment in infrastructure over the next few years”. It's thought this extra money will be ploughed into the Midlands and the North in an attempt to “level up” opportunities across the country.
After dominating the election campaign, public services are also likely to be in line for a major Budget boost. Mr Javid is expected to deliver on the government's commitment to invest in new hospitals, increase funding for schools and train thousands of new police officers.
And, of course, tax is another area that's sure to make the headlines. Before the election, prime minister Boris Johnson said he wanted to raise the threshold for paying national insurance contributions to £9,500 in 2020/21. He also previously stated that he would freeze a cut in corporation tax and take action to help firms with business rates. According to some experts, changes to pensions tax relief and entrepreneurs' relief may also be on the horizon.
However, the upcoming Budget is not without controversy. Critics have voiced concerns that the delay to the Budget means the Office for Budget Responsibility, which provides independent economic forecasts, won't have adequate time to scrutinise the public finances.
Meanwhile, the Scottish parliament has warned that central government's new Budget date does not give it sufficient time to prepare its own Budget.
Updates to your website
So, where does that leave accountancy firms? Well, with talk of spending boosts and Budget giveaways, there should be plenty of measures to tell your clients about. The good news is that we will take care of this for you, as all of our accWEBSITE customers' sites are updated automatically with the key Budget announcements.
How we work
Following the Chancellor's speech, which usually takes place at around 12.30pm, the editorial teams at both Mercia and Practice Track will start dissecting the Budget document and accompanying notes and press releases. They'll also keep an eye on the media coverage to monitor the business and political reactions to the Chancellor's announcements.
Our detailed Budget Report summary will then be published on your website, ready for your clients to read the next morning.
We'll also send out a special branded email newswire directly to your clients' inboxes the morning after the Budget. This will include a link to a detailed Budget summary on your website. The newswire will also encourage your clients to contact you, as their accountant, for advice on how the Budget changes may affect their business and personal finances.
What you need to do
To ensure all of your clients and prospects receive the Budget newswire, please make sure your newswire contact lists are up to date. This can be done in the contactMANAGER section of your website, which is accessed via the control centre.
As one of the most significant economic events of recent years, the upcoming Budget presents the ideal opportunity to talk to your clients about the announcements and the potential impact on their finances.
All of our Budget content is written specifically with accountants' clients in mind and is included as standard for our accWEBSITE customers. Learn more about our accWEBSITE service here.