Chancellor of the Exchequer Philip Hammond has announced that this year’s Budget will be taking place on 29 October, a month earlier than usually expected. In an unusual move, the Budget is set to be revealed on a Monday, as opposed to the conventional Wednesday.
The Budget will be watched keenly by those wishing to garner insight into the shape the government’s post-Brexit spending will take, with particular interest focussed on how Philip Hammond will find the money to give the NHS the extra funding promised earlier this year, while leaving room for any post-Brexit measures which may be necessary.
In the announcement on its website, the government promises that this year’s Budget “will set out the government’s plan to build a stronger, more prosperous economy”.
However, with crucial Brexit negotiations taking place either side of the Budget and any sign of a final deal yet to materialise, the question must be asked, “How much can the Treasury realistically plan for the as yet unforeseeable?”
Make sure to keep an eye out for any further news on Budget 2018 with regular updates on our Tax Blog.
This publication has been prepared by Robinson Reed Layton LLP. It is to be treated as a general guide only and is not intended to be a comprehensive statement of the law or represent specific tax advice. No liability is accepted for the opinions it contains, or for any errors or omissions. All rights reserved.