Tax and regulation policy briefing

The Budget that was, and then wasn’t

October has seen the government announce its intention to hold a Budget on 6 November and then cancel it due to the imminent general election in December. This sort of flip-flopping doesn’t help business certainty in a time where it is in short supply, but it’s also not totally unexpected given the on-going challenge of Brexit.

For business the postponement of the Budget, which will now most likely take place in the new year, means two things. First, a lost opportunity to see important government decisions taken on critical issues from the national infrastructure strategy, the R&D roadmap to the future devolution framework and reform of the business rates regime. Second, it throws into the air the timing of the Finance Bill which usually gets laid before parliament in the Autumn so that it can receive Royal Ascent before the start of the next tax year, on 6 April.