11 June 2019
The Autumn Budget is a key fiscal event in which the Chancellor of the Exchequer announces the government’s plans for tax and spending for the next financial year, so they can be legislated for the start of the year ahead.
Since 2017, the Budget has taken place in the Autumn rather than the Spring of each year. The UK now has just one major change to the tax system every year.
What is the date of the 2019 Autumn Budget?
The date for the 2019 Autumn Budget has not yet been formally announced. However, the next UK Budget is expected to take place in October or November to follow the last two Autumn Budgets, which took place on 29 October 2018 and 22 November 2017 respectively.
The 2018 Autumn Budget actually took place earlier than expected, so it didn’t clash with ongoing Brexit negotiations at the time. The previous Chancellor of the Exchequer, Philip Hammond, also announced the date via Twitter on 26 September 2018 – just over a month before the event, so we will be keeping a very close eye on Sajid Javid’s, the new Chancellor of the Exchequer, Twitter feed for this year’s date too!
What will be included in the Autumn Budget 2019?
It is expected that the 2019 Autumn Budget will follow the same format as the previous two Budgets, as the Chancellor of the Exchequer delivers the latest tax updates.
In the 2019 Spring Statement, Philip Hammond announced that he will be launching a Spending Review, which will be concluded alongside the Autumn Budget, however, this has now been put on hold until 2020 due to Brexit.
With the future of the UK’s relationship with the EU still unclear, and a new Prime Minister in place, will Brexit impact this year’s Budget too?
Recap: Autumn Budget 2018 key points
In the 2018 Autumn Budget, Mr Hammond announced forecasts of ongoing growth that will make for a strong and prosperous post-Brexit UK. He also shed some positive light on the business landscape, driving spend into an entrepreneurial movement that is more fitting for the new technological age.
Read more: Follow the link for our key takeaways for the Autumn Budget 2018.
Whatever happens in the Autumn Budget, TBL Accountants will keep you up to date, letting you know how the announcements will affect you and your business.