By PaperRocket Accounting, Oct 18 2019 12:59PM
In amongst all the Brexit talks and negotiations, you would be forgiven for having missed the announcement this week that this year’s Budget will be taking place in a few weeks time. Although, as with anything related to Brexit these days, it’s not entirely straightforward.
When is the 2019 Budget?
As it stands, with the UK scheduled to leave the EU on 31st October 2019, the Budget has been arranged for Wednesday 6th November. This will be Chancellor Sajid Javid’s first Budget as Chancellor and, in his words “the first budget after leaving the EU”. Traditionally, the Budget is held on a Wednesday following Prime Minister’s Questions (which take place every Wednesday at noon).
Will it definitely be held then?
In short, no. The above is based on the UK actually leaving the EU on the 31st October, which, as we know from the past 3 years, we’d need a crystal ball to check if it will actually happen! Whilst we are by default meant to be leaving the EU (either with a deal or without) on 31st October, as it stands, there are so many variables that mean leaving on that date is far from a certainty. With the Benn Act requiring Prime Minister Johnson to request an extension in the event of no deal, and with tentative steps being made by the negotiating team in Brussels to obtain a new deal which may or may not need a slight extension to fine tune, it is anyone’s guess as to whether we are still part of the European Union when we wake up on 1st November.
So how does that affect the Budget date?
If we don’t leave the EU at the end of October, then it is likely that the Budget will be downgraded to a simple economic statement, with the Budget itself being delayed. According to Mr Javid, this year’s budget is meant to set out the government's plans to "shape the economy for the future" in a post EU UK, so it is likely that the government would want to wait until we have actually left to do this.
Also, let us not forget that in this crazy political landscape we find ourselves in, with talks of second referendums, unlawful prorogations and oppositions parties refusing to agree to a general election, who honestly knows what will have happened by 6th November? And, if we find ourselves with a snap general election being called, the Budget will certainly have to be postponed whilst it’s decided who takes charge of the country going forward!
How can I keep up to date with Budget announcements if it does go ahead?
Never fear, PaperRocket are here! We will be watching BBC Parliament so you don’t have to! When the Budget does go ahead, make sure you are following us on Twitter (@PaperRocketAcc) where we will be live tweeting all of the important information. We will also be sifting through the Budget red book afterwards to check for any important details that didn’t make the speech, and publishing a blog with all your need to know info as soon as possible afterwards.
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