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Sunak considering delaying the Budget

UK
  • The Guardian has reported that Chancellor Rishi Sunak is considering delaying the Budget into the spring (rather than November). From the story:
  • "Rishi Sunak is considering pushing the budget into next year so the Treasury can weigh up the economic impact of ending the furlough scheme and the third wave of the pandemic over the coming months."
  • "The chancellor is planning to tell MPs before next week's parliamentary recess that he will hold a three-year spending review in the autumn but he is thinking about delaying tax measures until the spring, government sources have confirmed."
  • This could potentially mean that the OBR provide an updated set of economic forecasts in the autumn independent of the Budget. The OBR is mandated to provide two sets of forecast each fiscal year.
  • If the OBR provided an updated set of fiscal forecasts in the autumn, we would expect any update to the DMO's gilt/T-bill remit to be released at a similar time.
  • The full Guardian story is available here.
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