Budget confirmed for 11 March after Javid's departure

Darnell Taylor
February 21, 2020

Mr Sunak, the new Chancellor, is understood to be considering delaying the Budget beyond the now announced date of March 11.

The 39-year-old Chancellor also vowed to unleash the country's potential and deliver the promises made to the voters.

He added that the government had not confirmed that the Budget would "definitely" take place "on the same date as mentioned before [11 March]".

Sunak's predecessor Sajid Javid, who was already working on plans to increase public investment after a decade of tight controls on spending, resigned unexpectedly last week.

Last week, the pound enjoyed its best week in two months after Rishi Sunak's appointment as Britain's finance minister was interpreted as heralding a significant loosening in fiscal conditions.

In a tweet on Tuesday, Sunak stated: "Cracking on with preparations for my first Finances on March 11".

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Over the weekend, Transport Secretary Grant Shapps said Mr Sunak may delay the date of the Budget in order to give himself more time to prepare.

The BBC reported that a source close to Javid said: "The Prime Minister said he had to fire all his special advisers and replace them with Number 10 special advisers to make it one team".

But the change at the Treasury has opened the door for Johnson to rewrite or even scrap those fiscal rules, which Javid fought to establish past year.

Britain finally departed the European Union on January 31, leaving Johnson tasked with striking trade deals worldwide. It was suggested the pair are keen to relax spending rules - but do you think pension taxes should be slashed for high earners? Prior to quitting, officials said Javid was planning to keep the Budget closely aligned to the costings set out in the Conservative election manifesto.

In his resignation letter, Javid told Prime Minister Johnson: "I would urge you to ensure the Treasury as an institution retains as much credibility as possible".

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