6 November budget cancelled following Brexit delay
The Chancellor will not be bringing forward the budget on 6 November, following the latest Brexit delay and the PM’s wish to hold a general election by 14 December.
The Chancellor, Sajid Javid, has confirmed that the budget will not be taking place on 6 November, after Parliament voted to delay the UK’s withdrawal from the EU and the PM subsequently called for a general election.
PM Boris Johnson is pushing for an election before the end of the year, which if successful could see Parliament dissolved in early November.
“If this Parliament can’t get Brexit done, then we need one that will,” The PM announced late last week.
Early last week, the Federation of Small Businesses (FSB) called for the Chancellor to bring forward radical interventions to address an unprecedented long-term slump in small business confidence, slowing economic growth and a widening trade deficit.
Writing to the Chancellor, the group called for a major reduction in business rates bills for small firms, as thousands struggle to stay afloat amid spiralling operating costs.
“Small businesses have been left hamstrung by uncertainty for the past three years. We need to see the Chancellor step-up to the mark next month with measures that will reinject optimism into the small business community and enable growth. Otherwise, we’re in for a very bleak winter,” warned FSB national chairman Mike Cherry at the time.
This year’s September spending round only covered a one-year period, with the Treasury announcing that a full, multi-year spending review is now due to take place in 2020.