The 2020 Budget saw the Chancellor unveil an ‘historic’ spending rise with some eye-watering sums, covering both the immediate challenge of the corona virus and the threat of recession, identified by the Office for Budget Responsibility.
Funded through £130 billion of extra borrowing rather than tax rises, though revenue raised from Corporation tax and Entrepreneurs’ Relief, and deficits becoming permanent rather than being phased out.
BUDGET FOR THE CORONAVIRUS
The measures complemented the emergency rate cut from the Bank of England and provide financial bridge during the outbreak, these measure include;
OTHER KEY MEASURES
For other key budget measures and their implications of these, See Our News section
- Budget 2020
Lucinda Matkin - Licensed Insolvency Practitioner & Chartered Accountant