Chancellor confirms date for the next budget
The Chancellor of the Exchequer Sajid Javid MP has confirmed that the next budget will be held on Wednesday 11 March 2020.
The Chancellor will be expected to be delivering on the agenda laid out in the Conservative party manifesto which included promises such as:
- Freezing rates on income tax and National Insurance
- Raise the National Insurance threshold to £9,500 in April 2020, and aim to raise it to £12,500
- A stamp duty surcharge on non-UK resident buyers
- 30 percent discount for local first-time buyers
- A target of building 1 million homes in the next five years
- Invest £9.2 billion in energy efficiency of homes, schools and hospitals
- Ending the benefit freeze
- Full fibre and gigabit capable broadband to every home and business across the UK by 2025
The commitments laid out will require funding if the vision to unite and level up the country is to be realised. It will also be interesting to see whether there will be funding for the courts system given the Government’s commitment to introduce the Renters’ Reform Bill which confirmed that Section 21 will be abolished.
The NLA will be making its budget representation which will highlight the areas that we will be pressuring the Government to focus on, given that the private rented sector houses over 4.5 million households. Full details of our proposals to HM Treasury will be shared by 7 February 2020 and more details on the guidance for submissions can be found here.