Will there be an Emergency Budget this summer?

It has been reported in the national press that the Government have pencilled in an emergency budget statement to be held during the week commencing 6 July 2020, however whether or not this is the case, has yet to be confirmed by the Treasury.

In the Spring Budget on 11 March, the Chancellor indicated that there would be a second Budget in the autumn. However, there is real concern about the scale of potential job losses as a result of the Coronavirus pandemic and the Chancellor is urging the Prime Minister to bring forward a stimulus package to save the economy.

If confirmed by the Government, it is unlikely that this statement will be a full Budget with tax changes. Instead there could be announcements, or hints, on forthcoming tax policies that may need to be implemented, with specific proposals delayed until the autumn Budget. It may be that some taxes are reduced in order to stimulate the economy, although clearly there will be a large bill as a result of the pandemic which will need to be paid for at some point. Time will tell what the changes will be, and we will update you once we know more.

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