This is when the UK budget will be unveiled - and what it could mean for you

Wednesday, 19th February 2020, 2:42 pm
Updated Wednesday, 19th February 2020, 2:46 pm

Chancellor Rishi Sunak will unveil Westminster government's spending plans next month - here's everything you need to know.

When is the budget?

The UK budget will be unveiled on March 11.

This will be the first budget since the UK's withdrawal from the European Union, and the first to be held in Spring since March 2017.

The last budget was held October 2018 - one had been scheduled for November 2019, but was postponed following the announcement of a snap general election.

Who's the Chancellor?

Rishi Sunak assumed the position of Chancellor of the Exchequer on February 13, but has assured the public that he will have ample time to prepare for the budget reveal.

He took the place of Sajid Javid who stepped down after being asked by Prime Minister Johnson to dismiss parliamentary aides.

Sunak's only previous senior role within the government was as Chief Secretary to the Treasury to which he was appointed by Prime Minister Johnson in July 2019.

How big is the UK budget and how is it funded?

The UK Budget was set at £842bn in 2018, compared to £809bn in November 2017 and £802bn in March 2017.

Revenue, generated by tax and other sources of income, was £810bn, £769bn and £744bn 2018, November 2017 and March 2017 respectively.

What can we expect from the 2020 Budget?

Infrastructure

Prime Minister Johnson announced plans to appoint a minister to oversee the building of the high speed rail network HS2 - the project is projected by some to cost well over £100bn so a sizable chunk of the budget should be allocated on March 11.

Spends are also expected be allocated to the upgrading of the Northern Rail lines too.

Pension reform

The government are considering reforms to pension tax relief, according to the Financial Times.

In an attempt to raise more money for the exchequer the Conservative government are reportedly keen on lowering the higher-rate taxpayers tax relief from 40 per cent of their income tax to 20 per cent.

Inheritance tax

A cross-party group of MPs have called for a cut to inheritance tax. There’s a proposal to cut the rate to 10 per cent down from the current rate of 40 per cent, while lowering the amount of tax-free allowances.

National insurance

During the 2020 election the Prime Minister pledged to raise the National Insurance threshold to £12,500 in a move that could save lower paid workers £100-a-year.

National living wage

The government have already announced plans to raise the National Living Wage to £8.72 an hour, but plans to raise the wage to £10.50 by 2024 could be revealed at the March budget.

Environment

In their 2019 manifesto the Conservatives said they would "prioritise the environment in the next Budget".

Policies in the manifesto that could be referenced in the Budget include £9.2bn towards improving the energy efficiency of homes, schools and hospitals.