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Budget will be on Wednesday 3rd March 2021 Chancellor Rishi Sunak will make his Budget Statement on Wednesday 3rd March 2021 to the House of Commons responding to the forecast from the Office for Budget Responsibility (OBR). His statement will set out the next phase of the plan to tackle the virus and protect jobs and will be published alongside the latest forecasts from the Office for Budget Responsibility (OBR). The Budget Statement will start at 12.30pm after Prime Minister's Questions and it's expected to last for a maximum of an hour. As usual we will have a prompt report on the statement and the measures announced by the Chancellor of interest to classic motoring enthusiasts posted here within an hour or so of his sitting down in the House of Commons. What could we see of interest to classic car enthusiasts? We hope the freeze on fuel duty will continue and also that there will be no further increases in Insurance Premium Tax (IPT). See our report on fuel duty The outlook for the 2020 Spending Review from the Institute of Fiscal Studies or OBR data IFS website See a guide to Budget statement buzzwords. More... BBC NEWS briefing. More |
| KPMG
heads up says "The Government must decide whether it is to
tolerate the high debt burden, hoping that interest rates stay low
for the foreseeable future, or to actively try to bring the debt burden
down. GDP growth might act to reduce the relative debt burden, but
it is likely that more will be needed. To make real inroads a combination
of tax rises and austerity are likely to be required, and austerity
may not look like an attractive option when the pandemic has exposed
weaknesses in public services that need to be fixed. The widespread expectation is therefore that taxes will have to rise to help pay down the debt and invest in areas of public services, such as the NHS. Economically, the Chancellor also needs to spur GDP growth and tackle the unemployment crisis caused by the pandemic. Tax increases will help the deficit situation but tend to act as a drag on unemployment and GDP growth. On the other hand, some believe that tax cuts are the answer, spurring growth in both GDP and employment to generate increased tax revenues and ease public debt. More |
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