On the morning of the Budget day, the Bank of England (BoE) had announced an emergency cut in interest rates to bolster the economy amid the COVID-19 outbreak. BoE base rate was reduced from 0.75% to 0.25% returning it to its lowest level in history.
Newly appointed Chancellor of the Exchequer, Rishi Sunak, delivered his first Budget on 11 March, against a backdrop of uncertainty following the CoVID-19 outbreak and subsequent financial losses. It was the first of two budgets to be delivered in 2020, with the second to follow in the autumn.
In this budget update we cover the main points raised including:
- COVID-19 and the NHS
- The Economy and Business
- Personal Taxation and Wages
- Infrastructure and the Environment
- Environmental Measures Announced
- A summary of other key points
As always – if you wish to discuss any of the areas within this article, or wider financial planning then do let us know.
Click below to download our Spring Budget Summary March 2020 now.
It is important to take professional advice before making any decision relating to your personal finances. Information within this guide is based on our current understanding of taxation and can be subject to change in the future. It does not provide individual tailored investment advice and is for guidance only.