MARCH 2020 BUDGET
GETS THINGS DONE!
Rishi Sunak has only been Chancellor for four weeks, but he started his tenure with a bang. For a Conservative Chancellor, rarely do we see such a significant spending plan, with little detail on how the spending is to be paid for as there was little in the Budget by way of tax increases but plans for a lot of borrowing.
Following the Bank of England dropping interest rates by 0.5% to 0.25% to support the UK economy through the Coronavirus challenge in the morning, the Chancellor stated his Budget we will do everything to keep the Country healthy, providing a “bridge for the economy” in anticipation of the temporary economic impact of the virus (“Budget for security for today”), but also a Budget for prosperity (“prosperity for tomorrow”). The Chancellor reminded Parliament that in the recent election people voted for change, “change in our economy, change in our public services, change in the cost of living, change in our economic geography.” In the Chancellor’s words, his Budget “delivers on our promises to the British people. It is a Budget of a Government that gets things done.”
The phase “Gets things done” kept coming up!