Post-Brexit Budget set for March

Chancellor Sajid Javid has announced a date for his first Budget - on Wednesday 11 March 2020.

The fiscal announcement is the first since last month's general election and will be delivered less than a month before the start of the 2020/21 tax year. 

It should also be the first post-Brexit Budget, with the UK poised to finally leave the European Union on or before 31 January.

The Treasury is to "prioritise the environment" and "deliver on Government promises on tax".

That includes the biggest-ever increase to the national living wage, which is set to rise from £8.21 an hour to £8.72 from 1 April.

While some employers have to absorb those increasing costs, relief may arrive in the form of the employment allowance being raised.

Javid had been due to deliver his first Budget on 6 November 2019, but that was cancelled to make way for the 12 December general election.

The Chancellor said:

"People across the country have told us that they want change. We've listened and will now deliver.

"With this Budget, we will unleash Britain's potential - uniting our great country, opening a new chapter for our economy and ushering in a decade of renewal."

We will keep you informed of all tax changes.