The new Chancellor, Rachel Reeves, previously indicated that a Budget would only be held with the accompanying Office for Budget Responsibility forecasts. These forecasts require ten weeks’ notice.
A Budget in late September, or October, is consequently quite possible. The only real and potential obstacle to that is the need to negotiate party conference season. That might suggest November as a prime candidate.
Nevertheless, an emergency budget is equally possible.
I have doubts as to whether well thought through significant changes to inheritance tax and capital gains tax could be formulated and finalised during such short periods. That may well be deferred until a later budget. There could. However, be statements of intent later this year.
The message is, ‘stay tuned’ and assume nothing until the new government has had time to settle in.
Stephen Parnham
July 2024
