Budget 2018 due October 29th
22nd October 2018
The Chancellor of the Exchequer, Philip Hammond, has announced that the Budget will take place on Monday 29th October.
The time has not yet been confirmed but there’s speculation of a 3.30pm start; with the Commons not sitting until 2.30pm on a Monday, it seems the most likely approximation.
The Budget date, which is three weeks earlier than last year, is likely to have been brought forward due to a potential calendar clash with Europeans Council negotiations.
Many IR35 experts were hoping for a delayed budget. A later announcement would mean that any new rules wouldn’t be implemented until April 2020, leaving more time to campaign against decisions made by the Treasury that could severely impact contractors.
However, by holding the budget early, there’s concern that the government will claim sufficient time for the private sector to prepare for any IR35 changes.
As this is most likely the final Budget while the UK is part of the EU, one of the biggest themes will be how the economy is prepared for the UK’s exit. Arguably, any deal struck – or not – with the EU will have a much larger impact than anything the Chancellor can predict.
Other potential themes to be discussed are:
- The end of austerity
- The 'sin taxes' set to creep in on cigarettes and alcohol
- Fuel duty increases
- Income tax level freeze
- Benefits, specifically Jobseeker's Allowance, Employment and Support Allowance and Child Benefit
- Public sector pay cap.