While the last Budget seems like yesterday, the next one is almost around the corner. Maybe it’s the fact that since that March Budget, we have had a number of key government announcements that have felt like budgets; from the creation of the Job Retention Scheme in March to the summer economic statement in July, the pace of changes and measures announced has been extraordinary.
And this Budget is set to be different again. For starters, we are also expecting a Comprehensive Spending Review, which is set to conclude around the same time.
But this Budget also comes at a critical time. A time when the support measures are set to be faded out, including the Job Retention Scheme at the end of October, and when there is still so much uncertainty about the impact of the pandemic. With risks of a second wave or local lockdowns, the Chancellor will have to manage many moving parts. But it is also an opportunity for change: the fundamental business rates call for evidence was published this week, alongside the R&D tax credit review and we are expecting the interim findings of the Net Zero review to published alongside the Budget. Finally, the long-awaited National Infrastructure Strategy is set to be launched. So, plenty of longer-term strategic challenges the UK should be getting on with.
The Comprehensive Spending Review (CSR) is another vital puzzle piece of the long-term strategy of this government. The deadline for any representations has been set for 24 September 2020, and when it was launched this week, the government set out its interest to hear from submission in the following areas:
- Prioritising jobs and skills
- Levelling up economic opportunity across all nations and regions
- Improving outcomes in public services
- Making the UK a scientific superpower
- Strengthening the UK’s place in the world
- Improving the management and delivery of our commitments.
The CBI will be making representations to both. If you would like to share your views on the following, please get in touch.
- What should the CBI include in its recommendations to the Budget and CSR?
- What measures could the government adopt to increase investment?
- What additional support may be needed in response to the pandemic?
- What longer-term policies would you like to see the government adopt now?
If you have any views, or would like to get involved, please contact Fiona Geskes. We also have a number of tax working groups, where ideas for the Budget submission are discussed and developed. Finally, we are regularly updating our Coronavirus Hub with the latest announcements / guidance.