{"id":20602,"date":"2020-12-17T15:31:57","date_gmt":"2020-12-17T15:31:57","guid":{"rendered":"https:\/\/smh.group\/?p=20602"},"modified":"2020-12-17T15:31:57","modified_gmt":"2020-12-17T15:31:57","slug":"not-the-autumn-budget-or-the-autumn-statement","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/","title":{"rendered":"Not the Autumn Budget or the Autumn Statement"},"content":{"rendered":"\n

The Chancellor\u2019s November \u2018Financial Statement\u2019 revealed more spending and more government borrowing, but no mention of tax rises.\u00a0<\/strong><\/p>\n\n\n\n

The UK budgetary cycle is in something of a mess at present. In 2019, unusually the was no Budget thanks to December\u2019s general election. For the same reason, the three-year Spending Review which should have been accompanied the Budget was abbreviated to a one-year Spending Round. Just as unusually, it was presented by a Chancellor, Sajid Javid, who never got to deliver a Budget.<\/p>\n\n\n\n

His successor, Rishi Sunak, did present a 2020 Budget in March, but abandoned plans for an Autumn 2020 Budget because of the uncertainties caused by the pandemic. He was also due to deliver a three-year Spending Review this autumn, but Covid-19 meant that, once again, the timeframe was shortened to twelve months.<\/p>\n\n\n\n

The one-year review emerged on 25 November alongside the latest Economic and Fiscal Outlook projections from the Office for Budget Responsibility (OBR). The OBR\u2019s last Outlook had been published on 11 March, coincidentally on the day that the World Health Organization declared Covid-19 to be a pandemic.<\/p>\n\n\n\n

The OBR\u2019s November calculations were dramatically different from those it produced in March. Whereas in spring the OBR had forecast that the government would borrow \u00a355bn in the current financial year (2020\/21), by November that figure had risen to \u00a3394bn \u2013 the tall red column on the graph. Over \u00a3280bn of that extra borrowing can be attributed to the costs of dealing with the pandemic. In 2021\/22, a further \u00a355bn will be spent dealing with Covid-19, pushing up that year\u2019s borrowing to nearly \u00a3165bn.<\/p>\n\n\n\n

While the Chancellor detailed a raft of spending measures for the coming financial year, he said very little about tax. The nearest hint was to comment \u2018\u2026we have a responsibility, once the economy recovers, to return to a sustainable fiscal position\u201d. The OBR was slightly less obtuse, noting that \u201ceven on the loosest conventional definition of balancing the books, a fiscal adjustment of \u00a327 billion \u2026 would be required to match day-to-day spending to receipts by the end of the five-year forecast period\u201d. That would equate to an increase of over 11% in income tax receipts \u2013 the largest single source of revenue.<\/p>\n\n\n\n

The spring 2021 Budget \u2013 assuming it is not deferred \u2013 is likely to be when Mr Sunak starts talking tax increases. <\/p>\n\n\n\n

Now is the time to focus on your year end tax planning, if you need any help our Financial Services<\/a><\/span><\/strong> team are on hand on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n\n\n\n

The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax advice. <\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

The Chancellor\u2019s November \u2018Financial Statement\u2019 revealed more spending and more government borrowing, but no mention of tax rises. <\/p>\n","protected":false},"author":4,"featured_media":20603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[426,180,191,58,691,692,690],"class_list":["post-20602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-autumn-budget","tag-budget","tag-finance","tag-financial-services","tag-financial-statement","tag-obr","tag-sutumn-statement"],"acf":[],"yoast_head":"\nNot the Autumn Budget or the Autumn Statement - SMH Group Financial Services<\/title>\n<meta name=\"description\" content=\"The Chancellor\u2019s November \u2018Financial Statement\u2019 revealed more spending and more government borrowing, but no mention of tax rises.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Not the Autumn Budget or the Autumn Statement - SMH Group Financial Services\" \/>\n<meta property=\"og:description\" content=\"The Chancellor\u2019s November \u2018Financial Statement\u2019 revealed more spending and more government borrowing, but no mention of tax rises.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-17T15:31:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2020\/12\/Budget.png\" \/>\n\t<meta property=\"og:image:width\" content=\"739\" \/>\n\t<meta property=\"og:image:height\" content=\"538\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"Not the Autumn Budget or the Autumn Statement\",\"datePublished\":\"2020-12-17T15:31:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/\"},\"wordCount\":442,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2020\/12\/Budget.png\",\"keywords\":[\"Autumn Budget\",\"budget\",\"Finance\",\"financial services\",\"Financial Statement\",\"OBR\",\"Sutumn Statement\"],\"articleSection\":[\"SMH Financial Services\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/\",\"name\":\"Not the Autumn Budget or the Autumn Statement - SMH Group Financial Services\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2020\/12\/Budget.png\",\"datePublished\":\"2020-12-17T15:31:57+00:00\",\"author\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"description\":\"The Chancellor\u2019s November \u2018Financial Statement\u2019 revealed more spending and more government borrowing, but no mention of tax rises.\",\"breadcrumb\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#primaryimage\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2020\/12\/Budget.png\",\"contentUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2020\/12\/Budget.png\",\"width\":739,\"height\":538},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Not the Autumn Budget or the Autumn Statement\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#website\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/\",\"name\":\"SMH Group\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\",\"name\":\"Brendan Hall\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g\",\"caption\":\"Brendan Hall\"},\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Not the Autumn Budget or the Autumn Statement - SMH Group Financial Services","description":"The Chancellor\u2019s November \u2018Financial Statement\u2019 revealed more spending and more government borrowing, but no mention of tax rises.","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"Not the Autumn Budget or the Autumn Statement - SMH Group Financial Services","og_description":"The Chancellor\u2019s November \u2018Financial Statement\u2019 revealed more spending and more government borrowing, but no mention of tax rises.","og_url":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/","og_site_name":"SMH Group","article_published_time":"2020-12-17T15:31:57+00:00","og_image":[{"width":739,"height":538,"url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2020\/12\/Budget.png","type":"image\/png"}],"author":"Brendan Hall","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Brendan Hall","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#article","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/"},"author":{"name":"Brendan Hall","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"headline":"Not the Autumn Budget or the Autumn Statement","datePublished":"2020-12-17T15:31:57+00:00","mainEntityOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/"},"wordCount":442,"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2020\/12\/Budget.png","keywords":["Autumn Budget","budget","Finance","financial services","Financial Statement","OBR","Sutumn Statement"],"articleSection":["SMH Financial Services"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/","url":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/","name":"Not the Autumn Budget or the Autumn Statement - SMH Group Financial Services","isPartOf":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website"},"primaryImageOfPage":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#primaryimage"},"image":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#primaryimage"},"thumbnailUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2020\/12\/Budget.png","datePublished":"2020-12-17T15:31:57+00:00","author":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e"},"description":"The Chancellor\u2019s November \u2018Financial Statement\u2019 revealed more spending and more government borrowing, but no mention of tax rises.","breadcrumb":{"@id":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#primaryimage","url":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2020\/12\/Budget.png","contentUrl":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2020\/12\/Budget.png","width":739,"height":538},{"@type":"BreadcrumbList","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/not-the-autumn-budget-or-the-autumn-statement\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/devstagesite.co.uk\/smhgroup\/"},{"@type":"ListItem","position":2,"name":"Not the Autumn Budget or the Autumn Statement"}]},{"@type":"WebSite","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#website","url":"https:\/\/devstagesite.co.uk\/smhgroup\/","name":"SMH Group","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/devstagesite.co.uk\/smhgroup\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e","name":"Brendan Hall","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fe3e3bb96786e02b14d97d1c006fde60e4080a2841fd919bafa62c4cc1c65688?s=96&d=mm&r=g","caption":"Brendan Hall"},"url":"https:\/\/devstagesite.co.uk\/smhgroup\/author\/brendan-hall\/"}]}},"_links":{"self":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/20602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/comments?post=20602"}],"version-history":[{"count":0,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/posts\/20602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media\/20603"}],"wp:attachment":[{"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/media?parent=20602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/categories?post=20602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/devstagesite.co.uk\/smhgroup\/wp-json\/wp\/v2\/tags?post=20602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}