Displaying items by tag: Chancellor

Nadhim Zahawi, the former Education Secretary, has become the new Chancellor of The Exchequer following the shock resignation of Rishi Sunak yesterday.

Average earnings data published this morning by the Office for National Statistics (ONS) has highlighted the difficult decision faced by the Chancellor this autumn when deciding on State Pension rates for April 2022.

 Chancellor Rishi Sunak will present his next Budget to MPs on 3 March.

The State Pension will rise by 2.5% in April, the Government has confirmed.

Chancellor Rishi Sunak has scrapped a planned and long-awaited 2% cut in Corporation Tax to 17%.

Chancellor Rishi Sunak has reprieved Entrepreneur’s Relief from a predicted chop but cut it from £10m to £1m.

Chancellor Sajid Javid is likely to tackle some thorny pensions problems in his first post-election Budget which will take place on Wednesday 11 March.

Chancellor Philip Hammond confirmed today that his next Budget will take place on Monday 29 October.

Unusually, the Budget is being held on a Monday this year. It's is typically on a Tuesday or Wednesday.

The Treasury said the Budget would “set out the government’s plan to build a stronger, more prosperous economy, building on the recent Spring Statement and last year’s Budget.”

The announcement of the Budget date was slow to emerge this year with some commentators believing the Chancellor was waiting for the conclusion of Brexit negotiations with the EU.

As there is little sign these will be concluded quickly it now appears he has decided to press ahead with a relatively early Budget date despite some experts believing it could have been put off until November or even December.

Mr Hammond Tweeted: “I’ll set out how our balanced approach is getting debt falling while supporting our vital public services, and how we are building a stronger, more prosperous economy.”

Mr Hammond moved the date of the Budget from March to the Autumn after taking over as Chancellor to avoid an end of year tax scramble.

Some commentators have predicted Mr Hammond may limit pensions tax relief and introduce other pension changes but the Treasury has not commented on any speculation.