Chancellor announces budget just six days after Brexit departure

Mark Johnson's picture

The Chancellor of the Exchequer, Sajid Javid, has announced he is planning to hold a Budget on Wednesday 6 November 2019.

“This will be the first Budget after leaving the EU”, Javid said in a Treasury statement. 

“I will be setting out our plan to shape the economy for the future and triggering the start of our infrastructure revolution.

“This is the right and responsible thing to do – we must get on with governing.”

PrimeMinister Boris Johnson is locked in tight negotiations with both the European Union and Ireland in a bid to reach a deal before the 31 October deadline.

The Government said it is committed to securing a deal and leaving on 31 October. 

However, in the event of no deal, the Government said it would act quickly to outline its approach and take early action to support the economy, businesses and households. 

This, it said, would be “followed by a Budget in the weeks thereafter”.

The has pound has rallied, significantly over the last few days, on global foreign exchange markets, as hopes of a breakthrough appeared to grow.

However, sterling weakened, falling 0.45% to 1.1403 against the euro after the BBC reported that Europe’s chief Brexit negotiator, Michel Barnier, told ambassadors on Sunday that there was still ‘a big gap’ in the plans being put forward for customs arrangements in Northern Ireland after Brexit.   

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