In recent years budgets have been postponed until March due to unprecedented events
Rumours are circulating that chancellor Rishi Sunak will delay his budget until 2022.
The speculation came after Sunak asked the Office for Budget Responsibility (OBR) to prepare an economic forecast to be put to parliament at the end of October.
It is customary for the OBR’s release to come with a budget or spending review, however, Sunak did not announce either.
It was reported earlier in July that Rishi Sunak is considering delaying the budget until the spring, as there will be a clearer picture of the UK’s economic outlook.
This is especially true at the present time as the furlough scheme is set to end, while inflation and tax breaks are on the horizon, meaning there will be a great day of economic upheaval.
Since 2017 yearly budget are supposed to take place in October or November to allow time to implement tax changes before the new tax year begins in April.
More recently budgets have been postponed until March due to unprecedented events including elections and the coronavirus pandemic.