The current Chancellor Sajid Javid has set a date for the announcement of his first budget.
This comes at an important time where political tensions have heightened in Hong Kong and China, and the state of global affairs has never been so indecisive.
The ongoing tensions between the United States and Iran have potentially fulled the prospect of war, and legislators all across the globe are preparing themselves for what could be turmoil
Turning to UK politics, Mr Javid has said that billions of pounds will be invested “across the country”.
The Treasury will “prioritise the environment”, he said and reiterated a plan to make use of low borrowing rates to spend on public services.
Indeed, Javid’s comments did receive criticism as John McDonnell said that he questioned whether the Conservative party would be able to invest and match climate change goals.
Mr Javid will update his cabinet colleagues on the performance of the economy before facing MPs later on Tuesday.
He told the BBC: “There will be an infrastructure revolution in our great country.
“We set out in our manifesto during the election how we can afford to invest more and take advantage of the record low interest rates that we are seeing, but do it in a responsible way.
“There will be up to an extra £100bn of investment in infrastructure over the next few years that will be transformative for every part of our country,”
He added: “In the Budget, we will be setting out how we are going to take advantage of all the huge opportunities that Brexit will bring.
“Also, how we are going to help hard-working people in particular – especially with the cost of living – and how we are going to level up across the entire country.”
As PM Johnson continues to tackle issues such as Brexit, and tries to sort out domestic issues, this budget comes at a significant time being the first since the December election.
With such a landslide victory for the Conservatives, there will be big expectations for the government to deliver on its promises to lower income households and particularly the North of England where Labour’s red wall collapsed.
Sajid Javid said the budget would “unleash Britain’s potential, uniting our great country, opening a new chapter for our economy and ushering in a decade of renewal”.
In recent months, Javid has already promised billions of pounds of extra investment in the health service, schools and police, after 10 years of cuts imposed by the financial crisis.
The government announced that they would be increasing the minimum wage for individuals over the age of 25, which would be taking place from April 1.
This move shows a concerned effort by the Conservatives to tackle issues such as income and wealth inequality, but critics will say that this does not go far enough.
Many British operating businesses have citied both political and economic uncertainty as a hamper to business, and this budget revealed will go a long way in understanding the long term governmental plans of the UK economy.
In November, Asda who are owned by Walmart (NYSE:WMT) saw a slump in sales which was caused by political uncertainties and tough market conditions.
Asda said its gross profit rate fell, reflecting price markdowns in clothing following a slow summer season versus last year.
The fall in gross profit rate, plus increased operating expenses, meant operating income was also lower.
“This quarter has afforded consumers little respite from political or economic uncertainty and this has shown in their spending,” said Chief Executive Roger Burnley.
Certainly, many British businesses will be keen to see how the government can promote trading in a period where the British High street seems to be in decline and political uncertainty wraps consumers.
