Sorry: Sadness about the Autumn Budget20 October 2020
Usually, around October each year, the Chancellor stands at the despatch box in Westminster to detail his monetary views of the economy ahead. This had been the plan for the latter months of 2020.
Over recent years, the annual UK Budget has been switched from the spring to the autumn, and back again, which has got rather confusing. Since 2017, it's been in the Autumn (noting the plan to have two Budgets this year, the first in March 2020) although this time round it's been cancelled. This is because of the quickly evolving effects of the pandemic on the economy, both in the UK and across the world.
To some extent, this cancellation is to be understood, but I for one am sorry and saddened that it won't be taking place. Why? Because many people pay no attention to their personal financial planning throughout the year, until it is somewhat forced upon them by the headlines of the Budget. It's a really emotive event when (because of tax) the price of your wine, petrol, home insurance and so forth invariably goes up, or relief that your personal tax allowance goes up a bit, meaning you can earn a bit more each year without paying tax.
The personal finance pages of the press tingle the next day, or the weekend after, with the classes of 'winners and losers' of any changes that have been proposed and planned. And the sad part is that this won't happen this autumn and, for some, the rare chance to look at their money planning may be lost.
Whatever you do, don't lose the opportunity to take a look at your money planning and where you are in your plans. The stimulus that brings you to money planning may not be there this late 2020, but whatever usually grabs your attention, take a look soon. It might make a big difference to your overall planning as we approach a difficult few months ahead.
No individual advice is provided during the course of this blog.
Keith Churchouse FPFS
Chartered Financial Planner
Chapters Financial Limited