GOV.UK Lorem

The single fiscal event and new timetable to bring forward tax changes so they are legislated for before the start of the tax year will be beneficial to tax stakeholders. Making the transition to the new timetable will require adjustments to the normal tax policy making process due to the shorter interval between the two Budgets. Arrangements will be decided individually for different policies and set out to stakeholders by HMRC. In the normal way, these will where possible provide for consultation on policy proposals and on draft legislation.

We are carrying out a programme of sectoral and regulatory analysis, which will identify the key factors for British businesses and the labour force that will affect our negotiations with the EU. This will help inform our negotiating position and build a detailed understanding of how withdrawing from the EU will affect our domestic policies, to seize the opportunities and ensure a smooth process of exit.

The government’s long-term investment decisions will be informed by the NIC to ensure they are targeted at the UK’s most critical infrastructure needs. To ensure the NIC’s recommendations are affordable, the government has set the NIC a fiscal remit. Government investment in the areas the NIC covers will rise to over 1% of GDP by 2020-21. The fiscal remit invites the NIC to set out recommendations on the assumption that spending on infrastructure will lie between 1% and 1.2% of GDP each year from 2020 to 2050. This would mark a sustained, long-term increase in infrastructure investment. The government will take all final spending decisions.

The detail will be announced at the Budget, but we expect our new Investment Bond will have an interest rate of around 2.2% gross and a term of 3 years.

The UK government’s decisions today mean a secure economy based on the broad shoulders of the UK, more funding and more powers for Scotland.