Nick Cann, chief executive of the Institute of Financial Planning, has commented on the value of long term Financial Planning on Budget Day.

Chancellor George Osborne will be making his speech at 12.30pm and is expected to announce changes such as a cut in the 50p tax rate, an increase in the personal allowance, changes to the stamp duty policy and a series of anti-tax avoidance measures for the highest earners.

Mr Cann said Financial Planners should not focus on the short-term decisions announced today but the longer term ahead.

He said: “Budgets create lots of media attention but when it comes to genuine Financial Planning, it’s all about building a long term strategy.

“Of course, Budget changes mean that adjustments must be made as part of ongoing reviews, but it’s important not to put too much emphasis on such short term reactions.

“These are challenging times and people need the reassurance of knowing that they remain on track to achieve their goals in life – whatever fiscal changes Chancellors will make over the years.

“By working with a CFP^CM professional, consumers can be confident that their long term goals are the main priority.”

There will be further comments from the IFP this afternoon after the Budget has been announced.

• Financial Planner Online will be extensively covering the Budget this week with coverage of the announcements on the day and all the post-Budget reaction. It will be also be tweeting via our feed @FPM_Online.