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The Budget will be the new Chancellor’s first and the first Budget since October 2018. It will also be the first Budget post the election and post Brexit.
It is eagerly awaited with huge challenges facing the Chancellor, including how to steer the UK economically post Brexit, how to cope with Coronavirus and how to resolve
numerous pension, investment and economic challenges.
Rumours have been swirling that the Chancellor will cut back pension tax relief to pay for other spending, particularly infrastructure investment. He may also tackle the pensions taper annual allowance.
Mr Sunak only took over as Chancellor from Sajid Javid in mid-February after Mr Javid stood down suddenly after being asked to dismiss his advisers.
After some speculation about the date of the 2020 Budget, new Chancellor Rishi Sunak confirmed that the Budget would take place today (11 March).
In a Tweet announcing the Budget date some weeks ago Mr Sunak said: “Cracking on with preparations for my first Budget on March 11. It will deliver on the promises we made to the British people – levelling up and unleashing the country’s potential.”
Some commentators have predicted that No.10 will exert more control over the Budget than in the past and Mr Sunak has said he is happy to work closely with No.10.
Mr Sunak has repeated Mr Javid’s desire to ‘level up’ Britain with an ambitious investment programme.
Prior to becoming Chancellor Mr Sunak was Chief Secretary to the Treasury. He is MP for Richmond (Yorks) and lives near the North Yorkshire town of Northallerton. His father was a GP and his mother ran a chemist shop. He studied at Winchester College, Oxford University and Stanford University and was first elected to Parliament in 2015.
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