Chancellor Sajid Javid to deliver UK budget on 11 March 2020
Sajid Javid will deliver the budget to MPs on 11 March 2020, the UK Government has announced.
In setting out the UK Government’s plans he will promise to kickstart a “decade of renewal” for Britain.
This will be Javid’s first budget as Chancellor of the Exchequer, after the last one on 6 November 2019 was cancelled following Boris Johnson's announcement he wanted a December election.
Speaking on a visit to Manchester’s new Trafford Park tram project on Tuesday, Javid will say: “People across the country have told us that they want change. We’ve listened and will now deliver.
“With this budget we will unleash Britain’s potential – uniting our great country, opening a new chapter for our economy and ushering in a decade of renewal.”
The Cabinet minister has promised to prioritise the environment and cost of living, as well as building on previous spending pledges in the Conservative manifesto.
He will also set out plans for "responsible borrowing", including updating the UK Government's Charter of Fiscal Responsibility to allow himself more room to increase public spending.
Campaign promises by the Tories included raising the national insurance threshold to £9,500, keeping the “triple lock” on personal taxation and ending the benefit freeze.
Javid also confirmed shortly after the election that the minimum wage would rise by 6.2 per cent in April to £8.72 per hour, reaching £10.50 an hour by 2040.
Other plans already announced by the UK Government include £34bn a year in extra cash for the NHS in England, which will be the first major funding commitment for the health service enshrined in law.
On health, the Tories have also promised 50,000 more nurses, 40 new hospitals, scrapping some hospital parking charges and £1bn a year extra for social care.
They have also committed more cash for environment initiatives such as £9.2bn for better insulation for schools and hospitals.
And a new £3bn skills fund was announced to provide funding for further education and training, as well as an increase in per-pupil school spending.
Scotland will get a share of additional public spending through the Barnett formula.