The Chancellor of the Exchequer, Rishi Sunak, has announced that the government will publish the Budget on Wednesday 3 March 2021. Before, on and after that date, we will be producing rigorous, independent analysis of the choices facing the Chancellor.
04 March 2021 | 10:00 - 11:30
The Spring 2021 Budget will be the first one since the UK entered a series of lockdowns and Great Britain left the EU's Single Market and Customs Union. The Chancellor has immediate decisions to make over many aspects of the emergency support packages that will otherwise expire soon. In addition there is a clear need for policies to help the economy to recover and to adjust to a post-Covid, post-Brexit world in which we are moving towards Net Zero.
IFS researchers will present their initial analysis of the Chancellor's announcements on the public finances, spending on public services, and the tax and the benefit system on the following day, Thursday 4 March, at an online briefing.
Click here to read the disclosures from Citi.
We have had 13 major fiscal announcements since the last Budget on March 11th last year. Those announcements have involved more than £250 billion of additional spending, largely focussed on supporting public services, jobs, businesses and incomes through the pandemic.
We can expect Rishi Sunak’s second Budget on March 3rd to do more of the same. But it should also focus on supporting the recovery as restrictions are eased.
In an online event, researchers from the Institute for Fiscal Studies, joined by an analyst from Citi Research, will set out some of the challenges and options confronting the Chancellor as he prepares for what is only his second Budget.
Researchers will say that:
Typically, the government holds a Budget every year. What must governments set out? What kinds of policies do they announce? How important are Budgets?
How does the government borrow large sums of money? Where does it come from and what are the risks? IFS researcher Isabel Stockton explains.
Who is paying taxes? And what has happened to taxes over time? Helen Miller, Associate Director, explains.