Mar 2, 2020
Sunak reworks Budget measures to deal with virus
Rishi Sunak has vowed to take "Firm action to support families, businesses and the public services" in response to the spread of coronavirus when he presents his first Budget on March 11. Some big tax and spending decisions are likely to be deferred until a second 2020 Budget in the autumn, allowing Mr Sunak more time to assess the economic impact. Mr Sunak will be in a difficult position because the official forecasts, produced by the Office for Budget Responsibility, had to be finalised before it was clear how widely the virus would spread. The fiscal watchdog finished its baseline economic and fiscal forecasts, which do not take account of government policy, a couple of weeks ago and these have been described by those with knowledge of their contents as "Unexciting". If we see the virus become much more widespread in Europe and the UK, the response from individuals and the government could mean the economic damage is much larger than that. "If we see the virus become much more widespread in Europe and the UK, the response from individuals and the government could mean the economic damage is much larger than that," said Andrew Wishart, UK Economist at Capital Economics.
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