2020 Budget - the economic picture

Within his Budget speech, Chancellor Rishi Sunak unveiled extra funds to support UK workers and businesses affected by the outbreak of the coronavirus.

11 Mar 2020

Within his Budget speech, Chancellor Rishi Sunak unveiled extra funds to support UK workers and businesses affected by the outbreak of the coronavirus, and additional funds to help the NHS combat the virus.

The Chancellor warned that the spread of the coronavirus will have a 'significant impact' on the UK economy in the coming months.

In its Budget report, which was prepared before the outbreak of the coronavirus, the Office for Budget Responsibility (OBR) revealed that the UK economy is set to grow at its slowest pace since the 2008 financial crisis. It reduced its growth forecast for 2020 from 1.4% to 1.1%.

This represents the weakest growth since 2009, and does not take into consideration the effects of the coronavirus. However, the OBR also revealed that growth is likely to rebound in 2021 as a result of a government spending boost. The OBR anticipates growth to rise to 1.8% in 2021.

Meanwhile, the government expects to borrow nearly £100 billion more in this Parliament than previously expected in order to fund a 'significant' rise in public spending. According to official documents, this money will be accounted for in the next Budget this autumn.   

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2024 Blue Spire Limited (Brighton). All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Blue Spire Limited (Brighton) are Accountants in Brighton.

Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com


Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK