Chancellor Sajid Javid has announced that the Autumn Budget for 2019 has been postponed, as Brexit is given an extension to 31st January.
As a snap general election looks increasingly likely, the Chancellor is in limbo with his future spending plans on hold.
The binned Budget has not failed to raise eyebrows, with backbenchers and opposition suggesting that the u-turn by the Chancellor is due to economic downturns. Labour’s John McDonnell is demanding the publication of financial forecasts while accusing the Chancellor of ;
“Tarnishing the standing of Britain on the world stage”
While comments such as these are inflammatory, The Office for Budget Responsibility have encouraged the Chancellor to publish economic forecasts which will provide a much needed financial health check.
The Institute of Fiscal Studies are concerned amid OBR warnings of Government borrowing expected to hit £8 billion more than was predicted for 2019, after spending pledges were made by the Government for policing, education and the health service.
If an election is held, it would appear voters could be left without crucial financial information that provides clarity on election pledges unless the Chancellor complies with the requests of the OBR.
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