13 March 2020
On March 11th, 2020, UK Chancellor Rishi Sunak delivered a post-Brexit budget which contained a significant increase in spending across multiple departments with a total increase in borrowing of over £125 billion. Here is a summary of the budget policy decisions published by the UK government in the sectors which are of relevance to OBM and our clients.
Export & Trade Policy
With a view to implementing an independent trade policy at the end of the Brexit transition period, the government announced several policy decisions to support UK exporters and to attract international investors. These include:
Science and Technology
Science and technology are seen by the government as key future drivers of the UK economy, and as a consequence research and development spending will increase to £22 billion per year by 2024-25. Areas of investment include:
Energy sector: decarbonising power, industry and heat
A number of policy decisions were presented in the budget with regards to the UK meeting its carbon net zero target.
The changes to the tax regime related to energy production include:
Measures to help decarbonise power, industry and heat announced in the budget include: -
Electric Vehicles and reducing vehicle pollution
The government has a target to increase the number of zero emission vehicles on the road and is currently consulting on bringing forward the phaseout date for the sale of new petrol and diesel cars and vans from 2040. Related policy decisions announced in the budget include:
If you would like to know further details, please contact us.
Contains public sector information licensed under the Open Government Licence v3.0.