Chancellor Spends Big in Budget 2020

Pensions tax relief is being left alone and the Junior Isa is being doubled to £9,000 for next year - otherwise the Budget aimed to throw money at the coronavirus crisis

James Gard 11 March, 2020 | 2:57PM

Rish Sunak

Rishi Sunak’s first outing as Chancellor was a direct response to the coronavirus outbreak and the theme of this year’s Budget was fiscal stimulus and lots of it: £30 billion is earmarked to tackle the economic impact of the Covid-19 crisis, as part of a £175 billion spending plan over five years. Sunak said the UK Government’s response was “one of the most comprehensive policy responses” in the developed world.

The move was co-ordinated with the Bank of England, which cut interest rates from 0.75% to 0.25% just hours earlier; the Chancellor’s insistence that the coronavirus will have a “significant but temporary” effect on the UK economy matches the view of outgoing Bank Governor, Mark Carney.

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James Gard  is content editor for Morningstar.co.uk

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