Ernst & Young Cambridge responds to Budget date announcement


15-03-2010

The Chancellor has announced that the 2010 Budget will be held on 24 March, later than many had hoped, says Cathy Taylor of Ernst & Young.

The Chancellor has announced that the 2010 Budget will be held on 24 March, later than many had hoped.

Cathy Taylor, Ernst & Young’s Head of Tax for Cambridge says: “The complexities of the election timetable, coupled with the forthcoming Easter break, mean that there will be very little time to debate whatever measures the Budget includes. The Government will need to rush a Finance Bill through Parliament before an election, completing in a few weeks what would, in a normal year, take months.

“A key issue will be whether the Chancellor will include any headline measures, including the Bank Payroll Tax. If he does, those measures are likely to go through with minimal opportunity for scrutiny, which seriously increases the risk of unintended outcomes.”

Cathy concludes: “This indicates that much of the implementation of the Budget's proposals will be left to after the election. Whilst this will create an opportunity for a future Chancellor to set the post election agenda, it appears likely that much of this Government’s business may fall onto the plate of a future Chancellor to deliver.”


 

 

EY is a global leader in assurance, tax, transaction and advisory services. With over 400 employees in our Cambridge and Luton offices, our teams provide a range of services to a variety of sectors, including manufacturing, life sciences, consumer products and retail, technology, real estate and construction, health, and the public sector. The broad array of companies across the East allows us to bring real, relevant and key insights to our clients.

EY