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Gloucestershire Business News

Chancellor to give first budget six days after Britain leaves the EU

There will be a budget just six days after Brexit Day, if the UK leaves the European Union on October 31.

Ahead of this morning's Queens Speech, the government announced that chancellor Sajid Javid will brandish his red box outside 11 Downing Street on November 6.

Mr Javid, who was appointed chancellor of the exchequer by prime minister Boris Johnson in July said the budget would "shape the economy for the future."

In a statement released by HM Treasury this morning, Mr Javid said that it was time to get on with business after the uncertainty of the Brexit process.

He said: "This will be the first Budget after leaving the EU. I will be setting out our plan to shape the economy for the future and triggering the start of our infrastructure revolution.

This is the right and responsible thing to do - we must get on with governing."

The Brexit process is still far from certain with a deal still to be agreed and a legal cloud hanging over what happens in the case of no deal.

The Treasury statement added: "The government is committed to securing a deal and leaving on 31 October.

"In the event of no deal, the government would act quickly to outline our approach and take early action to support the economy, businesses and households.

"This would be followed by a Budget in the weeks thereafter."

The Queen formally opened a new Parliamentary session at the Palace of Westminster, outlining the Government's plans.

In total, 26 new bills will be introduced to the House of Commons, including seven pieces of Brexit-related legislation.

These include new regulations on fishing, farming, trade and financial services and a bill to end free movement and establish a points-based immigration system at the end of the Brexit implantation period in 2021.

There were also seven new Home Office bills to toughen up criminal justice, new environmental legislation, and a law to tackle election fraud that would mean having to show ID at polling stations.

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