Hopes now dashed for an update on the tapered annual allowance review, which was anticipated in the Budget. https://t.co/53xfAqdosT
— Josephine Cumbo (@JosephineCumbo) October 24, 2019
Sky and BBC agree
Govt cancels the Budget ——
Treasury source says: “Parliament has voted for a delay. We’re calling for an election, so we won’t be delivering the Budget on November 6.”
— Laura Kuenssberg (@bbclaurak) October 24, 2019
The budget is not going ahead on November 6th
This has now been confirmed by the Chancellor
Chancellor Sajid Javid admitted the government’s pledge to deliver Brexit before the end of the month now “can’t be met” because “everyone expects an extension”.
He told BBC Breakfast the Budget on 6 November would also not be going ahead as planned because
“what is more important right now, I think, is getting Brexit done and then having that general election”.
If there is an upside to this, it is that the Treasury may have more time to think about the 1.7 m voters who are not getting promised incentives into their pensions.
Henry why put your faith in the legislators who have a track record littered with the failure of sticking plaster schemes trying to avoid the real problem of not enough money being saved.
Some good news based on the Annual CPI to September 2019 of 1.7% and legislation, the Lifetime Allowance for 2020-2021 would be calculated as £1,072,900. However, based on last year the Government chose to round up to the nearest £5,000 which would mean the Lifetime Allowance for 2020-2021 would be £1,075,000. it looks as if the State pension will rise in line with wages by 3.9% next April.