A round up of other news this week.
Following the Chancellor’s announcement that the UK Budget would no longer take place on 6 November, the Scottish Government has announced that its Budget for 2020/21, previously scheduled for 12 December, will be published after Christmas, and preferably after the UK Budget. In principle, the Scottish Parliament can pass a rate resolution at any time in the 12 month period prior to the start of the relevant tax year. However, in practice it is likely to do so after taking into account the UK Government’s announcements on tax and social security that will affect Scottish taxpayers. At the time of writing, the Welsh Government plans to publish its 2020/21 Budget after the UK General Election, but before Christmas.
“Falling inflation in October is not an invitation for the Bank of England to cut rates” comments Yael Selfin, Chief Economist at KPMG UK.
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