IFS urges Chancellor to outline economic recovery plans in upcoming Budget

17 Feb 2021

The Institute for Fiscal Studies (IFS) has urged Chancellor Rishi Sunak to use the upcoming Budget to set out plans for an economic recovery from the coronavirus (COVID-19) pandemic.

The IFS expects the Budget to outline additional spending to support businesses and individuals affected by the pandemic. The business group stated that it should also focus on supporting the recovery as restrictions are eased.

In its Budget submission, the IFS said that the Chancellor needs to announce 'well-targeted extensions in emergency support to households and employers' over the coming months. He also needs to set out plans for how the UK economy will adjust to the 'new normal', the IFS said.

'This will be just Rishi Sunak's second Budget, but his 15th major fiscal announcement,' said Paul Johnson, Director of the IFS.

'In it he needs to strike a balance between continuing support for jobs and businesses harmed by lockdowns, and weaning the economy off blanket support which will impede necessary economic adjustment. Any significant continuation of the furlough scheme must be limited and carefully targeted.'

The 2021 Budget will be delivered on Wednesday 3 March.

Copyright

© 2021 Andrew Wright & Co.. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01924 379479

Address
Andrew Wright & Co., 10 Cliff Parade, Wakefield, West Yorkshire WF1 2TA


In the UK the term accountant is not protected by law, therefore anyone can call themselves an accountant. Being an ACCA member firm means that you can have confidence that we are qualified to handle your finances, help your business grow and that we are regulated by the leading accountancy body in the world. The ACCA Qualification provides a wide-ranging skill-set, which means we are trained to provide both strategic and operational input and adapt quickly to your changing management accounting needs.

Unqualified persons who have trained for book-keeping or tax only simply aren't able to provide these other services as their skillset is too narrow.

Andrew Wright & Co is a trading style of Andrew Wright & Co Limited. Registered in England and Wales: 10641250. Registered office: 10 Cliff Parade, Wakefield, West Yorkshire, United Kingdom, WF1 2TA.