Predictions For This Wednesday's Spending Review

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June 25th 2022
Tax Week 12
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Predictions For This Wednesday's Spending Review

Chancellor Rishi Sunak to use spending review as a mini-budget to announce additional support for the country.

This Wednesday, November 25th, will see the Chancellor Rishi Sunak deliver his Spending Review. Plans that will cover measures for the country over the course of the next year. Additionally, the OBR (Office of Budget Responsibility) will outline the nation's economic forecast.

The OBR forecast will give an indication of the extent of cuts and tax increases required to balance the books with speculation of a public sector pay freeze already spreading. A full UK Budget will not been seen until March 2021, where any tax hikes and other changes will be seen.

Sunak could use the opportunity to provide a proper government program to feed struggling families dependent children home over the holiday period. There has been much criticism regarding the government's response to footballer Marcus Rashford's campaign to feed school children, now home through the pandemic restrictions, but normally would receive meals at school.

The furlough scheme's have already been extended to keep the job loss charts temporarily stalled but Sunak may have to announce more support to prevent a predicted double-dip recession.

A new £1.6 billion fund to fix deteriorating roads, especially over this winter period is also speculated.

Today should see more information for self-employed people waiting to claim support for income over the holiday period, but any other major announcements will be seen on Wednesday.

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