With less than a month to go before his first Budget speech, Prime Minister Boris Johnson has replaced Sajid Javid as Chancellor. Rishi Sunak takes over with just a few weeks to go before the planned 11th March Budget.
The shock element of yesterday’s reshuffle was allegedly a result of building tensions between Number 10 and Number 11. Javid was asked to sack his team of advisors and refused, deciding instead to resign his position.
Until Javid’s resignation, Rishi Sunak was the Chief Secretary to the Treasury. Elected in 2015, he was previously a city analyst for Goldman Sachs and a hedge fund manager. He now has a challenging few weeks and some decisions to make.
Rumours that there were changes coming to Entrepreneurs Relief have been rife recently, so Sunak needs to decide how to proceed. He also has the reform of IR35 looming on the horizon and, of course, Brexit.
Many in the accountancy profession have already sent him messages and advice, as you might expect, in particular calling for the scrapping of the IR 35 reforms.
As 11th March draws closer, we may get a clearer idea of how the new Chancellor will respond. We will of course make sure that our clients are kept up to date with all of the news from the Budget as soon as possible once the Chancellor resumes his seat. Please make sure you check back here to find out all of the news and announcements.