Rishi Sunak today ruled against delaying the Budget which will go ahead on March 11 as planned.
The Chancellor has decided not to attend the G20 summit of finance ministers in Riyadh this weekend so that he can “work round the clock” on getting his tax and spending package ready in time.
It mean missing the chance to see other finance chiefs, including US Treasury Secretary Steven T. Mnuchin, but sources say he has had phone calls with all his counterparts and will be seeing them at the Spring meeting of the International Monetary Fund in April.
Mr Sunak announced his decision via Twitter saying: “Cracking on with preparations for my first Budget on March 11. It will deliver on the promises we made to the British people – levelling up and unleashing the country’s potential.”
It was accompanied by a picture of the Chancellor busy at his desk in shirtsleeves poring over documents.
The Prime Minister and Mr Sunak will meet in Whitehall tomorrow to discuss progress, described as “a regular and routine meeting”.
Mr Sunak has been in the job for just five days, following the surprise resignation of Sajid Javid in protest at a No 10 power-grab over the Treasury.
A Budget delay to March 18 or 25 was mooted, amid speculation that Downing Street was pressing for higher day-to-day spending.
The Times reported today that the pair may discuss whether to loosen the government’s fiscal rules, extending the period for current spending to be balanced from three years to five.
London Conservative MPs are alarmed over leaks from Whitehall that a clampdown on pensions savings tax relief plus higher council tax bands are under consideration, both of which would hit higher earners and the South East for tax rises.
