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March budget to mark return to investment and borrowing

March budget to mark return to investment and borrowing 1024 546 NGI Residential Mortgages

The date of the first Budget since the general election has been set for 11 March.

With an extra £100bn to be earmarked for infrastructure, the Budget will also be Sajid Javid’s first as chancellor, and will mark a rhetorical turn for the Conservative party away from fiscal austerity towards prudent borrowing.

Javid told the BBC: “We set out in our manifesto during the election how we can afford to invest more and take advantage of the record low interest rates that we are seeing, but do it in a responsible way.”

Javid added that Brexit will bring “huge opportunities” that the Budget will capitalise on.

In language reminiscent of recent Labour spending promises, Javid also said that the Budget will show “how we are going to help hard-working people in particular – especially with the cost of living – and how we are going to level up across the entire country”.

The Budget had been pushed back from an original November date due to the general election.

Parliament is back from recess today, and Javid will face MPs later in the day after a cabinet meeting on economic performance.

Shadow chancellor John McDonnell told the BBC: “After a decade of wrecking the economy, we can have no confidence in a Tory government delivering the scale of investment needed for renewal, especially with a no-deal Brexit still on the table.

“The lack of foresight in not focusing this budget on the threat of climate change is also criminally irresponsible.

“The government has learnt nothing from the fires in Australia and the floods on Indonesia. This will be a budget of climate change recklessness, not renewal.”

* Content Source – Mortgage Strategy.