The UK Treasury has scrapped plans for an Autumn Budget this year because of the COVID-19 pandemic.

In a statement the Treasury said that “now is not the right time to outline long-term plans - people want to see us focused on the here and now - So we are confirming today that there will be no Budget this autumn."

Mike Hodges, head of private wealth and partner at Saffery Champness, said it was “little surprise that the Chancellor has decided his role for now will be economic firefighter rather than long term reformer” and this “may well mean continued short term borrowing to prop up the economy and provide a li...