Following speculation over the past month, it has now been confirmed that the Chancellor Rishi Sunak will deliver an economic update on Wednesday 8 July.
In the update, the Chancellor will want to establish the next steps of the Government’s plans to try and kick-start the economy as lockdown eases. This coincides with the gradual withdrawal of the various support schemes that have formed part of the emergency measures introduced by the Government.
Earlier this week, the Prime Minister pledged £5bn spending on infrastructure projects “to build the homes, to fix the NHS, to tackle the skills crisis, to mend the indefensible gap in opportunity and productivity and connectivity between the regions of the UK”.
It is believed that the update next week will elaborate on this plan even further. What remains to be seen is if the investment will be sufficient to achieve what is being pledged.
As always, we will be ready to respond and give our thoughts on the update as it happens.