Chancellor Rishi Sunak is delaying his big stimulus package of tax cuts and spending commitments until the autumn, damping expectations of a summer Budget to kick-start the British economy.
Mr Sunak, who has already spent £133bn mitigating the economic damage wrought by coronavirus, wants to wait until the problems facing the economy are clear before making irreversible spending commitments.
The Treasury confirmed on Friday that he was still considering an economic update in July that could include a limited package of measures but it would fall far short of an emergency Budget. The department said: “We will be taking stock of the economic situation, and looking at if and where further support makes sense ahead of the more significant moments in the autumn.”
There has been concern in the Treasury that the importance of a “summer statement” has been exaggerated by Number 10. “It is not a Budget or a