Government Admits Chancellor of the Exchequer Unable to Name Budget Date

Grant Shapps, the Secretary of State for Transport, has said Rishi Sunak, the Chancellor of the Exchequer, is not able to currently set a date for the Budget. Sunak, who has faced a series of allegations regarding his past conduct, was expected to deliver the budget on 11 March 2020, the same date as planned by his predecessor Sajid Javid.

Speaking on the BBC’s Andrew Marr Show, Shapps said that this is a “matter for the new Chancellor” and said that “the Government hadn’t previously said that the Budget would go ahead [11 March 2020]”, although HM Treasury had announced this date on 7 January 2020.

HM Treasury was unable to comment on when the Budget would be held.

Times Newspaper Allege Rishi Sunak Linked to Fund Which Crashed UK Economy

The Times Newspaper has today alleged that Rishi Sunak, the new Chancellor of the Exchequer, profited from a fund which contributed to the crash of the UK economy. The Times newspaper wrote:

“Sunak was a partner at the hedge fund TCI when it launched an activist campaign against the Dutch bank, AMB Amro in 2007, resulting in its sale to the RBS”.

The Times added that this made Sunak a multi-millionaire and led to the bail-out of the banks.

Sunak has also been alleged to have been involved with Patrick Degorce, who was a key figure involved in a tax avoidance scheme.

John McDonnell, the Shadow Chancellor, said in a statement:

“Clearly Mr Sunak has questions to answer about his past activities and associations.”

Chancellor of the Exchequer Resigns

Sajid Javid, the Chancellor of the Exchequer, has unexpectedly resigned from the Government, as the Prime Minister’s Cabinet reshuffle falls into chaos. Javid rejected a demand by Boris Johnson to sack his advisers and instead resigned, with Rishi Sunak, the Chief Secretary to the Treasury taking over his role.

John McDonnell, the Shadow Chancellor of the Exchequer, said:

“This must be a historical record, with the government in crisis after just over two months in power”.

Conservative Party Warn of Labour’s Plan for 108 New Quangos

The Conservative Party have issued a statement warning that Labour would set up 108 new quangos if they were to win power at this week’s General Election.

The party said in a statement:

“Pledges in Labour’s 2019 manifesto alone commit to the creation of at least 108 new quangos – unaccountable public bodies paid for by the taxpayer. The running costs of these new quangos will be a minimum of £1.86 billion per year – adding up to £9.32 billion over five years. This is on top of another £3.93 billion in upfront costs which will be required to set up and finance these quangos.”

Rishi Sunak, the Chief Secretary to the Treasury, added:

“Jeremy Corbyn’s plan to set up over a hundred new quangos will hugely increase bureaucracy and waste in government. Corbyn’s new quangos range from the pointless and profligate to the deeply damaging and sinister. I am particularly concerned that they will hugely increase the power of their chums in the trade unions which will mean more strikes and more gridlock.”