Arguably, it was already the most trailed budget in history – indeed, the government received a rebuke from the deputy speaker about this directly before Rachel Reeves took to her feet in the House of Commons – but any attempt at keeping the measures the budget contained secret was blown when the Office for Budget Responsibility accidentally published its forecasts early.
However, for the majority of people in the country, this unusual and slightly chaotic run-up to the budget is not what matters. When the dust settles, they want to know whether they will benefit from the changes brought in. They want to know whether they will help the economy. Will most people be better off?
This will be a matter of debate in the pubs, workplaces and homes up and down the country – not to mention among the political parties in Westminster. However, time will be the real judge.
Charities will look at the budget through three lenses, namely (in no particular order): what it means for beneficiaries, what it means for them as an organisation, and what it means for the charity sector as a whole.
The first will vary between charities depending on their cause. The second will have less variation but there will be some. For example, not all charities have employees. But, for those that do, the increases in the minimum wage are likely to have an impact and increase already-high cost pressures.
What it means for the sector as a whole is slightly more clear. There were some sector-wide announcements contained in the budget. Although most of these were expected, clarity is always to be welcomed.
For more details on what the budget contained that will impact charities, please click here.
The budget comes at an already busy time for charity finance professionals, as they are already grappling with the requirements of the new SORP. The key to handling this successfully will be in planning ahead and getting ready now – rather than waiting until you have to implement it. For more on this, please see page 39.
Tristan Blythe is editor of Charity Finance
