Reflecting on the budget and coronavirus turbulence – The Property Chronicle
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Reflecting on the budget and coronavirus turbulence

The Analyst

Rishi Sunak was appointed Chancellor of the Exchequer on 13 February 2020. The MP for Richmond in Yorkshire succeeded Sajid Javid, and he could not have wished for a more turbulent start to his tenure.

At the beginning of the year the focus was on “getting Brexit done” and kickstarting parts of the UK economy after a long period of uncertainty and austerity. However, the coronavirus pandemic has disrupted financial markets and global economies, bringing new and more pressing challenges to the doorstep of 11 Downing Street. 

In the anticipated 2020 Spring Budget on 11 March, Sunak announced a £30 billion package to boost the economy, with around £12 billion specifically designed to combat the impact of Covid-19 on businesses and consumers alike.

The relief package has already been rendered inadequate and more reforms have been announced to provide the necessary financial relief to companies. 

But more generally, the 2020 Spring Budget saw a change of tact from the Conservative Party, with Boris Johnson and his chancellor evidently willing to borrow heavily in the current low interest rate climate in order to invest into public services and infrastructure. 

The Analyst

About Alpa Bhakta

Alpa Bhakta

Alpa Bhakta is Chief Executive Officer of Butterfield Mortgages Ltd. With more than 20 years’ experience in the world of high net worth (HNW) property finance in the UK, Alpa is uniquely well-placed to oversee BML as a stand-alone mortgage lender, with a focus on prime property lending. Before joining Butterfield, Alpa headed the private property finance team at BNP Paribas Fortis, following positions at Credit Agricole Indosuez private bank and NatWest. Her expertise in this field is unrivalled and makes her a much-respected senior figure in the industry. She has recently been short-listed for the 2018 Citywealth Powerwomen awards.

Articles by Alpa Bhakta

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