In a Budget focused on supporting businesses and households through the coronavirus crisis, the Chancellor was keen to stress that the policies announced at the Budget were a mixture of immediate and long-term measures to grow the UK economy with a focus on research and development, and innovation, as well as attempts to shift the London centric nature of investment.

An autumn Budget would see the government move back on track in terms of its commitment to hold one major fiscal event a year, specifically with the main focus on the autumn event.

Sunak referenced the second Budget when he talked about a major overhaul of business rates which was going to take place in the next few months.

He said: ‘I’m also launching today a fundamental review, to be concluded at the Autumn Budget, into the long-term future of business rates.’

Although this will mean two Budgets in one year, this will give the Chancellor the opportunity to produce some more detailed longer term measures to deal with a post Brexit UK.

The last major Budget was held in October 2018, with a Spring Statement in March 2019.