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Political hiatus

Now our present Prime Minister has indicated his intention to resign it seems unlikely that a successor will be appointed before September.

Which means Boris Johnson’s cabinet are caretakers for the interim period and it is doubtful that there will be any far-reaching changes to UK taxes.

The new Prime Minister and his or her Chancellor will want to stamp their authority on legislation when in post in which case it is possible that we will have an early Autumn Budget this year.

Be prepared for extremes. Higher taxes, lower borrowings and reduced public expenditure is one possibility, the other, lower taxes and initially, higher borrowings.

We shall see.