Both the Conservatives and Labour intend to hold a Budget within 100 days of forming a new government after today's general election.

Setting out plans on 4 December for the eventuality of a Conservative victory, Prime Minister Boris Johnson promised "a post-Brexit Budget in February which will cut taxes for hardworking families".

Then on Monday 9 December, Labour Shadow Chancellor John McDonnell said:

"My first act as Chancellor will be to write to the Office for Budget Responsibility to ask them to begin their preparations for my first Budget, which will be given on 5 February [2020]."

It is likely that a full Budget in February would take the place of the lower-key Spring Statement, which has been the norm in recent years.

Chancellor Sajid Javid had previously set 6 November as the date for his first Budget but it was cancelled when the election was called.

As a result, 2019 is set to be the first calendar year with no Budget since 1768.

Talk to us for tax planning advice.

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