The Budget planned for 6 November has been cancelled as ministers gear up for a General Election. Chancellor Sajid Javid wrote a letter to the Treasury Select Committee confirming the decision.

The letter said: “Parliament has voted for a delay to the UK’s withdrawal from the European Union, so the government is now calling for a General Election. I can therefore confirm that I have decided not to bring forward the Budget on 6 November.”

This would have been Javid’s first Budget since he became chancellor in July. It now looks unlikely that there will be a Budget before Spring 2020.

Boris Johnson is pushing for an election before the end of the year, which would mean that parliament would have to be dissolved in early November to allow enough time for the election campaign period.

James Hender, head of private wealth at Saffery Champness, said: “With a General Election almost certain to be held before any policies could have been implemented this was always likely to be a short-lived Budget and, for the cynics, a chance for the Chancellor to woo voters with spending promises.

“Even with recent borrowing figures casting a cloud over the Treasury, few would have predicted that Mr Javid would have pulled the plug on his first Budget less than 24hrs after giving assurances that it would go ahead. Taxpayers are now facing yet more uncertainty and with an election looming near on the horizon, many long-term plans for the tax system – such as Inheritance Tax reform – will likely be disrupted, postponed or even reversed.”