Budget 2020 reactions: Chancellor 'tore up fiscal rulebook' in first Budget of Parliament

Chancellor delivered 'real bazooka' response to coronavirus

In his first Budget, Chancellor of the Exchequer Rishi Sunak “tore up the fiscal rulebook” and delivered a potentially “trend-setting” Budget, according to industry commentators.

David Zahn, head of European fixed income at Franklin Templeton, said: "The first UK Budget from Prime Minister Boris Johnson's government revealed much more of a fiscal expansion than what we've come to expect in the past, unveiling a £30bn spending package with special funds earmarked to mitigate the impacts of the coronavirus on the economy. "Sunak, who was only appointed Chancellor last month, has torn up the fiscal rulebook that his predecessor Sajid Javid agreed to with Johnson. This included pledges to use revenues to cover day-to-day expenditure, lower public debt and limit publi...