The giant Conservative majority has given prime minister Boris Johnson and his chancellor Sajid Javid carte blanche for radical reform of taxes and public spending.
Although the party’s manifesto was somewhat light on detail, Mr Javid’s first Budget of the new Government is likely to be eye-catching.
Brexit may be dominating national discourse, but Mr Johnson will not want to completely abandon domestic policies and will want to follow through on his landmark offer of a tax cut for tens of millions of people.
But when will the Budget take place? And what is likely to be in it? Here is Telegraph Money’s round-up of everything we know so far.
When will Sajid Javid deliver the next Budget?
The Government has said its first Budget will take place on March 11. It was widely expected to be in February however rising tensions in the Middle East has forced Mr Johnson to push this back slightly.
What can we expect to be in it?
The main personal finance pledge in the Tory manifesto was a tax cut for more than 30 million workers in the form of an increase in the threshold for paying National Insurance. This will save all workers earning more than £12,600 around £100 a year. This is likely to be announced in the Budget.
In the Queen’s speech, the Government promised to get a grip on the social care crisis with an extra £1bn of funding for councils to “ensure that the social care system provides everyone with the dignity and security they deserve and that no one who needs care has to sell their home to pay for it”.
There could be hidden tax rises to pay for social care, however, as councils will be able to increase council tax by 2pc to raise extra cash.
High-speed broadband will continue its low-speed roll-out while providers could be given the power to access blocks of flats in cases where landlords are blocking access.
The Budget could also include better workers’ rights to protect those on zero-hour contracts and maternity leave.
In a major housing announcement, the Queen’s speech included a 30pc discount for key workers and first-time buyers who are purchasing properties in their areas. How this will be paid for and the definitions are unclear, but details could emerge in Mr Javid’s statement. Also touted was a policy allowing tenants to transfer deposits between rented properties.
The Government has also suggested ways to help the environment, including additional charges on single-use plastics.
Although neither the Queen’s Speech nor the manifesto included any cuts to income tax, increases to the minimum wage or changes to stamp duty, the Tories could use their unexpectedly-large majority to push through policies on all three.
The Budget’s main focus will be following through on the Government’s promise to reduce the economic equality between the South East and the areas the Tories won from Labour, predominantly in the Midlands and the North.