It succeeded the summer statement held earlier in the year, and was a partial replacement to the cancelled budget scheduled for the Autumn.

The purpose of the statement was to announce measures aimed at further helping to promote economic recovery following the impact of the COVID-19 pandemic.

In July 2020 Sunak delivered a summer statement aimed at helping to reduce the potential impact of a recession.

[1][2] On 23 September 2020, Sunak announced he would unveil his plans for the future of the economy amidst an increase in COVID-19 restrictions and due to the Coronavirus Job Retention Scheme being originally scheduled to end on 31 October.

[7] Rob Paterson, the CEO of Best Western GB, said the government's economic strategy had made it impossible for the hospitality sector to retain staff: "Restrictions that have been imposed recently have severely dampened our revenues and the support package that was announced by the Chancellor...means that we're paying a higher hourly rate for our employees in a time when our revenues are severely compounded".