The UK Government announced last week it would conduct a one-year spending review to set budgets for 2021 to 2022, with the review expected to conclude next month.

The decision was taken due to the uncertainty caused by the coronavirus pandemic.

"In the current environment its essential that we provide certainty," said Rishi Sunak, Chancellor of the Exchequer.

"So we’ll be doing that for departments and all of the nations of the United Kingdom by setting budgets for next year, with a total focus on tackling COVID-19 and delivering our plan for jobs.

"Long term investment in our country’s future is the right thing to do, especially in areas which are the cornerstone of our society like the NHS, schools and infrastructure.

“We’ll make sure these areas crucial to our economic recovery have their budgets set for further years so they can plan and help us Build Back Better."

The scrapping of long-term spending plans could impact governing bodies of Olympic and Paralympic sports, as they seek to prepare for Paris 2024.

Governing bodies would receive funding from UK Sport, which invests National Lottery and Exchequer income to support athletes’ preparations for the Olympic and Paralympic Games.

According to The Times, UK Sport reportedly said it would seek clarity "on the implications" of the announcement.

Submissions have been made to UK Sport for the Paris 2024 cycle, with a response expected by December 18.

A senior governing body official told The Times:  "What we read into that is that UK Sport will not be in a position in December to tell us what funding we are going to receive.

"That will create a lot of uncertainty.

"It is very difficult to plan ahead if we don’t know what we are getting, and who knows when they will be in a position to tell us given the ongoing situation with the pandemic.

"It’s a real worry."

UK Sport’s combined Government and National Lottery funding for the Olympic cycle was £345 million ($456 million/€382 million).