The Chancellor of the Exchequer tells the UK Parliament every year about the Autumn Budget. It outlines how the UK Government plans to get money and spend it. When is the next one? It will be sometime between September and November 2023 in the House of Commons.
The leader of the Opposition speaks back to the speech in the Commons after the Chancellor gives their budget. After this, the suggested policies will be talked about for about four days.
What does the Autumn Budget mean for me?
If you’re PAYE (full-time worked), you should keep an eye on the budget because taxes are often changed in ways that could affect you. Plans to help or grow the business are also included. Here are some examples for you:
- mortgages at 5%
- Changes to the plan for furloughs
- Help with ISA purchases
- Changes to the tax rates
- Plans to cut down on carbon emissions
- Diesel and petrol taxes
I don’t pay taxes?
Pay attention to the budget if you’re self-employed or need to report income that hasn’t been taxed on your tax return. What you can claim and how you pay your next tax bill will change because of changes.
How often is it a year?
Yes. The Autumn Budget, on the other hand, is one of two big budget releases that happen each year. The Spring Statement is the name of the other statement that takes place in the spring. Both of these things can change how you pay your taxes.
The last Spring Statement was on March 15, 2023. Here are the most important changes from the Spring Statement 2023.
Why is there a red bag?
Every year, a leather box with the message on financial policy is brought to the House of Commons. In fact, the French word bougette means “little bag.” The budget is then brought to the Commons in a small red leather bag. This has been done for more than 150 years and is still done today. Why? For no reason.
