Jan 31, 2021

Budget 2021: What is it and when will it happen?

Each year the chancellor of the exchequer makes a Budget statement to the House of Commons, outlining the state of the economy and the government's plans for raising or lowering taxes. Labour leader Sir Keir Starmer gives his response straight afterwards, then MPs debate the Budget and the Finance Bill, which puts the chancellor's proposals into law. The Treasury has said "The Budget will set out the next phase of the plan to tackle the virus and protect jobs". The devolved nations all deliver their own Budgets too. Scotland has income tax-raising powers, which means its rates differ from the rest of the UK. Its Budget is delivered on 28 January.

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