Oct 24, 2021

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

The Budget will be the second of the year, and will affect the lives of everyone in the years ahead.Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons. The independent Office for Budget Responsibility - which monitors government spending - will also publish a report on how the economy is doing. Such as courts, prisons, local government and transport, are braced for cuts to their day-to-day budgets next year. Scotland has income tax-raising powers, which means its rates differ from the rest of the UK. The Scottish government will publish its Budget on 9 December. If the government announces extra spending on areas that only affect England, the other nations get an equivalent extra sum of money to spend as they choose, according to a rule called the Barnett formula.

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