Feb 23, 2024
Budget 2024: When it is and what will it mean for my money?
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. They will then be asked to approve the tax proposals, and the government will introduce a Finance Bill to turn the Budget proposals into law. The independent Office for Budget Responsibility - which monitors government spending - will publish an independent assessment of how the economy is doing. Scotland has income tax-raising powers, which means its rates differ from the rest of the UK. The Scottish government set out its budget for the 2024-2025 tax year in December. From April, those earning between £75,000 and £125,140 in Scotland will pay a new "Advanced" rate of 45%, and the top rate of tax is increasing to 48%. 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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