When is the Budget 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 in the House of Commons. The independent Office for Budget Responsibility - which monitors government spending - also assesses the plans. MPs will then debate the contents, before the government introduces a Finance Bill to turn the Budget proposals into law. The government could spend a similar amount cancelling the current freeze on the amount of money people can earn before they start paying tax or qualify for higher rates. 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, and announced two tax increases taking effect in April.

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