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The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year. Thus, the UK budget for financial year 2021 runs from 1 April 2021 to 31 March 2022 and is often referred to as 2021–22. Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year.
The UK government has spent more than it has raised in taxation since financial year 2001-02, [3] creating a budget deficit and leading to growing debt interest payments. Average government spending per person is higher in Scotland, Wales and Northern Ireland than it is in England.
The March 2024 United Kingdom budget was delivered to the House of Commons by Jeremy Hunt, the Chancellor of the Exchequer, on 6 March 2024. [1] [2] It was the second budget presented by Hunt since his appointment as Chancellor, the last to be delivered during his tenure as chancellor and the last budget to be presented by the Conservative government of Rishi Sunak before the party was ...
The first minister's comments came as the Welsh government announced £157m in funding for the year, backed by the extra cash in the UK government budget.
João Sousa, deputy director at the Fraser of Allander Institute, an independent think tank, said the UK Budget was “likely to make the Scottish government’s job of balancing its budget ...
Rachel Reeves' Budget is "very, very different" to the Liz Truss mini-Budget of two years ago, according to a senior government minister. Chief Secretary to the Treasury Darren Jones's comments ...
The UK's rate of inflation was predicted to fall to 2.9% by the end of 2023, down from 10.7% in the final three months of 2022, while underlying debt was forecast to be 92.4% of GDP in 2023, rising to 93.7% in 2024. [14] [15] Government borrowing for 2022–23 was forecast to be £152bn. [16]
The Office for Budget Responsibility (OBR) monitors the UK government's spending plans and performance. Twice a year, it releases forecasts on the state of the economy and the public finances.