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The most recent budget was presented by Rachel Reeves on 30 October 2024. 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.
Average government spending per person is higher in Scotland, Wales and Northern Ireland than it is in England. In financial year 2021-22, spending per head in England was £15.2k, whereas in Scotland it was £17.7k, in Wales it was £16.9k and in Northern Ireland it was £17.5k. [4]
The 2021 spending review (SR21) was subsumed into the October 2021 budget. [19] SR21 set departmental resource and capital budgets from 2022-23 to 2024-25 and covered the devolved administrations ' block grants for the same period of time. [ 20 ]
Inheritance tax thresholds, pensions life time allowances and annual capital gains tax exemptions to be frozen at 2020–2021 levels until 2025–26; It is expected that the measures will cause borrowing to fall to 4.5% of GDP in 2022–23, 3.5% in 2023–24, 2.9% in 2024–2025, and 2.8% in 2025–2026.
The October 2021 United Kingdom budget, officially known as the Autumn Budget and Spending Review 2021. A Stronger Economy for the British People, was a budget statement made by Chancellor of the Exchequer Rishi Sunak on 27 October 2021. [1] It was the third and final consecutive budget delivered by Sunak before his resignation in July 2022. [2]
Its demands include a return to pre-April 2022 energy rates, a pay rise in real terms for public sector workers, a rise in the national minimum wage, a reversal of the National Insurance increase, and a £20 per week increase in Universal Credit payments. Within a few weeks of its August 2022 launch, almost 450,000 people had joined the ...
The Bank of England is expected to cut interest rates next week, despite forecasts that Labour’s autumn Budget could lead to higher inflation over the coming year.
Across government, Levelling Up is viewed as a major policy area with funding, and departments framed policies in their remit to the levelling up agenda for the October 2021 United Kingdom budget which incorporated the 2021 Treasury spending review. [18] A Levelling Up white paper was expected by the end of 2021, [20] but was delayed until ...