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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.
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]
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.
In August 2019, it was announced that the budget for schools and high needs would be increased by 6% (£2.6 billion) in 2020–21, £4.8 billion in 2021-22 and £7.1 billion in 2022-23 respectively – plus an extra £1.5 billion per year to fund additional pensions costs for teachers.
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Previously the Education Funding Agency (EFA) was responsible for distributing funding for state education in England for 3- to 19-year-olds, as well as managing the estates of schools, and colleges and the Skills Funding Agency was responsible for funding skills training for further education in England and running the National Apprenticeship ...