The Chancellor of the Exchequer, Rishi Sunak, has announced that this year’s Autumn Budget will be delivered earlier than anticipated on Wednesday 27 October 2021.
In addition to outlining the state of the country’s finances and any proposed tax changes, the Chancellor will also use the Budget to announce conclusions of the 2021 Spending Review, which will set out how much money Government departments can expect to receive over the next three years.
Announcing plans to support public services and revive the economy with £140bn of extra spending, the Chancellor said the three-year Spending Review would “set out how we will continue to invest in public services and drive growth while keeping the public finances on a sustainable path”.
The date was confirmed following the Prime Minister’s announcement that the government would be introducing a new levy of 1.25% to fund health and social care reform.
The UK’s fiscal watchdog, The Office for Budget Responsibility (OBR) will prepare an economic and fiscal forecast which will be presented alongside the Autumn Budget and the Spending Review 2021.
Tim McElwaine, Tax Senior Manager at UNW commented: “Chancellor Sunak’s first two Budgets were effectively emergency Covid Budgets, so it will be interesting to hear what longer term plans he has to encourage the recovery from Covid, advance the “levelling up” agenda, and other government priorities. And to see where he will strike a balance between the conflicting demands for increased spending on the one hand, and the need to rein in the current deficit and stabilise public finances on the other.”
A summary of the significant Autumn Budget announcements will be available to download from our website on Thursday 28th October 2021.
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Chancellor Sunak’s first two Budgets were effectively emergency Covid Budgets, so it will be interesting to hear what longer term plans he has to encourage the recovery from Covid, advance the “levelling up” agenda, and other government priorities.