What is the Autumn Budget?
Definition of the Autumn Budget
The Autumn Budget is an annual statement made by the Chancellor of the Exchequer to the House of Commons that sets out the UK government’s planned spending and revenue gathering for the foreseeable future.
The Autumn Budget is one of two major financial announcements given in a financial year. The other is the Spring Statement. The financial year (not to be confused with the fiscal year which runs from 5th April) runs from 1st April to 31st March .
Historically, the Budget was announced in the spring. However, this meant that changes outlined in the Spring Budget did not come into effect until the end of the summer, after the financial year had already got underway. In 2017 the Budget was moved to the autumn to allow for enough time to pass legislation before the start of the financial year.
What does the Autumn Budget include?
The Budget always includes announcements about Income Tax and Corporation Tax, as these are annual taxes which have to be renewed by legislation each year. The Budget also includes information about the state of the UK economy, proposals for public expenditure for the next financial year and proposals to generate revenue.
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