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Autumn Budget

The Autumn Budget is a statement made every year by the Chancellor of the Exchequer to the UK Parliament, setting out the UK Government’s plans for raising and spending money. It happens in the House of Commons – and the next one will be some time between September-November 2021. 

After the Chancellor presents their budget, the leader of the Opposition replies to the speech in the Commons. This is then followed by about four days of debate on the proposed policies. 

How does the Autumn Budget affect me? 

When you’re PAYE (i.e. you’re full-time employed), it’s useful to pay attention to the budget as there are usually updates to taxes that might affect you. It also includes schemes to grow or support the economy. Below are some examples: 

  • 5% mortgages
  • Changes to the furlough scheme
  • Help to Buy ISAs
  • Changes to tax thresholds 
  • Plans to reduce carbon emissions
  • Petrol/diesel taxes

I’m not PAYE

If you’re either self-employed or you need to declare untaxed income via a tax return, it’s important to pay attention to the budget. Some changes will affect what you can claim and how you’ll pay your next tax bill. 

In 2020, the Autumn Budget was cancelled as a result of COVID.

Is it once a year?

Yes. But the Autumn Budget is one of two major financial announcements given in a financial year. The other announcement happens in the spring and is called the Spring Statement. Both can bring changes to your personal tax situation.

The most recent Spring Statement was on 3rd March 2021. Take a look at the major changes from the Spring Statement here. 

What’s with the red bag?

Traditionally, the statement on financial policy is brought to the House of Commons in a leather box. In fact the word bougette translates in French as little bag. As follows, the budget is carried in a little red leather bag to the Commons – and this tradition has been upheld for over 150 years. Why? Just because.

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