THE Budget is just days away, and Chancellor Rishi Sunak will make announcements about taxes and spending.
We take you through everything you need to know about the upcoming statement, which will affect the cash in your wallet.
What is the Budget?
The Budget is when the government outlines its plans for tax hikes, cuts and things like changes to Universal Credit and the minimum wage.
It’s different to the Spending Review, which sets out how much public cash will go towards funding certain departments, devolved government’s and services, such as the NHS.
The Budget is read out in the House of Commons by the Chancellor of the Exchequer. It will be Rishi Sunak‘s second Budget as Chancellor.
Mr Sunak’s first Budget in March last year was dubbed the “coronavirus Budget” after it focused on supporting Brits financially through the crisis, rather than the government’s “levelling up” agenda as promised in the 2019 general election.
Normally, the Budget is held once a year but the unprecedented circumstances of the pandemic in 2020 saw Mr Sunak give a “mini-budget” in the Commons on July 8.
When is the Budget?
The Budget will be held on Wednesday March 3, 2021. The government confirmed the date in December 2020.
It is scheduled on the parliament website to take place after Prime Minister’s Questions.
PMQs usually lasts around half an hour so the Budget will start just after 1230pm.
It may be later if PMQs overruns and time is often given to allow MPs to enter the House of Commons chambers.
There is also a short break as the Budget is traditionally chaired by the principal Deputy Speaker rather than the Speaker of the House of Commons.
This means House of Commons Speaker Sir Lindsay Hoyle will have to swap places with his deputy Dame Eleanor Laing.
The statement usually lasts around an hour and MPs shouldn’t intervene on the Chancellor.
The Budget was due to be delivered last autumn but was cancelled back in September.
Instead, Mr Sunak updated MPs on plans “to continue protecting jobs”, including furlough extensions and support for businesses to get them through the Covid crisis.