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The Autumn Budget of the British Government is an annual budget set by HM Treasury for the following financial year, with the revenues to be gathered by HM Revenue and Customs and the expenditures of the public sector, in compliance with government policy. [2] The budget is one of two statements given by the Chancellor of the Exchequer, with the Spring Statement being given the following year.

Budgets are usually set once every year and are announced in the House of Commons by the Chancellor of the Exchequer. The 2017 budget took place on Wednesday 22 November 2017, and the Chancellor presented the 2018 budget on Monday 29 October 2018. [3] Since 2017 the United Kingdom budget has taken place in the Autumn in order to allow major tax changes to occur annually, well before the start of the fiscal year. [4]

Budget process

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 2011 would cover the period from 1 April 2011 to 31 March 2012 and is often referred to as 2011–12.

Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year.

Since November 2017 the budget has been moved in the Autumn, with a view to passing the Finance Act before the commencement of the Financial Year.

Governmental departments submit their funding requests — called "Main Supply Estimates" – to HM Treasury. The government then releases this data in a large consolidated document titled "Central Government Supply Estimates (Budget Year-Following Year): Main Supply Estimates"[8]

The government reserves the right to submit "Supplementary Estimates" in the spring and winter of a given fiscal year to update its agencies' spending totals for the current financial year and report any governmental re-organizations.

List of budgets

See also

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