Autumn budget

Definition

The term “autumn budget” typically refers to a financial statement presented by the government, outlining its fiscal policies, economic forecasts, and proposed changes to taxation and public spending. This statement is a significant event in the country’s economic calendar.

What is the autumn statement?

Key aspects of the autumn budget include:

1. Timing: The autumn budget is usually delivered in the latter part of the year, typically in October or November. It provides an opportunity for the government to reassess and adjust its economic strategy.
2. Economic overview: The budget typically begins with an overview of the current state of the economy, including key economic indicators, growth projections, inflation rates, and employment figures. 
3. Fiscal policies: The budget outlines the government’s fiscal policies, which include taxation and public spending plans. It may introduce new tax measures, adjustments to existing taxes, or changes in public expenditure priorities. The goal is often to stimulate economic growth, manage public finances, and address specific economic challenges.
4. Revenue and expenditure: Details regarding expected government revenue and planned expenditure are provided. This includes information on how the government intends to fund its programs, services, and investments.
5. Impact on individuals and businesses: The budget’s tax proposals can have a direct impact on individuals and businesses. Changes in income tax rates, allowances, and other tax policies may be announced, influencing the financial landscape.