Spending Review, budget, Autumn Statement – what are all these events and how do they affect me?
On 25 November 2020 the Chancellor of the Exchequer announced the Spending Review; this sets out the UK Government’s departmental spending plans for 2020-21 financial year, from 1 April 2021. This is just the beginning…
There is an annual Spending Review, but every three years there is also a Comprehensive Spending Review, 2020 was supposed to be a three years review and has been delayed to 2021 due to the uncertain economic outlook as a consequence of the Coronavirus.
During the 25 November announcement there was also the Office for Budget Responsibility publication of its Economic Fiscal Outlook which it is required to publish by law containing the financial forecasts for the next five years.
Because the Spending Review was not a full-blown budget there were far fewer permanent tax changes that would normally be expected, instead reiterating previous tax announcements 2 weeks hence including Tobacco duty increase and van vehicle excise duty, good news for motorhome owners.
Image Credit: Sunday Times Driving