The Budget introduces the government’s spending plans, which they formulate after the latest forecasts from the Office for Budget responsibility.
In a nutshell, you’ll have the chance to see how the money you have paid in taxes will be spent.
The Budget affects many aspects of our lives. Non-exclusively, it will affect: students, self-employed, people in social care, businesses, pensioners and many other categories.
If you are a smoker or can’t avoid but hitting the pub at least three times a week, you should watch the Budget on BBC or Sky live broadcasting to find out whether you will rather save money buying your cigarettes or alcohol during your next holiday.
When is it?
The Autumn Budget 2017 will be announced by the Chancellor of the Exchequer on 22 November 2017 at around 12.30pm.
Following the Prime Minister question time, Chancellor Phillip Hammond will crack down with his Budget speech.
Typically, the Chancellor takes one hour to introduce the Budget. After that, as customary, the leader of the opposition (Jeremy Corbyn) will get the first response and he will be followed by a debate MPs will have about the Budget.
Who is the chancellor?
The Chancellor of the Exchequer is Essex-born Philip Anthony Hammond. He has covered this position since 13 July 2016 and has been an MP since 1997.
The Chancellor is in charge of the Treasury – he would be known as the Minister of Finances in other countries – and of delivering the Budget every year.
Prior to being elected as Chancellor by Theresa May, Mr Hammond was Secretary of State for Foreign and Commonwealth Affairs and Secretary of State for Defence.
Why is this budget so important for the NHS?
A few days ago, the Chancellor has rejected Simon Steven’s demand for an extra £4bn to be injected in the NHS.
Dr Kailash Chand, a retired GP and former deputy chair of BMA council, said:‘The budget will disappoint all who care about the NHS. The money would be lot less than £4bn increase requested by Simon Stevens for 2018-19 to prevent standards of care falling further.
‘General practice is facing many challenges. I don’t pretend that more money for general practice would be a silver bullet but a minimum of £200 per patient in budget terms, which would return general practice to the 11% of the budget that it used to receive would be a fair ask!’
Who should watch the budget?
Everyone! Millennials will probably enjoy from a further 30% off on railway cards with the introduction of ‘millennial railcards’. Some speculators said that nurses might receive a pay rise, following Mr Hammond’s recent words to the BBC: ‘Our public services do brilliant work. They’ve performed extraordinarily well.’ What is more, others think that Mr Hammond might scrap stamp duty for first-time buyers, making it easier to get on the housing ladder.
When is the next budget?
Mr Hammond first Spring Budget was also his last. In fact, the Government had previously announced that it will move to a single major fiscal event every year, to take place in the autumn.
Category => Editor's Pick
Category => Finance
Category => News
Maximise your practice's financial potential and compare your performance with peers with Pulse Intelligence. Register for a 30 day free trial.