I’ve always wanted to know: why we have the Budget
The annual Budget’s clearly a big deal, but why do we have it and why should it matter to you?
Even if you try and avoid financial news, it’s almost impossible to ignore the Budget announcement which dominates headlines every spring.
But why do we have the Budget? In a nutshell, it’s when the government explains how the country will raise and spend its cash over the coming year.
There are 3 main parts:
Put simply, the Budget will have a direct impact on the money in your bank account and your cost of living. Even seemingly small announcements can have a surprisingly big impact on your wallet.
An increase in fuel duty will mean you pay more at petrol pumps, while changes to the personal tax threshold could mean you see more money in your pay cheque each month.
How much it affects you will depend on your personal circumstances – stamp duty changes will only have an impact if you are planning to buy a property, for example – but there’s normally at least one item which will have a direct impact on your finances.