Budgets

Question

The government’s stated aim is to hold one Budget in the autumn and one Financial Statement in the spring in each financial year. We plan to hold a Budget later this year. Once a date for the Budget is decided in due course, we will inform parliament in the usual way.

The government understands that people are concerned about the rising cost of living. We have listened to those concerns and are taking action to help worth over £22 billion in 2022-23. This includes: a £9 billion package providing millions of households with up to £350 this year to help with rising energy costs; cutting the Universal Credit taper rate – an effective tax cut for 1.7 million low-income households worth £1.9 billion in 2022-23; extending the Household Support Fund, with £500m of additional funding; increasing the National Insurance Primary Threshold and Lower Profits Limit, a tax cut worth over £330 for a typical employee in the year from July; and cutting fuel duty by 5 pence per litre for 12 months. We have also increased the National Living Wage to £9.50 an hour– benefitting over 2 million low paid workers.

We will continue to monitor the situation and will be ready to take further steps if needed to support households.