When is the Budget and what will it mean for my money?

Reports suggest several measures are being considered to raise money to fund tax cuts. The most recent of which is raising duty on flying business class. The Treasury has declined to comment on the reports. The Chancellor of the Exchequer makes a Budget statement in the House of Commons.

The 2024 spring Budget will take place on Wednesday, 6 March. It is likely to be the last Budget before the general election. The chancellor’s speech usually starts at about 12:30 UK time. It will be broadcast live on the BBC iPlayer and the BBC news website.

UK economy went into recession at the end of 2023, after shrinking for two three-month periods in a row. Bank of England governor Andrew Bailey told MPs it may already be over. But many households are still struggling financially after two years of rising prices. The government has hinted that it wants to cut taxes.

But it has also suggested there may not be enough money to make big changes. The BBC understands that the government is considering a further cut to National Insurance (NI) In the 2023 Autumn Statement, the chancellor announced an NI cut for 27 million workers. Self-employed NI rates will drop in April. The International Monetary Fund (IMF) warned the UK not to cut taxes.

Business class passengers are charged £13 in duty for domestic flights. Air passenger duty varies depending on how far you are travelling and what class you are in. The government is reportedly exploring the option of scrapping the tax status enjoyed by people who live in the UK, but whose home for tax purposes is overseas. UK-wide ban on disposable vapes has already been announced.

The government is also considering a new tax on vapes. Fuel duty has been frozen since 2011, so a change could be unpopular. Abolishing it altogether would cost £7bn, according to the IFS. The government is already clamping down on holiday lets.

It may detail new controls to prevent local people being priced out of the housing market. Owners may need council permission to turn their home into a short-term let. 99% mortgages could make it easier for first-time buyers to get on the housing ladder. Some parts of the Budget affect the whole of the UK.

Others, such as education, only affect England. Scotland, Wales and Northern Ireland make their own decisions on this policy area. And other experts have pointed out it would not address the need to build more homes.

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