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The budget was the first for government expenditure in the United Kingdom to exceed £1 trillion [citation needed]. It was confirmed on the previous day that the Coronavirus Job Retention Scheme and the Self Employment Income Support Scheme had been extended to 30 September 2021. [5]
The National Minimum Wage is set to increase by 6.7% (reaching £12.21 per hour) and a £22.6 billion increase in the day-to-day health budget was announced, with a £3.1 billion increase in the capital budget. That includes £1 billion for hospital repairs and rebuilding projects.
Rachel Reeves will present her first Budget on Wednesday.
The financial year ends on 31 March of each year. Thus, the UK budget for financial year 2021 runs from 1 April 2021 to 31 March 2022 and is often referred to as 2021–22. Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year.
In her budget last year, Ms Reeves announced increases in APD from the 2026/27 financial year. For passengers travelling in economy on a short-haul flight, this will raise APD from £13 to £15.
The PA news agency looks at what we might be able to expect from Labour’s first Budget.