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Since autumn 2017 the United Kingdom budget typically takes place in the Autumn in order to allow major tax changes to occur annually, well before the start of the fiscal year. [2] The most recent budget was presented by Rachel Reeves on 30 October 2024. The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year.
The UK government agrees a new funding deal with Drax Power Station that will reduce the amount of subsidies it receives by half. [51] 11 February – James Garnor resigns as a member of Whittlebury Parish Council after a video was shared that appeared to show an explosive device being triggered by a cat. [52] 12 February –
Amongst the measures she announced were an increase in employers' National Insurance to 15% on salaries above £5,000 from April 2025, income tax thresholds to rise in-line with inflation after 2028, changes to farm inheritance tax so that rural estates above the value of £1,000,000 from April 2026 would face 20 per cent inheritance tax, and a ...
Reduction in tax-free allowances for dividends and capital gains tax in both 2023 and 2024 [18] Local authorities given the power to annually increase council tax by up to 5% without a local referendum instead of the current 3% [18] Household Energy Price Guarantee extended until April 2024, but threshold raised from £2,500 to £3,000 [18]
THE INDEPENDENT DEBATE: News of a pay rise for MPs has sparked backlash, with many criticising the move given the ongoing cost of living crisis and stagnant public wages
The UK government announces that the plans for reforms to social care in England may not be published until 2028, or later. [5] Zoe Hughes, a transgender member of Exeter City council, quits the Labour Party in a row over transgender issues. [6] 4 January –
UK government borrowing unexpectedly increased to £17.8bn in December, an increase of £10.1bn from December 2023, and its highest level for four years. [ 70 ] The owner of The Sun newspaper offers a "full and unequivocal apology" to Prince Harry for "serious intrusion" into his private life, and agrees to pay him "substantial damages".
A century after the 1871 act, the Banking and Financial Dealings Act 1971 (c. 80), which currently regulates bank holidays in the UK, was passed. [14] The majority of the current bank holidays were specified in the 1971 Act: however New Year's Day and May Day were not introduced throughout the whole of the UK until 1974 and 1978 respectively. [15]