When is the next UK budget 2021 and what will it mean for your money?
THE Budget is when the government announces plans for how it will spend money on things like the NHS and public services.
Chancellor Rishi Sunak who makes the Budget speech in the House of Commons, will reveal plans for how to cover the nation's spending.
The financial statement covers how the economy is doing and proposes changes to taxes, which can affect your finances.
But many struggling families will be hoping he will pull a rabbit out the hat in the form of extra funding or a tax break.
Here we explain how the Budget works, when the next announcement will be and what could be in it.
What date is the next Budget in 2021?
Usually there is a Budget once a year but there was a Budget back in March and there is another coming up too.
Mr Sunak delivered a Budget during the lockdown at the start of the year after it was delayed from September 2020 because of the second wave of the pandemic.
The next Budget date is set for Wednesday, October 27.
The date of the 2021 Budget was announced on September 7 - the same day that tax hikes were announced.
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The next Budget is delivered in the House of Commons and scheduled to take place after Prime Minister's Questions (PMQs).
PMQs usually lasts around half an hour so the Budget typically starts just after 12.30pm.
It may be later if PMQs overruns and time is often given to allow MPs to enter the House of Commons chambers.
There is also a short break as the Budget is traditionally chaired by the principal Deputy Speaker rather than the Speaker of the House of Commons.
This means House of Commons Speaker Sir Lindsay Hoyle will have to swap places with his deputy Dame Eleanor Laing.
The statement usually lasts around an hour and MPs should not intervene on the Chancellor.
How long the Budget lasts can vary though - the longest continuous one on record was delivered by William Gladstone in 1853 and lasted a whopping 4 hours and 45 minutes.
What will be in the next Budget 2021?
With tax hikes already revealed, there is speculation that the biggest announcements are out of the way already this year.
Such increases for taxpayers are usually announced during Budget speeches, rather than in separate announcements.
That means there could be fewer major changes affecting your finances coming up, because they've already been announced.
But - and particularly these days with the pandemic - that's not a certainty.
The Budget will take place just weeks after major financial support schemes come to an end, like furlough and the Universal Credit uplift.
And the country is also heading towards winter when Covid cases could spike again, with the government already setting out a "Plan B" that could see the return of work from home orders and mandatory face masks.
There is also still a big bill to pay for the Covid support that has been provided by the Government over the course of the pandemic.
What will it mean for your money?
The impact on your wallet will depend on what exactly is announced in the budget - and that won't be revealed until the day.
Keep an eye out for tax increases as these are the kind of policy changes that are announced during the budget.
Some taxes usually rise annually however, such as rates of duty on alcohol and tobacco.
Changes to alcohol and tobacco taxes usually come into effect on Budget day or soon after.
The Chancellor could also increase taxes like Capital Gains, which is paid on the sale of assets like shares or a second property, and inheritances.
But nothing will be confirmed until Budget day itself.
What has already been announced?
As is tradition, certain nuggets of information from the Budget have been leaked in recent days, so we already know some of what to expect.
One of the big giveaways this year is that millions of workers are set for a pay rise.
The Chancellor has already confirmed that minimum wage will be increased to £9.50 an hour, giving millions of workers £1,000 a year pay increase.
Rishi Sunak is also set to unfreeze public sector pay, helping millions of key workers.
Nurses, teachers and soliders are among those set to enjoy their first wage increase in two years.
Elsewhere, Mr Sunak is set to confirm £3billion in training British workers for better-paid jobs and a £700million boost to sports facilities.
What is rumoured to be included this year?
It is hoped the Chancellor will freeze fuel duty, in a move that could save the typical driver £66 a year and a victory for the Sun's Keep it Down Campaign.
This would be a particular boon for motorists who this week saw petrol prices reach a record high of more than £1.42 a litre.
Uswitch has called on the government to increase the Warm Home Discount. It says the current £140 allowance barely offsets the recent energy price cap increase.
Other rumours are that a VAT cut on energy bills is being mooted, but commentators say this could be too expensive for the Treasury to do.
Meanwhile, it is expected that online shoppers could be hit with a 2% sales tax.
The move would aim to level the playing field between online and high street retailers but could end up costing families hundreds of pounds.
Pubs will be watching the Budget eagle-eyed as it's hoped Mr Sunak will slash beer duty to help shore up the industry.
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The Long Live the Local campaign recently revealed that 1,000 UK pubs shut in the first half of 2021 alone — the equivalent of five a day.
Meanwhile, drinkers are paying around £1 in tax for every pint of beer in a pub.
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