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Mr Sunak’s third Budget as Chancellor will be held alongside the conclusions of the 2021 Spending Review, which will set out how much money Government departments can expect to receive over the next three years.

The Budget announcement comes after the Prime Minister Boris Johnson set out a series of tax changes to raise £12 billion a year for social care, which the Institute for Fiscal Studies has said is “the biggest tax rising year in many decades”.

The UK’s fiscal watchdog, the Office for Budget Responsibility (OBR), will also issue updated forecasts for the economy and public finances which will demonstrate the effect of the pandemic on spending and borrowing.

The Chancellor is hopeful that the OBR will be able to upgrade its forecasts significantly as the economy has recovered faster than expected.

Mr Sunak said: “Despite the worst economic recession in 300 years, we have not only got people back into work through the Plan for Jobs but continued to deliver on the priorities of the British people.

“At the Spending Review later this year, I will set out how we will continue to invest in public services and drive growth while keeping the public finances on a sustainable path.”

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Date published 8 Sep 2021 | Last updated 28 Nov 2023

Fraser McKay, MCIPR (Accredited)

Fraser is a highly experienced journalist and Accredited PR Professional and joined TaxAssist in 2016. He writes articles covering a wide range of topics relating to small businesses and accounting. In addition, Fraser provides communications training to the network, as well as looking after TaxAssist Accountants' national and local social media channels.

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