If you’re wondering what to do in your lunch break on Wednesday, then a good idea is to brew a Cup of tea, a sandwich, and watch the Budget.
It is the largest single event of the year, the impact on your finances.
In his speech, the Chancellor will announce the government’s plans for tax and spending.
No significant changes in the wage tax and social insurance to be expected, but more is expected over the government’s plans for the housing market.
Here is your essential guide.
When is the Budget?
It is on Wednesday, the 22. November at about 12:30 GMT.
Prime Minister Theresa May gets her weekly grilling from MPs at Prime Minister’s Questions in the Commons at 12:00. If this is done, you sit down and the Chancellor delivers his Budget speech.
It usually takes about an hour, although the longest continuous Budget speech was by William Gladstone in 1853, four hours and 45 minutes.
Head of the Labour party, Jeremy Corbyn, then the first reaction is, before the members of the Budget debate.
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Who is the Chancellor, and Philip Hammond?
Probably the second most powerful man in the government, behind the Prime Minister.
He was appointed as Chancellor – known in many countries as the Minister of Finance in July 2016.
Mr Hammond, the Parliament occurred at the relatively late age of 41 as a millionaire. He has been the Conservative member of Parliament for Runnymede and Weybridge since 1997.
He was paid as “Spreadsheet Phil” because of his love, including how to run the finances while you are on the beach in the holidays.Why is everyone talking about housing this time?
Governments tend to announce some of the content of the budget in the days before the speech, whereas it used to be a closely guarded secret.
Among the announcements so far, in this time, two of the housing have been encouraging – to a change in the rules, more social housing, and the other from the Chancellor suggesting, to see the action, thousands more houses built every year.
Also, there was widespread speculation that the Chancellor could do something to change that will relieve the stamp duty in England – a tax on buyers – and for the first time buyer. Scotland already has its own system and Wales has its own beginning in April 2018.
It is important to remember that the stock market is value-added tax is by no means the largest up-front cost for the buyer. The average deposition outside of London is Â£24,000, and in London it is Â£72,000.
Real estate agents us estimates that the average stamp duty bill for the first time buyer is over Â£2,700.What else could be included?
First of all, Mr Hammond, the state of the nation, the Finance, before he in several individual measures.
One thing he might have to address the productivity, or not. This is the amount we make per worker, per hour – in other words, how efficient each worker is. The increase in the productivity is critical for the promotion of economic growth in the UK and rising wages.
We also know that the Chancellor talks about investment in driverless cars – he has told us that already.
What many will be watching very carefully, whether it announces any change to the two main pillars of the austerity policy – of the wages in the public sector and the amount of social security benefits.
Many working age benefits are almost freezing halfway through a four-year. To do this, job-seekers Allowance, Employment and Support Allowance, some types of housing benefit and child benefit.
The ceiling of wages in the public sector is increasing in England and Wales, there are already in some form since 2010.The Budget for 2017: What we know
The real detail on all of these plans, and how much it will cost, or save, it is published in the Budget red book-a fat document, as soon as the Chancellor sat down after his speech.Will I have to pay more for a pint?
Apart from the fact that he is allowed to drink alcohol during the speech (although the last Chancellor, to do this, in fact, Kenneth Clarke, with a whisky), the so-called “sin taxes” on cigarettes and alcohol.
So, at the end of the day on Wednesday, any change in these levies in force and is likely to have an immediate impact stepping on the prices.
For example, the beer duty was increased by 2p a pint in the last budget.Pubs urge to Hammond to cut beer dutyWhen is the next Budget?
Around the same time next year.
If you don’t have to wait so long, then there is the spring statement in the end of February or beginning of March, which updates funded the state of the nation.
Many forces, as well as some tax issues, it falls to the Nations of the UK. You can expect more on those in the coming weeks.
A big announcement, the Scottish government, the intentions for the higher rate of income tax, outlined in December.