Introduction

Each year the Chancellor of the Exchequer presents the Budget, which contains all the tax measures for the year ahead. Traditionally the Budget has been in March, prior to the start of the tax year on 6 April.  The statutory provisions to give effect to these tax measures are set out in a single Bill: the annual Finance Bill.

It has been the practice in recent years for Chancellors to make tax announcements twice a year, using the Pre-Budget Report or Autumn Statement as a second fiscal event. In his Autumn Statement in November 2016 the then Chancellor Philip Hammond announced that from autumn 2017 the Government would present a single autumn Budget, to allow for greater Parliamentary scrutiny of Budget measures ahead of their implementation.

Mr Hammond presented the last Spring Budget on 8 March 2017, and the first Autumn Budget on 22 November 2017. In December 2017 the Government published details of a revised annual Budget timetable for policy announcements, consultations, and the passage of legislation.

Over the last three years this timetable has been affected by the timing of the 2019 General Election and the Covid-19 pandemic. In the first case the 2019 Budget, planned for 6 November, was deferred to 11 March 2020. In the second case, the Chancellor’s presentation of three economic statements over 2020, resulted in the Autumn Budget being postponed to 3 March 2021.

Following an Autumn Budget in October 2021 and a Spring Statement in March 2022, the then Chancellor Kwasi Kwarteng announced a series of major tax and spending decisions on 23 September 2022. In a statement on 17 October the current Chancellor Jeremy Hunt announced that many of the tax changes Mr Kwarteng had set out would be reversed.

In turn Mr Hunt set out a further series of tax and spending decisions in the Autumn Statement on 17 November 2022. Many of these decisions were included in the Autumn Finance Bill 2022-23, which was published on 22 November 2022.

Commons Library briefing The Budget and the annual Finance Bill provides further details on the Budget timetable and the procedure for Parliament to scrutinise the Finance Bill.

Autumn Statement 2022

On 17 November 2022 the Chancellor Jeremy Hunt presented the Autumn Statement to the House, alongside the OBR’s Economic and Fiscal Outlook. The Autumn Statement (CP 751) (PDF) and associated documents are on Gov.uk, including:

In his statement the Chancellor announced a series of tax measures, some of which would be legislated for in an Autumn Finance Bill, some in Spring Finance Bill 2023.

Both the Institute for Fiscal Studies and the Resolution Foundation published briefings on the Autumn Statement.

Library briefings are available on the context for the Autumn Statement, and a summary of the measures announced, and a summary of the initial reaction to the Statement.

Over the last two months the Treasury Committee has held a series of evidence sessions on both the Autumn Statement, and on the Government’s Growth Plan on 23 September 2022 which included a series of tax and spending measures. The Committee took evidence from the Chancellor on 23 November 2022.

Finance Bill 2022-23

The Finance Bill 2022-23 was published on 22 November 2022. The Bill and details of its scrutiny are on the Parliament site.

On 21 November HMRC published a series of tax information and impact notes on the individual measures in the Bill. Normally these are collated in a single document – Overview of Tax Rates and Legislation – but this was not published alongside the Autumn Statement.

These are listed below:

In the Business Statement on 24 November the Leader of the House, Penny Mordaunt, announced that the second reading of the Bill would be on Monday 28 November, and that the Bill’s Committee stage and third reading would be taken on Wednesday 30 November.

In turn the Bill received a second reading on 28 November, and its remaining stages were taken on 30 November. The Government did not table any amendments or new clauses to the Bill, and the Bill was agreed unamended (Votes and Proceedings No.82 (PDF), 30 November 2022).

Library briefing material on the Finance Bill

It is long-standing practice for there not to be a single impact assessment on the Finance Bill (see, PQ6549, 6 September 2017).  Similarly, given the scale and scope of the annual Finance Bill, the Library does not publish a single briefing on the Bill, but aims to publish briefing material relating to clauses selected for debate by the Committee of the Whole House. Relevant Library briefings will be added to this page when they are available.


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