On Wednesday 3 March, the Chancellor Rishi Sunak MP presented the 2021 Budget, setting out the Government's plans for tax and spending over the next year.
The Budget included changes to Universal Credit, including an extension of the temporary £20 per week increase to the Universal Credit standard allowance for a further six months.
The suspension of the Minimum Income Floor for self-employed Universal Credit claimants will also continue until the end of July 2021. The Government also announced a one-off payment of £500 to eligible Working Tax Credit claimants across the UK.
You can read a summary of the key measures announced in the Budget here:
https://www.gov.uk/government/news/budget-2021-what-you-need-to-know
You can read the Chancellor's full Budget Speech to the House of Commons here:
https://www.gov.uk/government/speeches/budget-speech-2021
Who is the Chancellor?
The Chancellor of the Exchequer is the Government Minister in charge of the Government's tax and spending decisions. They are appointed by the Prime Minister and are one of the most senior Government Ministers.
Find out more about the role and the current Chancellor, Rishi Sunak MP:
https://www.gov.uk/government/ministers/chancellor-of-the-exchequer
What is the Budget?
The Budget is a statement by the Chancellor of the Exchequer, updating MPs on how much the Government is spending, borrowing, and receiving from taxation. The Budget usually happens once per year.
The Budget is also when the Chancellor announces changes to tax and Government spending. This means the Budget is often used to announce new Government policies or changes to existing policies.
Find out more about Parliament's role in scrutinising the Budget:
https://www.parliament.uk/about/how/role/check-and-approve-government-spending-and-taxation/the-budget-and-parliament/