Chancellor sets out money plan

On 30 October, Rachel Reeves, the Chancellor of the Exchequer (the person in charge of the UK’s money), announced the Budget. What is the Budget? The Budget is a plan for how the Government will organise the UK’s money. It usually happens once a year. Reeves read out the Budget in Parliament. It contained details of what the Government will spend money on and where it will get this money from. Reeves said the Government will raise funds by borrowing money and raising taxes. Taxes are money that people and businesses have to give to the Government to pay for certain services (see panel). What was announced? Reeves said that from April, the minimum wage (the lowest amount employees can be paid) will rise to £12.21 per hour for people…

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The Week Junior (UK) (Digital) - 1 Issue, 464

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