On 27 October, the Autumn statement and three-year spending review plans were announced by the UK's Chancellor. The following points may be of interest to some charities:
- The Charity Commission's budget is set to rise to £28.3m in 2021-2022 and will reach £29.3m in 2024-2025.
- There has been an extension of the Museums and Galleries Exhibition Tax relief until March 2024.
- £850m of new funding for culture and heritage organisations was announced. According to Pro Bono Economics, this means the culture and heritage sector has received more than four times as much support from the government to survive the pandemic as the charity sector has, although there is some overlap between the two.
- No changes have been made to the existing business rates relief for charities, although the reliefs are being kept under review.
- It has been forecasted that the economy will reach the conditions to reinstate overseas aid commitments at 0.7% of gross national income by 2024-2025.
- £500m of public funding was announced for early intervention children's services.
- £560m in funding for youth services in England will be provided over the next three years.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.