Chancellor Rishi Sunak has announced the date for an Autumn Budget and Spending Review which will set out "future spending plans" amid the country's worst economic recession in 300 years.

Scheduled for 27 October 2021, the Autumn Budget will be the second of its kind this year following the Spring Budget Sunak delivered in March.

The Spending Review will set out the day-to-day Government spending, which will increase by 4% per year to an extra £140 billion per year by 2024/25.

In a letter to all secretaries of state, Sunak said the priorities of the Spending Review are:

• ensuring strong and innovative public services
• levelling up opportunities across the UK
• leading the transition to net zero
• advancing the UK's opportunities overseas
• building on plans for infrastructure and scientific development.

All Government departments have also been asked to cut at least 5% of their day-to-day spending, which will be reinvested into other priorities.

Any new taxes, and increases or cuts to existing ones will be announced in the Autumn Budget alongside the Spending Review.

Follow our news updates for insight into any tax changes.