 Thus, the UK budget for financial year 2011 would cover the period from 1 April 2011 to 31 March 2012 and is often referred to as 2011–12.Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year.Parliament was not expected to take action on a budget for the fiscal year until the summer, several months "after" the start of the fiscal year.