What is the Budget?
The Budget is the UK's annual financial statement, including a review of taxation levels and announcement of spending plans. It is the responsibility of the Chancellor of the Exchequer who works closely with his team of ministerial colleagues and senior civil servants.
Traditionally the Chancellor has carried the Budget speech to the House of Commons in a red briefcase first used by Gladstone in 1860. The Budget box has been used to carry the Chancellors speech from Number 11 to the House for over one hundred consecutive years.
In July 1997, Gordon Brown became the second Chancellor to use a new box for the Budget.