Quick Guide: The Budget
Printable version
The Treasury's role

The Pre-Budget Report

The Budget statement

Budget deficits and the golden rule

The Spending Review

The Budget statement

The Budget normally takes place in March, ahead of the end of the tax year on 5 April.

The Chancellor starts with his economic forecast, predicting how much money the government might get in tax revenue.

Then he announces changes - if any - in personal tax rates, excise duties, VAT and corporate taxation.

He may also announce increases in benefits and allowances, and often mentions some extra cash going to key government programmes.