Parliamentary budget

A Parliamentary budget is a financial plan for a defined period, more often than not one year. Companies, governments, families and other organizations use budgets to express strategic plans of activities or events in measurable terms.[1] A budget is the sum of money allocated for a particular purpose and the summary of intended expenditures along with proposals for how to meet them. It may include a budget surplus, providing money for use at a future time, or a deficit in which expenses exceed income. This page details the particular style and process in the restrictive sense of the Westminster system of government.

Synopsis

United Kingdom

The budget is prepared by the Treasury team led by the Chancellor of the Exchequer and is presented to Parliament by him on Budget Day. It is customary for the Chancellor to stand on the steps of Number 11 Downing Street with his or her team for the media to get photographic shots of the Despatch Box, immediately prior to them going to the House of Commons. Once presented in the House of Commons it is debated and then voted on. Minor changes may be made however with the budget being written and presented by the party with the majority in the House of Commons (the Government), the Whips will ensure that it is passed as written by the Chancellor.[2] The Red Budget Box was first introduced by William Gladstone and encloses information the Government classifies as Secret, in this particular instance until its introduction to the Commons. The original case "has now been officially retired for good due to its fragility and is displayed in the Cabinet War Rooms museum of London."[3]

References

"CIMA Official Terminology" (PDF). Archived from the original (PDF) on 2013-08-10.
PYLAS, PAN (7 March 2017). "The quirks and traditions of Britain's budget". THE ASSOCIATED PRESS.
Crouch, Hannah (29 October 2018). "BUDGET BOX HISTORY What is the red Budget Box, is Gladstone's 1860 leather briefcase still used and what is in the Chancellor's despatch box?". The Sun.

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[1] "CIMA Official Terminology" (PDF). Archived from the original (PDF) on 2013-08-10.

[ppap-2] PYLAS, PAN (7 March 2017). "The quirks and traditions of Britain's budget". THE ASSOCIATED PRESS.

[hcts-3] Crouch, Hannah (29 October 2018). "BUDGET BOX HISTORY What is the red Budget Box, is Gladstone's 1860 leather briefcase still used and what is in the Chancellor's despatch box?". The Sun.