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皇冠体育app Chancellor of the Exchequer, George Osborne, will make the next Budget statement on Wednesday 19 March 2014.

Each year the Chancellor of the Exchequer makes the Budget statement to the House of Commons outlining the state of the economy and the government鈥檚 proposals for changes to taxation. 皇冠体育app House of Commons debates the Budget and looks at the Finance Bill, which will make law the Chancellor鈥檚 proposals.

皇冠体育app Budget

皇冠体育app Budget, or Financial Statement, is a statement made to the House of Commons by the Chancellor of the Exchequer on the nation鈥檚 finances and the government鈥檚 proposals for changes to taxation. 皇冠体育app Budget also includes forecasts for the economy by the Office for Budget Responsibility (OBR).

皇冠体育app Budget and the Finance Bill are annual events, in part because Income Tax and Corporation Tax are annual taxes which have to be renewed by legislation each year. By contrast, most UK taxes including all indirect taxes, Petroleum Revenue Tax and taxes on capital are 鈥榩ermanent鈥�.

In election years, after a change of government, a Budget will usually be introduced by the incoming Chancellor of the Exchequer, even if the outgoing Chancellor has already delivered one.

皇冠体育app Budget statement

皇冠体育app Chancellor of the Exchequer delivers his Budget statement to Members of Parliament in the House of Commons. 皇冠体育app first part of the statement typically begins with a review of the nation鈥檚 finances and the economic situation. 皇冠体育app statement then moves on to proposals for taxation.

Provisional collection of taxes

Some measures, such as any changes to the rates of duty on alcohol and tobacco, come into effect on Budget day or soon after.

皇冠体育app power to make these changes, before the Finance Bill is passed, comes from the House of Commons approving a motion for the provisional collection of these taxes. After the Chancellor finishes his speech but before the Leader of the Opposition responds, the Chairman of Ways and Means puts a single motion to the Commons asking for agreement to these changes.

This is called the 鈥楶rovisional Collection of Taxes鈥� and is agreed by the House, meaning that the changes can come into effect at 6pm on Budget day.

Debates on the Budget Resolutions

Traditionally the Leader of the Opposition, currently Labour Leader Edward Miliband, replies to the Budget Speech.

皇冠体育app Budget is usually followed by 4 days of debate on the Budget Resolutions - these are the tax measures announced in the Budget. Each day of debate covers a different policy area such as health, education and defence. 皇冠体育app Shadow Chancellor makes his response the day after the Budget statement during the Budget debates.

Budget Resolutions can come into effect immediately if the House of Commons agrees to them at the end of the 4 days of debate, but they need the Finance Bill to give them permanent legal effect.

皇冠体育app Finance Bill

A new Finance Bill is presented to Parliament each year. It makes law the proposals for taxation made by the Chancellor of the Exchequer in his Budget statement.

Once the House of Commons has agreed the Budget Resolutions, the Finance Bill starts its passage through Parliament in the same way as any other bill.

皇冠体育app House of Lords has a limited role in respect of Finance Bills. 皇冠体育app House of Commons has the sole right to initiate and amend bills whose main purpose is to levy taxes or authorise expenditure.

皇冠体育app House of Lords will have a second reading debate on the Finance Bill but they will not consider the Bill clause by clause and will not amend the Bill.

Scrutiny of the Budget by Committees

皇冠体育app Commons Treasury Select Committee is a cross-party committee of MPs whose role is to scrutinise the work of the Treasury.

Following each Budget statement the Treasury Committee conducts an inquiry into the government鈥檚 proposals, gathering evidence from expert witnesses and publishing a report with its conclusions and recommendations.

皇冠体育app government then produces a report in response to the Committee鈥檚 findings, often with a contribution from the OBR.

皇冠体育app House of Lords Economic Affairs Sub-Committee examines selected aspects of the Finance Bill, including tax administration, clarification and simplification.

皇冠体育app Autumn Statement

皇冠体育app Chancellor of the Exchequer makes an Autumn Statement each year in November or December. 皇冠体育app Autumn Statement provides an update on the government鈥檚 plans for the economy based on the latest forecasts from the OBR.

皇冠体育app OBR forecasts are published twice each year, at the Budget and at the Autumn Statement.