When is the Budget?
The Budget usually takes place in March or April. There has to be a Budget each year because some taxes, such as income tax and corporation tax, are annual taxes (not permanent), so they must be renewed by legislation each year.
In election years, after a change of Government, a Budget will usually be introduced by the incoming Chancellor of the Exchequer, whether or not the outgoing Chancellor has already delivered one.
What's in the Budget?
The Budget speech usually includes:
a review of how the UK economy is performing
forecasts of how the UK economy will perform in the future
details of any changes to taxation.
The Chancellor's statement is followed by several days' debate.
Tax measures announced in the Budget, known as the Budget Resolutions, can be approved by the House of Commons to come into effect in law immediately. But the decisions to agree the resolutions themselves, are taken at the end of the debate on the Budget.
The Finance Bill is the Bill presented to Parliament each year which enacts the Chancellor of the Exchequer's Budget proposals for taxation.
Once the House of Commons has agreed the Budget Resolutions, the Bill starts its passage through Parliament in the same way as any other Bill.
The House of Lords has a very limited role in respect of Finance Bills. Many Finance Bills are classed as Money Bills, which the Lords may not reject and can only delay for a month.
The Chancellor of the Exchequer makes the Autumn Statement each year in November or December.
The Autumn Statement provides an update on the government's plans for the economy based on the latest forecasts from the Office of Budget Responsibility (OBR).
The OBR forecasts are published twice each year, at the Budget and at the Autumn Statement, and look at the future performance of the economy.