Chancellor of the Exchequer, George Osborne MP, has delivered his first Budget statement to the House of Commons.
The Chancellor of the Exchequer made a speech to the House of Commons on the state of the national finances and the Government's proposals for changes to taxation. The statement is known as the Budget.
The Budget usually takes place in March or April. Indeed, there was a Budget statement made by the previous Chancellor of the Exchequer, Alistair Darling MP, on 24 March 2010. However, 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.
Image: Parliamentary copyright