Shadow Chancellor of the Exchequer, Ed Balls, opened the first day of the House of Commons debate on the 2012 Budget on Thursday 22 March. The Budget debate will continue on Friday 23 March and Monday 26 March.
There will be three days of debate on the 2012 Budget. At the end of the debate the Commons will be asked to passed resolutions on various aspects of taxation including national insurance, income and captial gains tax. All these resolutions will become part of the Government's 2012 Finance Bill.
Shadow Chancellor of the Exchequer, Ed Balls, opeedn the first day of the debate on the 2012 Budget on behalf of the Opposition. The Secretary of State for Business, Innovation and Skills, Vince Cable, responded during the debate on behalf of the Government.
Watch and read the debate and views expressed by MPs on Parliament TV and in Commons Hansard.
Tax measures announced in the Budget, known as the Budget Resolutions, can be approved by the 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.
Once the Commons has agreed the Budget Resolutions, the Finance Bill, which enacts the Chancellor of the Exchequer's Budget proposals for taxation, starts its passage through Parliament in the same way as any other Bill.
House of Commons Library Analysis
The House of Commons Library regularly produce briefing notes which inform MPs about key issues. The Library has produced two briefing papers on the background to the 2012 Budget.
Budget speech and further information
The Chancellor's Budget speech, HM Treasury documents and House of Commons Library analysis can be found in the news story below.
The Parliament website has information about the history of the budget as a parliamentary occasion and frequenty asked question about budget speeches.
Debates are an opportunity for MPs to discuss government policy, proposed new laws and current issues. It allows MPs to voice the concerns and interests of their constituents.
Image: PA/Clara Molden