Chancellor of the Exchequer, George Osborne, delivered his Budget statement to the House of Commons on Wednesday 20 March 2013.
Ed Miliband, Leader of the Labour Party, responded on behalf of the Opposition.
The Budget usually takes place in March or April. Every year the Chancellor of the Exchequer makes a major speech to the House of Commons on the state of the national finances and the Government's proposals for changes to taxation. This statement is known as the Budget.
What is in the Budget?
The Budget statement 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.
What happens after the Budget statement?
It is customary for the Leader of the Opposition to respond to the speech given by the Chancellor rather than the Shadow Chancellor. Following the Budget statement the House debated the Budget Resolutions. The Shadow Chancellor made his response the day after the Budget statement.
The Budget debates on a series of topics continued on Thursday 21, Friday 22 and on Monday 25 March. At the end of the deabte on Monday 25 March MPs were asked to approve a series of Ways and Means Resolutions.
House of Commons Library Analysis
The House of Commons Library regularly produce briefing notes which inform MPs about key issues. The papers contain factual information and a range of opinions on each subject, and aim to be politically impartial.
The Library has produced the following briefing papers on the 2013 Budget:
More information about the 2013 Budget can be found on HM Treasury website. The Parliament website has information about the history of the budget as a parliamentary occasion and frequently asked questions about budget speeches and financial documents.
Image: PA/Lewi Whyld