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The Budget is the annual financial statement and review of the levels of taxation2. The Budget speech includes a statement of the Government's medium-term financial strategy and the short-term economic forecast.
Taxes are used by the government to try to control the British economy as well as to raise revenue to meet expenditure3 for the year.
However, people are mainly interested in how changes in taxes and benefits will affect them. For example, if income tax goes up they will have less money, but parents may be happy because child benefit has risen.
The Budget speech is prepared and delivered by the finance minister, known as the chancellor4 of the exchequer5, or simply 'the chancellor' for short.
A number of traditions surround the Budget speech. For example, the chancellor gets to his feet in the House of Commons at 12:30 pm. He is heard uninterrupted by members of parliament.
According to tradition, the chancellor is allowed to drink alcohol during the speech, though these days water is preferred.
The statement lasts about an hour. Afterwards, the leader of the opposition6 gets a chance to respond and criticise7 the government's plans. Four days of general debate follow.
This year's Budget is the first since Gordon Brown became prime minister. Alistair Darling, his replacement8 at the Treasury9, makes his first Budget speech since becoming chancellor.
taxpayer financial statement medium-term financial strategy revenue benefits child benefit chancellor of the exchequer uninterrupted leader of the opposition general debate |
the budget taxation short-term economic forecast expenditure income tax finance minister House of Commons members of parliament criticise the Treasury |
1 taxpayer | |
n.纳税人 | |
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2 taxation | |
n.征税,税收,税金 | |
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3 expenditure | |
n.(时间、劳力、金钱等)支出;使用,消耗 | |
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4 chancellor | |
n.(英)大臣;法官;(德、奥)总理;大学校长 | |
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5 exchequer | |
n.财政部;国库 | |
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6 opposition | |
n.反对,敌对 | |
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7 criticise | |
v.批评,评论;非难 | |
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8 replacement | |
n.取代,替换,交换;替代品,代用品 | |
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9 treasury | |
n.宝库;国库,金库;文库 | |
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