About the Budget
The Budget is the UK's annual financial statement, including a review of taxation levels and announcement of spending plans. It is the responsibility of the Chancellor of the Exchequer who works closely with his team of ministerial colleagues and senior civil servants.
Since May 1997 the Treasury presents two economic forecasts per year. In the spring the Chancellor presents the Budget, and in the autumn, the Pre-Budget Report (PBR) is released.
Budget box
Traditionally the Chancellor has carried the Budget speech to the House of Commons in a red briefcase first used by Gladstone in 1860. The wooden box was hand-crafted for William Ewart Gladstone, lined in black satin and covered in scarlet leather. The ‘Gladstone’ box was used to carry the Chancellors speech from Number 11 to the House for over one hundred years. James Callaghan used a new box during his time as Chancellor in the 1970s, but the Gladstone box was later restored to duty once more. In 1997, Gordon Brown broke from tradition and used a new box made by four young apprentices from his Dunfermline constituency and bringing the four to the steps of Number 11 to share his photocall.
Alistair Darling used the original Gladstone box, which had been on display in the lobby of HM Treasury, to carry his first Budget to parliament.
