The budget (& Pre-Budget Report)

The Budget is when the government sets out its economic and tax plans for the coming year.

It is made up of two key elements: the chancellor's Budget speech to the House of Commons and the publication of the government's detailed financial reports.

This second element of the Budget is formally called the Financial Statement and Budget Report (FSBR), but is generally referred to as the Red Book or the Budget Report.

The government is legally bound to present Parliament with two economic forecasts a year. Since 1997, this has consisted of an autumn pre-Budget report, which is a progress report of the economy so-far and sets out the direction of the government's economic and tax policy, and a spring Budget, which often concentrates on regulatory or taxation changes.

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