Every year, the Chancellor of the Exchequer gives a speech in the House of Commons, vividly discussing the National Finances of the company. The proposals for changes in taxation are also discussed here. This discussion is known as the Budget.
When does the Budget happen ?
The Budget usually takes place every March. Budget has to happen annually because some taxes like income tax, corporation tax are paid annually and therefore, they need to be decided annually.
The Budget Speech
The Budget Speech usually includes
A re – assessment of how the UK economy is performing
An estimation as to what will b4e the future of the UK economy
Elaborate versions of any changes made in taxation
