Budget Day: When all will be revealed

By FRANCESCA MOLD

Today is the day the Government goes to Parliament to get approval to spend taxpayers' money.

The Budget is the Government's main economic and financial statement each year.

It is usually given on a Thursday in May or June, and must be introduced by July 31.

The day begins with a "lock-up" for journalists and analysts at 11.30am, so they can get an early look at the figures.

They are not allowed to leave the room in which they get their preview until just before 2pm, when the Minister of Finance goes to the debating chamber to read the Budget speech.

That sets out the Government's economic and financial policies, the reasons for its spending over the next year and its achievements.

It is accompanied by the Budget economic and fiscal update, which gives an overall picture of the Government's fiscal policy.

The update looks ahead three years and raises any issues that might affect economic projections.

The fiscal strategy report is also included in the Budget.

It assesses how projections may differ from fiscal intentions set out in the Budget policy statement, published before the end of March each year.

The Finance Minister gives Parliament the estimates of appropriations, which set out how ministers will spend the money allocated to them in the next financial year.

The estimates give MPs information about the spending they are being asked to approve.

They are passed into law in the Appropriations (Estimates) Bill. There are also supplementary estimates, which contain any changes to spending.

A debate of up to 15 hours is held on the Budget, beginning with the Finance Minister's speech and responses from other party leaders.

The estimates are sent to select committees, which hear evidence and report back to Parliament.