On Wednesday 21 March 2012 at 12:30pm the Chancellor will present his Budget for 2012, setting out the Government’s plans for the economy and public finances in the year ahead.
The Budget is a report presented each year by the Chancellor of the Exchequer to Parliament and the nation. The primary role of the Budget is to control public finances by setting out how much tax the Government will collect, how much the Government will borrow and how much the Government will spend.
When the Government publishes the Budget, the Chancellor gives a speech to Parliament in which he sets out the key decisions on tax, borrowing and spending, and his reasons for taking those decisions. This speech is known as the Budget Statement.
The Budget takes place as the UK recovers from the financial crisis of 2008 and 2009. The action the Government has taken since the June 2010 Budget to reduce the deficit and rebuild the economy has secured and maintained stability and positioned the UK as a relative safe haven against the backdrop of global instability. Budget 2012 will provide an update on the Government’s plans to support the economy and achieve the aim of strong and stable growth.