The Budget


 

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The Budget

The annual announcement which the Chancellor of the Exchequer makes once a year to outline his government's taxation and spending plans for the forthcoming financial year.Pre-Budget announcements are made in November, with the real Budget in March of each year. Budgets are given Parliamentary authority by the Finance Act which is passed each year.



Similar Matches

Balanced budget

Balanced budget

A budget in which the income equals expenditure. See: budget.


Budget authority

Budget authority

Broad responsibility by Congress that government agencies have the power to spend federal funds. Congress can specify criteria for the spending of these funds. For example, it may stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are; appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as one-year, multiple years or no year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority may also be classified as current or permanent. Permanent authority requires no current action by Congress.


Budget

Budget

A detailed schedule of financial activity, such as an advertising budget, a sales budget, or a capital budget.


Intrabudgetary transactions

Intrabudgetary transactions

Effected when payment and receipt both occur within the budget, or when payment is made from off-budget federal entities whose budget authority and outlays are excluded from the budget totals.


Budget surplus

Budget surplus

Refers in general to an excess of income over expenditure, but usually refers specifically to the government budget, where it is the excess of tax revenue over expenditure (including transfer payments).


Further Suggestions

Budget constraint
Budget deficit
Primary budget surplus
budget deficit
Off budget Federal entities
Budget deficit
Balanced budget
Budget surplus
Flexible budget
budget account


 
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