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The Budget |
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The BudgetThe 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 MatchesBudget surplusBudget surplusThe amount by which government revenues exceed government pending. Budget constraintBudget constraint1. For an individual or household, the condition that income equals expenditure (in a static model), or that income minus expenditure equals the value of increased asset holdings (in a dynamic model). 2. For a country, the condition that the value of exports equals the value of imports or, if capital flows are permitted, that exports minus imports equals the net capital outflow. It is equivalent to income from production equaling expenditure on goods plus net acquisition of foreign assets. 3. The curve, usually a straight line, representing either of these conditions. Intrabudgetary transactionsIntrabudgetary transactionsEffected 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. Balanced budgetBalanced budgetA budget in which the income equals expenditure. See: budget. Budget authorityBudget authorityBroad 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. Further SuggestionsFlexible budgetBudget deficit Budget Off budget Federal entities Balanced budget Primary budget surplus budget account Budget deficit Budget surplus budget deficit |
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