The UK Budget - did you know

Some interesting facts about the UK Budget, before the Chancellor starts his speech:

  1. The word ‘budget’ comes from the old French word ‘bougette’ meaning little bag, but is also a sixteenth century term for a secret ‘to open one’s budget’
  2. When delivering his Budget, the Chancellor is allowed to drink alcohol, Winston Churchill was a brandy man
  3. Since 2011 the Chancellor has used a new budget box, as the original that had been used since 1860 was too fragile
  4. Sir Geoffrey Howe, Chancellor from 1979-1983, named his dog Budget after enjoying the doing the Budget speech
  5. The first annual Budget dates from the 1720s
  6. Income tax was introduced in 1799 to help finance the Napoleonic Wars.  It was meant to be a short-term measure
  7. The Queen is the first person to be told of the Budget, it is customary for the Chancellor to have dinner with the Queen the day before Budget Day
  8. The Chancellor then delivers the budget to the Budget Cabinet, then publicly in a speech to the House of Commons
  9. The first televised budget was in 1990, when John Major was the Chancellor
  10. VAT was first introduced in 1973, as part of the requirements of joining the European Economic Community, replacing the more complex purchase tax in place in the UK at the time.

Alex Henderson |  Partner
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