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Weekly Information Bulletin
Weekly Information Bulletin: 3rd March 2001
MARCH 2001 BUDGET
The Budget is the annual financial statement and review of levels of taxation. This year the Chancellor of the Exchequer, the Rt Hon Gordon Brown MP will make the speech on 7th March 2001 at approx. 3.30 pm. The speech generally falls into two parts - a resume of the economic situation and then a detailed account of the measures needed to raise the amount of money required by the Chancellor. The speech will be followed by 4 days debate on the Budget resolutions and economic situation. (7th, 8th, 12th & 13th March)
The Finance Bill will be presented to the House and given its first reading at the end of the Budget debate. The Bill's procedure through the Commons is broadly the same as most other bills, with a Second Reading, Committee, Report and Third Reading. The Committee stage is split between a Committee of the Whole House and a Standing Committee. The Committee of the Whole House deals with the more controversial, important or novel provisions of the Bill. The Standing Committee, which normally consists of 30 to 40 Members, deals with the other provisions. After the Third Reading the Bill is sent to the Lords, where it usually passes through all its stages in one day, as the Lords are unable to amend financial bills. The Bill can then receive Royal Assent.
The speech will be published, as usual, in the Official Report (Hansard). It will also be on the Internet on the Treasury pages along with a number of press notices and other budget information, soon after the Chancellor has sat down. Links to budget information, past and present, can be found on the Treasury website at:
The House of Commons Internet site has a Frequently Asked Questions page on the Budget and a Factsheet on The House of Commons and the Raising of Taxation: Budgets and Financial Documents (No.49). The links to these pages can be found from:
The Factsheet is also available from The House of Commons Information Office in hard copy format, free of charge.
|© Parliamentary copyright 2001||Prepared 3 March 2001|