Tuesday, 22 June 2010
A Budget speech normally has two distinct parts. The first part is a report on the current and forecast state of the British economy. Much of the detail is already available in the Office of Budget Responsibility's recent forecasts - and the Government has produced The Spending Review Framework
The second part of the speech deals with taxation.
After the speech has been delivered the Commons need to pass a Provisional Collection of Taxes motion - this allows the continuation of existing taxes and any new taxes or amendments to take effect - prior to the passing of the Finance Bill. Without it the changes couldn't take place.
There is an excellent House of Commons Standard Note on the Budget available here.