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BUDGET: What is it?

Counting the coins: The Budget 2012 explained Photo: PA

This is the Chancellor's third Budget. It's the government’s plan for the economy over the next 12 months, and comes as the country continues to recover from the tough economic times experienced during 2008 and 2009.

We have taken this video from the HM Treasury website. It looks into the work of Treasury minsister Chloe Smith, the week before the budget. Here, she explains her role and the dedication that goes into to preparing for the big day.

The primary role of the Budget is to control public finances by setting out how much tax the Government will collect, how much the Government will borrow and how much the Government will spend.

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