The Budget explained

The Budget is the major financial and economic report made each year by the Chancellor of the Exchequer.

The Treasury has produced a video explaining a bit more about the history of this annual event:

It reveals that “budget” comes from the term “bougette” – a wallet in which either documents or money could be kept.

Read more: Budget terminology explained

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The Chancellor George Osborne has told ITV's Daybreak that the country's economic problems "could be a lot worse", referring to the situation in Cyprus, as he defended his Budget plans to kickstart the recovery.