It's the time of year when the British taxpayer finds out how much the cost of beer, cigarettes and petrol - amongst other things - will go up in the coming twelve months.
The Budget is the annual financial statement and review of the levels of taxation. The Budget speech includes a statement of the Government's medium-term financial strategy and the short-term economic forecast.
Taxes are used by the government to try to control the British economy as well as to raise revenue to meet expenditure for the year.
However, people are mainly interested in how changes in taxes and benefits will affect them. For example, if income tax goes up they will have less money, but parents may be happy because child benefit has risen.
The Budget speech is prepared and delivered by the finance minister, known as the chancellor of the exchequer, or simply 'the chancellor' for short.
A number of traditions surround the Budget speech. For example, the chancellor gets to his feet in the House of Commons at 12:30 pm. He is heard uninterrupted by members of parliament.
According to tradition, the chancellor is allowed to drink alcohol during the speech, though these days water is preferred.
The statement lasts about an hour. Afterwards, the leader of the opposition gets a chance to respond and criticise the government's plans. Four days of general debate follow.
This year's Budget is the first since Gordon Brown became prime minister. Alistair Darling, his replacement at the Treasury, makes his first Budget speech since becoming chancellor.
GLOSSARY 詞彙表
taxpayer
納稅人
the budget
預算
financial statement
財政報告
taxation
稅收
medium-term financial strategy
中期金融策略
short-term economic forecast
短期經濟前景預報
revenue
收入
expenditure
支出
benefits
福利
income tax
個人所得稅
child benefit
兒童福利
finance minister
財政部長
chancellor of the exchequer
(英國對財政部長的稱呼)財政大臣
House of Commons
下院(眾議院)
uninterrupted
不被打斷的
members of parliament
議會成員
leader of the opposition
反對黨領導
criticise
批評
general debate
廣泛的討論
the Treasury
財政部