UK Parliament Budget Forum Q&A

Former_MSE_Andrea

Budget 8 July 2015: UK Parliament Coverage

Image: PA/Dominic Lipinski

The Chancellor of the Exchequer will deliver the Budget in the House of Commons this Wednesday 8 July. Our UK Parliament representative will be answering your questions on this thread.

If you have a question, click below to ask and UK Parliament will try to answer.

Watch the Budget

The Budget will be shown live on Parliament TV

Play Budget Bingo!

Join in on the Forum or on Twitter

UKParliament

Hi MSEs

The Chancellor will be delivering the Budget on Wednesday 8 July at 12.30pm in the House of Commons Chamber. This will be followed by Budget debates in the Commons on Thursday 9 July, Monday 13 July and Tuesday 14 July.

We want to hear your expectations of what might be in the Budget Speech as well as thoughts on it once it has been delivered. What parts of it will have the biggest impact for you?

We'll try to answer your questions as best we can and if we can't we'll try and point you in the right direction to find out!

Watch the Budget

The Budget will be shown live or available on catch-up on Parliament TV.

Further Information

If you are interested in finding out more about the background to this Budget Statement, the House of Commons Library have produced a summary document.

Background to the July 2015 Budget

oldagetraveller

Could one of his advisors tell him to try not looking so smug when he poses for photographs?

UKParliament

What is the Budget Statement?



The Budget, or Financial Statement, is a statement made to the House of Commons by the Chancellor of the Exchequer.

The Budget statement includes:
• a review of how the UK economy is performing
• forecasts of how the UK economy will perform in the future by the Office for Budget Responsibility (OBR)
• details of any changes to taxation.

The Chancellor's decisions usually remain secret until the speech. This is, mainly, to prevent anyone profiting from having advance knowledge of the government's plans.

What happens in Parliament?

The Chancellor of the Exchequer delivers the Budget statement to Members of Parliament in the House of Commons.

Provisional collection of taxes

Some measures, such as any changes to the rates of duty on alcohol and tobacco, come into effect on Budget day or soon after.

The power to make these changes on an interim basis, before the Finance Bill is passed, comes from the House of Commons approving a motion for the provisional collection of these taxes.

Debates

Traditionally the Leader of the Opposition, rather than the Shadow Chancellor replies to the Budget Speech.

The Budget is usually followed by four days of debate on the Budget Resolutions, these are the tax measures announced in the Budget. Each day of debate covers a different policy area such as health, education and defence. The Shadow Chancellor makes his response the day after the Budget statement during the Budget debates.

Budget Resolutions can come into effect immediately if the House of Commons agrees to them at the end of the four days of debate but they require the Finance Bill to give them permanent legal effect.

The Finance Bill

A new Finance Bill is presented to Parliament each year. It enacts the proposals for taxation made by the Chancellor of the Exchequer in his Budget statement and brings them into law.

Once the House of Commons has agreed the Budget Resolutions, the Finance Bill starts its passage through Parliament in the same way as any other bill.

Scrutiny

Following each Budget statement the Commons Treasury Select Committee conducts an inquiry into the Government’s proposals, gathering evidence from expert witnesses and publishing a report with its conclusions and recommendations.

The Government then produces a report in response to the Committee’s findings.

The House of Lords Economic Affairs Sub-Committee examines selected aspects of the Finance Bill, including tax administration, clarification and simplification.

The Chairman of the Ways and Means

Traditionally, the Chairman of Ways and Means (Deputy Speaker) chairs the Budget debates rather than the Speaker. Watch current Chairman, Lindsay Hoyle MP, explain why.

https://www.youtube.com/watch?v=1eiTE1SEi-c

Do you have any questions about Parliament and the Budget?

trevinda

What is the definition of childhood poverty in the eyes of parliament/government?

Former_MSE_Andrea

On Twitter we've asked this morning:

What one thing would you ask @UKParliament about the #summerbudget #budget2015?

UKParliament

Hi trevinda

On 1 July, Iain Duncan Smith, Secretary of State for Work and Pensions gave a statement in the House of Commons about Child Poverty. The statement is long and I do not want to quote it out of context for you but he states that how child poverty is measured will change and explains the new process.

Watch the statement on Parliament TV
Read the statement in Hansard.

If you are interested in finding out more about child poverty the following document may be of interest.

Child poverty for 2020 onwards: Key issues for the 2015 Parliament
Poverty in the UK: statistics

UKParliament

Watch the Budget Statement live now.

Watch live on Parliament TV.

UKParliament

You can now read the Summer Budget Statement policy paper, the impact on households paper and the Budget speech on HM Treasury website

Archi_Bald

What is happening with the prviously announced

1. Buy to Let ISA
2. tax free allowance for savings interest

EDIT: in answer to my own question: both will go ahead as announced in March 2015.

Archi_Bald

UKParliament wrote: »

You can now read the Summer Budget Statement policy paper and the Budget speech on HM Treasury website

These links are not working.