Spring Budget 2017: when it is, what it is and how to watch.

Philip Hammond will deliver his first Budget as Chancellor next week, but it will be the last before the Article 50 deadline set for late March.

What is it?

The Budget is an annual announcement made by the Chancellor of the Exchequer to outline the state of the economy and any proposed changes to taxation. It also includes forecasts for the economy by the Office for Budget Responsibility (OBR).

Once announced, the House of Commons can then debate the plans included in the Budget before scrutinising the subsequent Finance Bill, which implements the Chancellor’s proposals.

One major factor that sets it aside from the Autumn Statement is an allowance that means the Chancellor can drink alcohol while delivering the Budget speech.

While Chancellors in recent years have been more conservative with their choice of tipple, with George Osborne, Alistair Darling and Gordon Brown all opting for mineral water, some have been a little more adventurous.

Other Chancellors have chosen whisky (Kenneth Clarke), spritzer (Nigel Lawson), gin and tonic (Geoffrey Howe), brandy and water (Benjamin Disraeli) and sherry and beaten egg (William Ewart Gladstone).

Who is Philip Hammond?

Philip Hammond was appointed Chancellor of the Exchequer by Prime Minister Theresa May during a Cabinet reshuffle on 13 July 2016. His previous roles in government have been Secretary of State for Foreign and Commonwealth Affairs, Secretary of State for Defence and Secretary of State for transport.

The Chancellor of the Exchequer, a role which dates back to the 13th century, is the government’s chief financial minister and is charged with raising revenue through taxation or borrowing and for controlling public spending.

Hannah Uttley.

Full story at Yahoo News.