Budget Statement – History and Traditions
18/03/2014
As you might or might not know, the Chancellor of the Exchequer will announce the Budget Statement on Wednesday 19th March.
If you don’t know what the Budget Statement is then you can read our blog article Budget 2014 – What is it?
However, if you’re interested in the history and traditions of the Budget Statement, then you might want to read this blog post.
The Famous Red box
Traditionally, the Chancellor of the Exchequer transports his budget statement from 11 Downing Street to the House of Commons in a red box. The Chancellor will usually stand on the steps of 11 Downing Street holding the red box up for a photo opportunity from the press.
The distinctive red box dates back to 1860, when it was originally crafted for William Ewart Gladstone. The box is lined with black satin and covered with Scarlett Leather, and was used for over 100 years before Lord Callaghan became the first Chancellor to break tradition and use a new box in 1965. Additionally, Gordon Brown became the second Chancellor to use a new box in 1997.
Current Chancellor, George Osborne reverted back to Gladstone’s original budget box in 2010 for his first budget, but then used a new box in 2011.
Alcohol in the House of Commons?
It has long been a tradition that the Chancellor can drink alcohol during their budget speech, if they choose to do so.
George Osborne has chosen to drink mineral water in his past Budget Statements, and is expected to do the same this year. Additionally, the two previous Chancellors, Alistair Downing and Gordon Brown have also chosen to drink mineral water.
However, some previous Chancellors have chosen to be a little more adventurous, such as Kenneth Clarke who drunk Whiskey, Nigel Lawson who drunk a Spritzer and William Ewart Gladstone who drank Sherry and a beaten egg!
The longest and shortest speeches
Looking at the history of Budget Statements, the longest continuous statement was made by William Ewart Gladstone on 18 April 1853, lasting 4 hours and 45 minutes, and the shortest by Benjamin Disraeli in 1876, lasting just 45 minutes.
There was one other Budget speech by Benjamin Disraeli that lasted for 5 hours, however this did include a break, so technically wasn’t the longest speech.
Is it always on a Wednesday?
The Budget Statement is usually made on a Wednesday, following the “Prime Ministers’ Questions.” However this is just tradition, and can actually be held on any day of the week at the Chancellors discretion.
Following the Budget?
Keep following the financialadvice.co.uk blog for more information on the Budget Statement, or keep up to date with our live tweets on 19th March 2014 by following @financialuk
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