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The Budget is when the Government outlines its plans for the economy including taxation and spending.

The Chancellor of the Exchequer delivers a speech in the House of Commons and announces plans for things like tax hikes, cuts, and changes to Universal Credit and the minimum wage.

At the same time, the Office for Budget Responsibility (OBR) publishes an independent analysis of the UK economy.

Usually, the Budget is a once-a-year event and usually takes place in the Autumn, with a smaller update known as the Spring Statement.

But there have been exceptions in recent years when there have been more updates, or the announcements have taken place at different times, for example during the pandemic or when there is a General Election.

On the day of the Budget, usually a Wednesday, the Chancellor is photographed outside No 11 Downing Street with the red box.

He then heads to the House of Commons to deliver his speech, at around 12.30 following Prime Minister's Questions (PMQs).

Changes announced in the Budget are sometimes implemented the same day, while others may not have a set date.

For example, a change to tobacco duty usually happens on the same day, pushing up the price of cigarettes.

Some tax changes are set to come in at the start of a new tax year, which is April 6.

Other changes may need to pass through Parliament before coming into law.