Oct 22, 2018

Budget 2018: Everything you need to know

The speech usually lasts about an hour, although the longest continuous Budget speech was by William Gladstone in 1853, lasting four hours and 45 minutes. One big announcement will be the Scottish government's intentions on income tax levels, to be outlined at its Budget on 12 December. The Budget comes hot on the heels of the Conservative Party conference, during which Prime Minister Theresa May claimed that austerity is coming to an end. Arguably, the nature of any deal struck with the EU - or the failure to reach any kind of deal - would have a much bigger impact on the nation's finances than anything Mr Hammond says in the Budget. The real detail on all of these plans, and how much they will cost or save, is in the Budget red book - a fat document published as soon as the chancellor has sat down after his speech.

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