POLITICS

What Time Is The Budget 2014?

12/03/2014 10:02 GMT | Updated 12/03/2014 18:59 GMT
Dominic Lipinski/PA Archive
Chancellor of the Exchequer George Osborne outside 11 Downing Street before heading to the House of Commons to deliver his annual Budget statement.

George Osborne, the Chancellor, will deliver his 2014 Budget on 19 March at 12.30pm.

The annual announcement is one of the most widely covered events in the political calendar because of the impact is has on the public.

But while Ozzer will be spending sleepless nights fine tuning his financial plans, some top economists actually think he should scrap the announcement.

Abolishing it would stop Chancellors introducing headline-grabbing changes at the expense of good economics, a free market think tank has recommended.

Measures announced in the statement can create uncertainty for businesses and households, leaving them fearful of the potential hidden effects on their finances, while the Government's desire for favourable media coverage leads to "obfuscation" of potentially important but unpopular policies, according to the Institute of Economic Affairs (IEA).

It claims that since Tony Blair swept to power in 1997 Budgets have moved "far beyond" their original purpose and have morphed into broad economic statements with measures that are often outside of the remit of the Treasury.

The political nature of the event creates strong incentives for vested interests to lobby for tax reforms in the months before, the IEA report ahead of the March 19 Budget adds.

WHAT IS THE BUDGET?