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More than 5000 entries on the history, culture and life of Britain (published in 1993 by Macmillan, now out of print)
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Budget
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The annual statement on financial policy and taxation levels given to the House of Commons by the *chancellor of the exchequer. The word means a leather wallet of a kind to contain papers, and in the 18C the chancellor was said to be opening his budget when he presented his proposals. In token of this, when setting off to make his speech, each chancellor has traditionally been photographed holding up a battered budget box covered in scarlet leather; it is believed to have been made for Gladstone during his 1859–66 spell as chancellor of the exchequer.
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