Quirks, traditions of UK’s budget

Spring roots

Britain often does things differently. Among major economies, Britain is the only one whose tax year starts on April 6, rather than January 1. That’s because prior to 1752, England’s new year started on March 25. It was one of the “quarter days” when rents and taxes had to be settled by. But when the country moved to the Gregorian Calendar, the country added 11 new days, pushing the new tax date to April 5. Another adjustment in 1800 pushed it a day ahead where it’s stayed ever since. New Year’s Day, however, was changed in line with other countries to January 1. 1752, it seems, was one year when Britain sought to align itself with the rest of Europe.

The red box

The abiding image of Britain’s budget day is the red budget box that the treasury chief, or Chancellor of the Exchequer, holds up from the steps of his home at No. 11, Downing Street. Inside are the contents of the speech he — it’s always been a he — will give to parliament. Incidentally, the word budget comes from the French word for little bag, bougette. The distinctive budget box first appeared in 1860 and was specifically hand-crafted for then-Chancellor William Gladstone. It was, according to the Treasury, ‘lined with black satin and covered with scarlet leather’ and was in use for over a hundred straight years until James Callaghan in 1965 got a new one. Gladstone’s original box reappeared in 2010 when George Osborne used it, before he too got a new one. The Gladstone box was then retired to a permanent display in a museum.

Mine’s a scotch

One perk of delivering the budget is that the Chancellor — alone — may drink alcohol. It’s the only time of the year that anyone in the House of Commons can do so.

Time’s of the essence

Budget statements can take a while and British bookmakers have enjoyed offering odds for the length of the speech. Gladstone delivered the longest in 1853 — a cool four hours and 45 minutes. Disraeli’s speech, the year before, was longer at five hours but included a break. Disraeli can claim the record of the shortest speech at a bare 45 minutes.