Glossary

Annually Managed Expenditure

Abbreviation: AME

Public spending that is demand-led or harder to control within fixed departmental limits.

Appropriation Act

An Act that authorises the use of public money for approved government spending.

Bank of England

Abbreviation: BoE

The UK’s central bank, responsible for monetary policy and financial stability.

Budget

A major statement setting out the government’s tax, spending and economic plans.

Chancellor of the Exchequer

Abbreviation: Chancellor

The senior minister responsible for the Treasury and the UK’s economic and fiscal policy.

Consumer Prices Index

Abbreviation: CPI

A measure of inflation based on changes in consumer prices.

Departmental Expenditure Limit

Abbreviation: DEL

A Treasury spending control covering planned departmental spending.

Estimates Day

A day in the Commons set aside for debates linked to government spending estimates.

Finance Bill

A bill used to give legal effect to tax changes announced by the government.

Fiscal Event

A major government announcement about tax, spending, borrowing or economic policy.

Fiscal Rules

Rules or targets used by government to guide tax, spending, borrowing and debt decisions.

Gross Domestic Product

Abbreviation: GDP

A measure of the total value of goods and services produced in an economy.

HM Revenue and Customs

Abbreviation: HMRC

The UK tax authority responsible for collecting taxes and administering customs and some benefits.

HM Treasury

Abbreviation: HMT

The UK Government department responsible for public finances, tax policy, spending and economic policy.

Main Estimate

The main annual request for parliamentary authorisation of departmental spending.

Money Resolution

A Commons motion authorising public spending connected to a bill.

National Audit Office

Abbreviation: NAO

The UK public spending watchdog that supports Parliament in scrutinising value for money.

Office for Budget Responsibility

Abbreviation: OBR

The independent body that produces forecasts and analysis of the UK public finances.

Public Accounts Committee

Abbreviation: PAC

A Commons select committee that examines public spending and value for money.

Public Expenditure

Money spent by government and public bodies.

Public Sector Net Borrowing

Abbreviation: PSNB

A measure of how much the public sector borrows over a period.

Retail Prices Index

Abbreviation: RPI

An older measure of inflation that is still used in some contracts and uprating calculations.

Spending Review

A government process setting departmental spending plans over a future period.

Spring Statement

A fiscal statement usually delivered by the Chancellor outside the main Budget.

Supplementary Estimate

An in-year request to change the amount or purpose of spending already authorised by Parliament.

Supply Estimate

A document asking Parliament to authorise government spending for a department or service.

Treasury Committee

A Commons select committee that scrutinises HM Treasury, tax, public finances and financial regulation.

Ways and Means Resolution

A Commons motion authorising tax or charge provisions connected to a bill.