The budget is generally one of the most eagerly awaited, closely scrutinised and over-hyped events in the British political calendar. Last week's offering by Chancellor George Osborne was no exception.
The United Kingdom of Great Britain and Northern Ireland is a sovereign state in northern Europe which includes England, Wales, Scotland and Northern Ireland. It is governed under a constitutional monarchy and a democratic parliamentary system made up of two houses; an elected House of Commons and an appointed House of Lords. It has a population of more than 62 million and has the world's seventh-largest economy by nominal GDP. It is predominantly a Christian country, although successive waves of migration have contributed to the growth of other faiths. It is a member of the European Union as well as the Commonwealth of Nations, the Council of Europe, G7, G8, G20, NATO, the Organisation for Economic Co-operation and Development (OECD) and the World Trade Organization.