Finance bills are the principal legislative instruments of fiscal policy, a subject area which is of supreme importance both in its high political controversy and in the history of parliament in its struggles with the crown. The budget which precedes the main finance bill of each session is a red-letter day in the parliamentary calendar. Its substance reflects the struggle of government to impose its will upon economic events; and fiscal policy—though essentially incremental in its development—contains, or at least symbolises, some of the main areas of disagreement between political parties in relation, for example, to the distribution and redistribution of wealth. For these reasons alone finance bills merit a separate chapter in a work on public legislation.
KeywordsFiscal Policy Indirect Taxation Select Committee Standing Committee Finance Bill
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