October 30th 2024.
The sight of the red box being hauled out is a clear indication of one thing - tax hikes. It's a familiar ritual for British chancellors to stand in front of No.11, proudly holding the red box high as cameras flash, before heading to the House of Commons to deliver their annual Budget statement. Today, it is Rachel Reeves who will join the ranks of chancellors before stepping up to the despatch box to reveal the taxes we'll have to pay in the upcoming year and the cost of our beloved beer.
But where did this iconic red box come from? Well, it was first created for William Gladstone in 1860 during his time as chancellor of the exchequer. Made of wood, covered in red leather, and lined with black silk, it was specifically designed to hold the Budget statement as it made its journey from No.11 Downing Street to the House of Commons.
However, over the years, the original red box has seen its fair share of wear and tear. In 1965, James Callaghan was the first to break tradition and carried a "vulgar brown valise" instead. And in 1997, Gordon Brown commissioned a new red box to replace the old, worn-out one.
Interestingly, Gladstone served as chancellor under three prime ministers before becoming prime minister himself. But what happened to the original red box? Well, it is now on display at the Cabinet War Rooms. Its last outing was in 2010, when George Osborne - eager to be photographed with this symbolic piece of history - received special permission to use it. However, it was quite battered and even had some parts repaired with balsa wood, according to sources at the Treasury. The following year, the overworked original was retired from service.
The red box has also been at the center of some mortifying moments over the years. In 1869, George Ward Hunt arrived at the Commons for his Budget speech only to realize he had left the speech at home. He only lasted six months in the job, which is longer than Kwasi Kwarteng - the second shortest-serving chancellor - who never even got the chance to give a Budget speech. His "kamiKwazi" ultra-Conservative tax-cutting mini-budget, delivered from Downing Street in a blue folder, caused chaos in the pound, bond market, and UK insurance sector.
But the red box is not just used to carry the Budget statement. It has also been known to hold a bottle of whisky, as Norman Lamont did, with the speech itself being carried in a plastic bag by his aide William Hague. And alcoholic drinks have definitely made an appearance at the despatch box, with Tory chancellor Ken Clarke famously sipping on a glass of Glenfarclas scotch during his Budget speech in 1997.
While some chancellors have opted for a more sophisticated white wine spritzer or rum and milk, others have gone for a classic G&T. And back in the day, Gladstone himself enjoyed a sherry mixed with beaten egg, while Conservative chancellor Benjamin Disraeli preferred a brandy with water.
As for Rachel Reeves, it remains to be seen if she will follow in the footsteps of Lord Clarke and opt for an alcoholic beverage during her Budget speech. In the past, Labour chancellors Gordon Brown and Alistair Darling chose to stay sober with Highland Spring sparkling water and tap water, respectively.
So what can we expect from Reeves' Budget? As always, there are plenty of rumors swirling around. We already know that the bus fare cap in England will be increasing from £2 to £3, and the National Living Wage will see a 6.7% rise. Other announcements include billions of pounds being invested in the health service, with a focus on new surgical hubs and scanners, as well as radiotherapy machines. And in line with their manifesto promise, Labour has stated that they will not raise major taxes for "working people," such as national insurance, income tax, and VAT.
But it's not just about taxes, as petrol and diesel prices are also set to increase. And how long does the Budget speech take? Well, the shortest one on record was Benjamin Disraeli's 1867 Budget, which lasted just 45 minutes. On the other hand, Kwarteng's fiscal statement in 2022 was under 30 minutes. The longest Budget speech was delivered by Gladstone in 1853, lasting a whopping four hours and 45 minutes. No wonder he needed a drink - and we can only imagine the rest of the house did too.
And did you know that you can have your own ministerial red box? That's right, the "iconic" red box is available for purchase from Foster and Son, a London-based bootmaker founded in 1840. The case is made of goatskin with brass fittings and a lock, and features a wooden frame and a hand-stitched leather handle. But be prepared to shell out a grand total of £4,050 for this piece of history.
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