One of the steps towards economic integration in the East African Community is a requirement that all the member countries hold their budget readings at the same time of year. This year the combined budgets of the countries (excluding Burundi) was $23.5bn. In Uganda the new Minister of Finance, Syda Bbumba, increased spending but kept taxes as they are, meaning a likely increase in the deficit. That is, of course, unless she can miraculously improve the ability of the taxman to pull in what is due to him.One thing that caught my eye was this photo from Business Week. In the UK the Chancellor poses with the famous red box every year. I hadn't realised, though, that this tradition had been exported. Is this just a Commonwealth thing or do other countries have a similar practice?
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The tradition started when a British chancellor of the Exchequer forgot his budget speech at home.
Ever since then the purse-man carries a red case, to remind the Honorable MPs that he has his speech with him.
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