Winners and losers in one speech

Watch where each announcement lands.

Once a year the government announces its taxes and spending plans. Each announcement can help some industries and hurt others.

What the budget is

• The Union Budget the government's yearly plan — The Finance Minister presents the government's finances to the country: taxes, spending, and new policies and reforms.
• Once a year usually 1 February — It's one of the year's biggest market events, and stocks can react sharply on the day.
• Industries, not just the index who's affected — A tax or a spending plan usually lands on particular industries. Their shares tend to move most.

**Remember:** before the speech, markets already guess what's coming. A surprise usually moves prices more than an announcement everyone expected.

Read the announcement

Tap each announcement.

Example announcements. Real reactions also depend on what was expected and on everything else going on.

Follow the chain

Press play, or tap each step.

**Remember:** ask how an announcement changes a company's sales or costs, and so its profits.

Check — Question 3 of 4

Likely to help or hurt the named industry?

What you now know

• The Union Budget is the government's yearly plan for taxes, spending and reforms.
• It's usually presented on 1 February, and markets react strongly.
• Announcements tend to hit particular industries: higher taxes can hurt, more spending can help.
• Trace the chain: announcement → sales or costs → profits → share price.
• Surprises move prices more than what was already expected.