Spelling it out: The Budget in Wales

Nothing to do with rhyming slang or football league team Barnet. The Barnett formula is just a bit of maths used to decide how much extra funding the Welsh Government gets - so if spending goes up (or down) in England, the Welsh Government budget goes up (or down) by a proportion, according to the formula. Welsh politicians enjoy a good scrap about whether it is fair or not.

This might be Chancellor George Osborne's new favourite word. He will say things are going well with the economy growing and unemployment low. But he will say things could go wrong at any minute - and it would be better to stick to his plans for reducing public spending to get the country into the black again. And the biggest uncertainty, he is likely to add, would be pulling out the European Union - it is not a subtle message.

City deals to be specific. The UK government has come up with a clever model where it gets together with councils in a specific area to chip some money into a big pot, which can be spent on a specific project - a for example, a transport "metro" - which might not otherwise go ahead. Cardiff has been waiting months to hear whether it can get one and on Tuesday the capital's £1.2bn deal was signed. Swansea is waiting to hear if it will get its own version - over to you Mr Osborne.

The Chancellor will say on Wednesday how much the economy has grown in the last year and how much it is expected to grow over the next few years. Why does that matter? Well, if the size of the economy is going up it means more taxes being paid and (generally) more jobs being created. But a shrinking economy is bad news - less money coming in to the Treasury and people out of work. It is basically a health check for the economy.

These are parts of the country where the UK government scraps various business taxes and offers grants or tax rebates to try to encourage companies to set up there. In January Tata Steel announced 750 jobs were going in Port Talbot, and the Welsh Government wants to set up an enterprise zone in the town to try to help the local economy deal with the blow. But the plan needs Mr Osborne's agreement - we should find out today whether it is going ahead.

Wednesday is the day the public finds out how much income tax they are going to be paying. There is a plan to pass some of this power to the Welsh Government in future but there is no agreement yet on when exactly this will happen. The Chancellor will also announce things like the rate of VAT and the tax on beer, cigarettes and other so-called "sin taxes" during his speeches. Wales paid £17.4bn to the Treasury in tax in 2014/15 but it is just 3.4% of the total tax paid across the UK.