Why is it that every year, when the Budget is announced, the Chancellor of the Exchequer holds a red briefcase?

It’s tradition.

The Chancellor’s red briefcase is identical to the briefcases used by all other government ministers (known as ministerial boxes or “red boxes”) to transport their official papers but is better known because the Chancellor traditionally displays the briefcase, containing the Budget speech, to the press in the morning before delivering the speech.

The original Budget briefcase was first used by William Ewart Gladstone in 1860 and continued in use until 1965 when James Callaghan was the first Chancellor to break with tradition when he used a newer box. Prior to Gladstone, a generic red briefcase of varying design and specification was used. The practice is said to have begun in the late 16th century, when Queen Elizabeth I’s representative Francis Throckmorton presented the Spanish Ambassador, Bernardino de Mendoza, with a specially constructed red briefcase filled with black puddings.

In July 1997, Gordon Brown became the second Chancellor to use a new box for the Budget. Made by industrial trainees at Babcock Rosyth Defence Ltd ship and submarine dockyard in Fife, the new box is made of yellow pine, with a brass handle and lock, covered in scarlet leather and embossed with the Royal initials and crest and the Chancellor’s title.

In March 2008, Alistair Darling reverted to using the original budget briefcase.

Hitler’s briefcase – Red Dwarf – BBC

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