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A Beginner's Guide to the UK Budget

A BEGINNER'S GUIDE TO THE UK BUDGET As the UK election campaign begins to really heat up, people are looking for as much information as possible on all the parties and their policies, so they can make an informed, educated decision on who to vote for. One element of party politics that should be considered is the budget, which has a crucial impact on how the country is run, the economy and - perhaps most importantly - people's pockets. In this infographic, we take a look at the latest UK budget, telling you everything you need to know about this crucial political element. WHAT IS THE BUDGET? The budget is one of the ways the government is judged by the people and other parties, but what exactly is it? The budget covers a fiscal year that ends on the 31 March each year. It is a statement of economic objectives by the Government covering: THE BUDGET Projected revenues (amount and where it'll come from) Projected expenditure (amount and where it'll go) The budget is one of two economic statements, which are given to Parliament by the Chancellor during the course of a year. The other is the Autumn Statement. The 2015 budget was announced by Mr Osborne on 18th March. You've probably heard party leaders mention 'the deficit. This is the amount by which total UK debt grows each year, worked out as income receipts minus government expenditure. WHAT IS THE DEFICIT? Government spending is a crucial part of the budget; it clearly shows the financial focus of the ruling parties GOVERNMENT SPENDING The budget covered what the government will be spending taxpayers money on (and how much of it) for the 2015-16 year. Let's have a look at the proposed government spending in more detail: 50 billion 100 billion 150 billion 200 billion Industry, agriculture and employment Public order Education Transport and safety Housing and environment Persona Defence Social protection services Debt interest Other (including EU transactions) Health Government income is just as important as spending, this section shows where the money will come from GOVERNMENT INCOME The budget also covered how the government plans to fund their spending. Let's have a closer look at the proposed government income in the 2015-16 fiscal year: (NT 50 billion 100 billion 150 billion 200 billion Business rates Excise duties Other (taxes) Corporation tax Income tax Other (non-taxes) Council tax National insurance VAT The deficit is a crucial element of the budget, and shows how much will be added to the UK debt in the fiscal year THE DEFICIT The deficit is worked out by subtracting the total managed expenditure from government revenue: Total managed expenditure: Total government revenue: Projected deficit: £743bn £667bn £76bn Data taken from BUY The Budget 2015 HM Treasury, March 2015 attachment_data/file/416330/47881_Budget_2015_Web_Accessible.pdf loans

A Beginner's Guide to the UK Budget

shared by Designbysoap on Apr 16
The General Election 2015 is set to be the closest election in years and for many young people in the UK, it will be their first opportunity to vote. But just how much do our first-time voters know ab...


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