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Government Spending In The United Kingdom
Central government spending in the United Kingdom, also called public expenditure, is the responsibility of the UK Government, the Scottish Government, the Welsh Government and the Northern Ireland Executive. In the budget for financial year 2019–20, proposed total government spending was £842 billion. Spending per head is significantly higher in Northern Ireland, Wales and Scotland than it is in England. Scotland has historically collected more tax per person than has the rest of the UK, although following a decline in the oil price in 2014, Scotland produced slightly less revenue than England per capita in 2014–15. As of 2014 and the release of the GERS report, Scotland had a higher deficit relative to the UK deficit as a whole and received an increased net subsidy from UK Government borrowing, this deficit was attributed to declining oil revenues as the price of crude oil has fallen. This condition is predicted to only get worse should oil revenues fall further. Gove ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minister Of The Environment (Northern Ireland)
The Department of the Environment (DOE or DOENI; ga, An Roinn Comhshaoil; Ulster-Scots: ''Männystrie o tha Kintraside'') was a devolved Northern Irish government department in the Northern Ireland Executive. The minister with overall responsibility for the department was the Minister for the Environment. Aim The DOE's overall aim was to "work in partnership" with the public, private and voluntary sectors to promote the "economic and social welfare of the community" through "promoting sustainable development and seeking to secure a better and safer environment for everyone". The last Minister was Mark H. Durkan ( Social Democratic and Labour Party). Responsibilities The main policy responsibilities of the department were: * the natural environment * the built environment * land use planning * road safety * regulation of drivers, vehicles and vehicle operators * local government The DOE's main counterparts in the United Kingdom Government were: * the Department for Environm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Countries By Tax Revenue As Percentage Of GDP
This article lists countries alphabetically, with total tax revenue as a percentage of gross domestic product (GDP) for the listed countries. The tax percentage for each country listed in the source has been added to the chart. Tax as % of GDP (2020) See also *List of countries by government budget *List of countries by government spending as percentage of GDP *List of countries by social welfare spending *Taxation in the United States *List of countries by tax rates A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit. The list focuses on ... * Tax rates in Europe References {{DEFAULTSORT:Countries By Tax Revenue To Gdp Ratio Tax Revenue To Gdp Ratio Gross domestic product *Tax Revenue To Gdp Ratio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Budget By Country
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as well as a mechanism for determining policy. In many countries, the government has a kind of constitution, a statement of its governing principles and philosophy. While all types of organizations have governance, the term ''government'' is often used more specifically to refer to the approximately 200 independent national governments and subsidiary organizations. The major types of political systems in the modern era are democracies, monarchies, and authoritarian and totalitarian regimes. Historically prevalent forms of government include monarchy, aristocracy, timocracy, oligarchy, democracy, theocracy, and tyranny. These forms are not always mutually exclusive, and mixed governm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welsh Fiscal Deficit
The Welsh fiscal balance is the difference between general government revenues and expenditures in Wales. From 1999 to 2022, Wales has carried a fiscal deficit as public spending in Wales exceeded tax revenue. For the 2018–19 fiscal year, the fiscal deficit is about 19.4 percent of Wales's estimated GDP, compared to 2 percent for the United Kingdom as a whole. All UK nations and regions except for East, South East England and London have a deficit. Wales' fiscal deficit per capita of £4,300 is the second highest of the economic regions, after the Northern Ireland fiscal deficit, which is nearly £5,000 per capita. Some state that the deficit is not a Welsh deficit as Wales does not have significant powers over taxation and does not set its own budget, in that the UK Government holds many of these fiscal powers. According to political scientist John Doyle of Dublin City University, the fiscal deficit in the "early days" of an Welsh independence, independent Wales would be approxi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Northern Ireland Fiscal Deficit
Northern Ireland has a fiscal deficit (also known as a subvention or subsidy) since the public expenditure in the country exceeds the tax revenue. The deficit typically runs at a rate of £10 billion ''per annum'' which is more than one third of Northern Ireland's annual fiscal budget. The size of the deficit has been seen by some commentators as a possible impediment to the potential reunification of Ireland. History Up until the Great Depression in the 1930s, Northern Ireland ran an annual surplus, and was a net contributor to the UK exchequer. It has run a deficit every year since 1966; that year the deficit was £52 million (£973 million in 2014 pounds). In absolute terms, the subsidy peaked in the 2009–10 fiscal year, when it stood at £11.5 billion in 2014 pounds. Subsidy Nine of the twelve UK statistical regions (the exceptions are London, South East England and East of England) carry a deficit. At nearly £5,000 per capita, Northern Ireland's is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom National Debt
The United Kingdom national debt is the total quantity of money borrowed by the Government of the United Kingdom at any time through the issue of securities by the British Treasury and other government agencies. At the end of December 2021, UK General government gross debt was £2,382.8 billion, or 102.8% of Gross domestic product, the second lowest in the G7 while 14.6% above the average of the EU member states at that time. Approximately a third of the UK National Debt is owned by the British government due to the Bank of England's quantitative easing programme, so approximately a third of the cost of servicing the debt is paid by the government to itself. In 2018, this reduced the annual servicing cost to approximately £30 billion (approx 2% of GDP, approx 5% of UK government tax income). In 2017, due to the Government's budget deficit ( PSNCR), the national debt increased by £46 billion. The Cameron–Clegg coalition government in 2010 planned that they would eliminate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Government Austerity Programme
The United Kingdom government austerity programme is a fiscal policy that was adopted for a period in the early 21st century following the Great Recession. The term was used by the Coalition and Conservative governments in office from 2010 to 2019, and again during the 2021–present United Kingdom cost of living crisis. The Conservative-led government claimed that austerity served as a deficit reduction programme consisting of sustained reductions in public spending and tax rises, intended to reduce the government budget deficit and the role of the welfare state in the United Kingdom. Some commentators accepted this claim, but many scholars have observed that in fact its primary, largely unstated aim, like most austerity policies, was to restore the rate of profit. Successive Conservative governments claimed that the National Health Service and education have been " ringfenced" and protected from direct spending cuts, but between 2010 and 2019 more than £30 billion in spendi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Budget
The Budget of His Majesty's Government is an annual budget set by HM Treasury for the following financial year, with the revenues to be gathered by HM Revenue and Customs and the expenditures of the public sector, in compliance with government policy. The budget statement is one of two statements made by the Chancellor of the Exchequer in the House of Commons, with the Spring Statement being made the following year. Budgets are usually set once every year and are announced in the House of Commons by the Chancellor of the Exchequer. Since autumn 2017 the United Kingdom budget typically takes place in the Autumn in order to allow major tax changes to occur annually, well before the start of the fiscal year. The most recent budget was presented by Rishi Sunak on 27 October 2021. Sunak’s successor, Kwasi Kwarteng, delivered a fiscal event in September 2022. His successor Jeremy Hunt delivered another fiscal event in November 2022. Although not an official budget statement, they ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In The United Kingdom
Taxation in the United Kingdom may involve payments to at least three different levels of government: central government ( HM Revenue & Customs), devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion. History A uniform Land tax, originally was introduced in England during the late 17th century, formed the main source of government revenue throughout the 18th century and the early 19th century. Stephen Dowell, ''History of Taxation and Taxes in England'' (Ro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People's Quantitative Easing
People's Quantitative Easing (PQE) is a policy proposed by Jeremy Corbyn during the 2015 Labour leadership election in August. It would require the Bank of England to create money to finance government investment via a National Investment Bank. Policy Corbyn proposes to have the Bank of England create money to invest in housing and public transport, described by Corbyn as "People's Quantitative Easing". This would aim to turn the UK into a high-skill, high-tech economy and to build more council houses in order to lower long-term housing benefit costs. To achieve this, the Bank would purchase bonds for a state-owned "National Investment Bank". The policy is based on ideas put forward by Richard Murphy. Murphy argues it is a policy designed for use in 2020, in the event the economy remains flat despite traditional quantitative easing, with low inflation, low interest rates, high unemployment and low wages. If the economy is growing strongly, PQE would not be needed as increasin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of The English Fiscal System
The history of the English fiscal system affords the best known example of continuous financial development in terms of both institutions and methods. Although periods of great upheaval occurred from the time of the Norman Conquest to the beginning of the 20th century, the line of connection is almost entirely unbroken. Perhaps the most revolutionary changes occurred in the 17th century as a result of the Civil War and, later, the Glorious Revolution of 1688; though even then there was no real breach of continuity. The primitive financial institutions of early England centred round the king's household. In other words, the royal preceded the national economy in importance. Revenue dues collected by the king's agents, rents, or rather returns of produce from land, and special levies for emergencies formed the main elements of the royal income which gradually acquired greater regularity and consistency. There is, however, little or no evidence of what modern governments recognise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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