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Estimates
In the Westminster system of government, the ''Estimates'' are an outline of government spending for the following fiscal year presented by the Cabinet (government), cabinet to parliament. The Estimates are drawn up by bureaucrats in the finance ministry in collaboration with cabinet ministers. They consist of detailed reports on how each department or ministry will spend its money. The estimates are normally introduced in the Responsible government, responsible chamber (the lower house in bicameral parliaments) just prior to the main Budget Day, which gives them time to be analyzed by House committees. Unlike the budget, the estimates contain no references to fiscal policy, long-term goals, or Government funding, funding. After each section is reviewed by the relevant committee the entire Estimates are voted on as one bill (law), bill. Defeat on the vote is treated as loss of supply and tantamount to Motion of no confidence, loss of confidence. Unlike tax proposals in the budg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Westminster System
The Westminster system, or Westminster model, is a type of parliamentary system, parliamentary government that incorporates a series of Parliamentary procedure, procedures for operating a legislature, first developed in England. Key aspects of the system include an executive branch made up of members of the legislature which is responsible government, responsible to the legislature; the presence of parliamentary opposition parties; and a ceremonial head of state who is separate from the head of government. The term derives from the Palace of Westminster, which has been the seat of the Parliament of the United Kingdom, Westminster Parliament in England and later the United Kingdom since the 13th century. The Westminster system is often contrasted with the presidential system that originated in the United States, or with the semi-presidential system, based on the government of France. The Westminster system is used, or was once used, in the national and Administrative division, su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Spending
Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government Gross fixed capital formation, gross capital formation). These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product. Spending by a government that issues its own currency is nominally self-financing. However, under a full employment assumption, to acquire resources produced by its population without potential inflationary pressures, removal of purchasing power m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Year
A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally with the reporting period not aligning with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each ye ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cabinet (government)
A cabinet in governing is a group of people with the constitutional or legal task to rule a country or state, or advise a head of state, usually from the executive branch. Their members are known as ministers and secretaries and they are often appointed by either heads of state or government. Cabinets are typically the body responsible for the day-to-day management of the government and response to sudden events, whereas the legislative and judicial branches work in a measured pace, in sessions according to lengthy procedures. The function of a cabinet varies: in some countries, it is a collegiate decision-making body with collective responsibility, while in others it may function either as a purely advisory body or an assisting institution to a decision-making head of state or head of government. In some countries, particularly those that use a parliamentary system (e.g., the United Kingdom), the cabinet collectively decides the government's direction, especially in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament
In modern politics and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: Representation (politics), representing the Election#Suffrage, electorate, making laws, and overseeing the government via hearings and inquiries. The term is similar to the idea of a senate, synod or congress and is commonly used in countries that are current or former monarchies. Some contexts restrict the use of the word ''parliament'' to parliamentary systems, although it is also used to describe the legislature in some presidential systems (e.g., the Parliament of Ghana), even where it is not in the Legal name, official name. Historically, parliaments included various kinds of deliberative, consultative, and judicial assemblies. What is considered to be the first modern parliament, was the Cortes of León, held in the Kingdom of León in 1188. According to the UNESCO, the Decreta of Leon of 1188 is the oldest documentary manifestation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance Ministry
A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfolio has a large variety of names around the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer". The duties of a finance minister differ between countries. Typically, they encompass one or more of government finances, economic policy and/or financial regulation, but there are significant differences between countries: * in some countries the finance minister might also have oversight of monetary policy (while in other countries that is the responsibility of an independent central bank); * in some countries the finance mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Responsible Government
Responsible government is a conception of a system of government that embodies the principle of parliamentary accountability, the foundation of the Westminster system of parliamentary democracy. Governments (the equivalent of the executive branch) in Westminster democracies are responsible to parliament rather than to the monarch, or, in a colonial context, to the imperial government, and in a republican context, to the president, either in full or in part. If the parliament is bicameral, then the government is usually responsible first to the parliament's lower house, which is more representative than the upper house, as it usually has more members and they are always directly elected. Responsible government of parliamentary accountability manifests itself in several ways. Ministers account to Parliament for their decisions and for the performance of their departments. This requirement to make announcements and to answer questions in Parliament means that ministers must h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lower House
A lower house is the lower chamber of a bicameral legislature, where the other chamber is the upper house. Although styled as "below" the upper house, in many legislatures worldwide, the lower house has come to wield more power or otherwise exert significant political influence. Common attributes In comparison with the upper house, lower houses frequently display certain characteristics (though they vary by jurisdiction). Powers In a parliamentary system, the lower house: * In the modern era, has much more power, usually due to restrictions on the upper house. ** Exceptions to this are Australia, Italy, and Romania, where the upper and lower houses have similar power. * Is able to override the upper house in some ways. * Can vote a motion of no confidence against the government, as well as vote for or against any proposed candidate for head of government at the beginning of the parliamentary term. In a presidential system, the lower house: * Generally has less power th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bicameral
Bicameralism is a type of legislature that is divided into two separate Deliberative assembly, assemblies, chambers, or houses, known as a bicameral legislature. Bicameralism is distinguished from unicameralism, in which all members deliberate and vote as a single group. , roughly 40% of the world's national legislatures are bicameral, while unicameralism represents 60% nationally and much more at the subnational level. Often, the members of the two chambers are elected or selected by different methods, which vary from Jurisdiction (area), jurisdiction to jurisdiction. This can often lead to the two chambers having very different compositions of members. Enactment of a bill, Enactment of primary legislation often requires a concurrent majority—the approval of a majority of members in each of the chambers of the legislature. When this is the case, the legislature may be called an example of perfect bicameralism. However, in many parliamentary and semi-presidential systems, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget Day
Budget Day is the day that a government presents its budget to a legislature for approval, in a ceremonial fashion. It only exists in some countries of the world. United Kingdom In the United Kingdom, Budget Day is the day that the Chancellor of the Exchequer delivers the annual budget, first privately to the Cabinet and then publicly in a speech to the House of Commons. It is always aligned with the fiscal year, which itself in the UK is still aligned with the Julian Calendar. Budget Day formerly occurred on a Wednesday in March, before the start of the new fiscal year, although in the early 20th century it was delivered in April, after the start of the fiscal year. However, former chancellor Philip Hammond announced in the 2016 Autumn Statement that the budget would, from 2018, be moved to October as an 'autumn budget', and the statement moved to March, but as a less important convention. The last time the budget was held in the autumn to this timing came from 1993 to 1996, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Policy
In economics and political science, fiscal policy is the use of government revenue collection ( taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. In modern economies, inflation is conventionally considered "healthy" in the range of 2%–3%. Add ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Funding
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 main types of modern political systems recognized are democracies, totalitarian regimes, and, sitting between these two, authoritarian regimes with a variety of hybrid regimes. Modern classification systems also include monarchies as a standalone entity or as a hybrid system of the main three. Historically prevalent f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
