2000 United Kingdom budget
In this article, we will delve into the fascinating world of 2000 United Kingdom budget, exploring its many facets and learning more about its impact on different aspects of society. From its origin to its relevance today, we will take a detailed look at 2000 United Kingdom budget and its influence on the environment around it. Through an exhaustive analysis, we will discover the different perspectives that exist around 2000 United Kingdom budget, as well as its importance in the development of different fields of study. Without a doubt, 2000 United Kingdom budget is a fascinating topic that deserves to be explored and analyzed in depth, which is why we will be diving into its depths throughout this article.
.svg) | |
| Parliament | 52nd |
|---|---|
| Party | Labour |
| Chancellor | Gordon Brown |
| Total revenue | £371 billion‡ |
| Total expenditures | £371 billion‡ |
| Deficit | £0 billion‡ |
| Website | |
| ‡Numbers are projections.
‹ 1999 2001› | |
The 2000 United Kingdom Budget, officially known as Budget 2000 - Prudent for a Purpose: Working for a Stronger and Fairer Britain was the formal government budget for the year 2000.
Background
The millennium year witnessed Britain's major trading partners, particularly the US and several European economies, enter economic difficulties as part of the early 2000s recession. The dot-com bubble burst, though fallout in the United Kingdom was limited. During the autumn, fuel protests occurred due to rising petrol prices.
During 1999, net public sector debt stood at £364.4 billion, 34.3 per cent of GDP.
Interest rates had showed greater stability in comparison to the previous year, rising from 5 per cent in June 1999 to 6 per cent in February 2000 where it remained for the rest of the year. Inflation abated further during 1999 which recorded 1.3 per cent (CPI) and 1.5 per cent (RPI).
Budget measures
The basic rate of income tax was to be reduced from 23 per cent to 22 per cent from April 2000. The married couple's allowance for under-65s and MIRAS mortgage interest relief was to be abolished from April 2000. Fuel duty was to be frozen in real terms. Excise duties on cigarettes were to increase by 5 per cent above inflation. stamp duties were to be raised. Tax credits and Income Support were scheduled to be increased. Large increases in NHS spending were forecast. The Climate Change Levy was to be reduced before its introduction in April 2001, with the concomitant cut in employer National Insurance contributions instead limited to 0.3 per cent instead of 0.5 per cent.
Details
Tax Revenue
| Receipts | 2000-2001 Revenues (£bn) |
|---|---|
| Business rates | 16 |
| Corporation Tax | 34 |
| Council Tax | 14 |
| Excise Duties | 37 |
| Income Tax | 96 |
| NI | 59 |
| VAT | 60 |
| Other | 55 |
| Total Government revenue | 371 |
Spending
| Department | 2000-2001 Expenditure (£bn) |
|---|---|
| Debt Interest | 28 |
| Defense | 23 |
| Education | 46 |
| Health | 54 |
| Housing & Environment | 14 |
| Industry, Agriculture, Employment | 15 |
| Law & Order | 20 |
| Other | 59 |
| Social Security | 103 |
| Transport | 9 |
| Total Government spending | 371 |
References
- ^ "Budget 2000" (PDF). HM Revenue and Customs. Retrieved 4 July 2019.
- ^ "Net Debt (excluding public sector banks)". Office for National Statistics. Retrieved 4 July 2019.
- ^ "Net Debt (excluding public sector banks) as % of GDP". Office for National Statistics. Retrieved 4 July 2019.
- ^ "Official Bank Rate history". Bank of England. Retrieved 4 July 2019.
- ^ "CPI annual rate". Office for National Statistics. Retrieved 4 July 2019.
- ^ "RPI annual rate". Office for National Statistics. Retrieved 4 July 2019.
- ^ "Gordon Brown: a decade of Budgets". BBC News. 18 March 2007. Retrieved 4 July 2019.
 | This article related to the politics of the United Kingdom, or its predecessor or constituent states, is a stub. You can help Wikipedia by expanding it. |