GetWiki
Budget of the United Kingdom
ARTICLE SUBJECTS
being →
database →
ethics →
fiction →
history →
internet →
language →
linux →
logic →
method →
news →
policy →
purpose →
religion →
science →
software →
truth →
unix →
wiki →
ARTICLE TYPES
essay →
feed →
help →
system →
wiki →
ARTICLE ORIGINS
critical →
forked →
imported →
original →
Budget of the United Kingdom
please note:
- the content below is remote from Wikipedia
- it has been imported raw for GetWiki
{{Short description|Balance sheet of the British government}}{{For|the most recent British Budget|2024 United Kingdom budget}}{{Use dmy dates|date=March 2015}}- the content below is remote from Wikipedia
- it has been imported raw for GetWiki
factoids | |
---|---|
Budget process
The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year. Thus, the UK budget for financial year 2021 runs from 1 April 2021 to 31 March 2022 and is often referred to as 2021â22.Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year. Parliament was not expected to take action on a budget for the fiscal year until the summer, several months after the start of the fiscal year. For that reason, Parliament typically passed a "Vote on Account" in early spring that provided continuity of funding into the new fiscal year, up until the point that the new budget was enacted. The spending authorized in the Vote on Account was normally 45% of the amounts already authorized in the current fiscal year, taking into account the Main Estimates and any revised or Supplementary Estimates already approved by Parliament.WEB, Central Government Supply Estimates 2012â13; Vote on Account, HC 1756, February 2012, 3,weblinkweblink 10 February 2014, Legislative action on the proposed budget generally aligned with the executive's original budget request; failure to carry the budget would regarded as tantamount to a vote of no confidence.Since November 2017 the budget was moved to the Autumn, with a view to passing the Finance Act before the commencement of the Financial Year. Votes on Account should no longer be necessary.Governmental departments submit their funding requests â called "Main Supply Estimates" â to HM Treasury. The government then releases this data in a large consolidated document titled "Central Government Supply Estimates (Budget Year-Following Year): Main Supply Estimates" WEB, Central Government Supply Estimates (2011â12): Main Supply Estimates, 26 April 2011,weblinkweblink 10 February 2014, The government reserves the right to submit "Supplementary Estimates" in the spring and winter of a given fiscal year to update its agencies' spending totals for the current financial year and report any governmental re-organizations. When an agency submits a Supplementary Estimate, it is customary to also submit an "Estimate Memorandum" to the agency's relevant oversight committee in Parliament describing and justifying the changes. This condenses two functions â reporting supplemental spending requests and agency re-organizations.List of budgets {| class"wikitable sortable"
!Budget!Revenue!Expenditure!Deficit/(Surplus)!Budget ReportDifferences between the UK and other main economies
Differences between the UK and United States:- The period of fiscal year. The UK fiscal year ends on 5 April each year, while in the United States it begins on 1 October and ends on 30 September the following year.
- The person that the budget document begins with. In the UK, Budgets are usually set once every year and are announced in the House of Commons by the Chancellor of the Exchequer. But, in the United States, it often begins with the President's proposal to Congress recommending funding levels for the next fiscal year.
- The entity that proposes the budget. In the EU, the budget is proposed annually by the European Commission, and reviewed and negotiated by the Council of the European Union (which represents Member States' governments) and the European Parliament (which represents EU citizens).
- In the EU, the annual budget must remain within ceilings determined in advance by the Multiannual Financial Framework, laid down for a (five to) seven-year period.
See also
- Countries of the United Kingdom by GVA per capita
- United Kingdom national debt
- Budget Day
- Economy of the United Kingdom
- Departments of the United Kingdom Government
- Government spending in the United Kingdom
- Whole of Government Accounts
References
{{reflist}}Further reading
- Browning, Peter. The Treasury and Economic Policy: 1964-1985 (Longman, 1986).
- Dell, Edmund. The Chancellors: A History of the Chancellors of the Exchequer, 1945-90 (HarperCollins, 1997) 619pp; 17 chapters covering the terms of each Chancellor.
- Fairclough, Isabela, and Norman Fairclough. "Practical reasoning in political discourse: The UK governmentâs response to the economic crisis in the 2008 Pre-Budget Report." Discourse & Society 22.3 (2011): 243â268. online
- Walsh, Catherine. "Protesting Too Much: Alastair Darling's constructions after the Financial Crash." Critical Discourse Studies 13.1 (2016): 41â56.
- Woodward, Nicholas. The management of the British economy, 1945-2001 (Manchester University Press, 2004).
- BOOK,weblink The Budget and the annual Finance Bill, 18 November 2022, Antony, Seely, House of Commons Library, SN813,
- BOOK,weblink Public spending: a brief introduction, 7 October 2022, Philip, Brien, House of Commons Library,
- content above as imported from Wikipedia
- "Budget of the United Kingdom" does not exist on GetWiki (yet)
- time: 7:19am EDT - Sat, May 18 2024
- "Budget of the United Kingdom" does not exist on GetWiki (yet)
- time: 7:19am EDT - Sat, May 18 2024
[ this remote article is provided by Wikipedia ]
LATEST EDITS [ see all ]
GETWIKI 23 MAY 2022
The Illusion of Choice
Culture
Culture
GETWIKI 09 JUL 2019
Eastern Philosophy
History of Philosophy
History of Philosophy
GETWIKI 09 MAY 2016
GetMeta:About
GetWiki
GetWiki
GETWIKI 18 OCT 2015
M.R.M. Parrott
Biographies
Biographies
GETWIKI 20 AUG 2014
GetMeta:News
GetWiki
GetWiki
© 2024 M.R.M. PARROTT | ALL RIGHTS RESERVED