BUDGET Flashcards
1
Q
ECONOMIC FORECASTS
A
Spring Statement - mid term health check on state of economy, tends to indicate tax changes to test public opinion
Budget - review of economic policy
- How much tax gov will collect
- How much gov will borrow
- How much gov will spend
Role to control public finances over next year
and review economic performance of last year
2
Q
PROCESS
A
Chancellor gives budget statement in commons
Leader of opposition responds
4 Day debate on budget resolutions
Vote on the budget
3
Q
DIRECT/INDIRECT TAXES
A
DIRECT - tax on INCOME, EARNINGS or WEALTH, taxed more for more money e.g. income tax, inheritance tax (progressive taxes)
INDIRECT - Tax on goods and services, same for everyone e.g. VAT (regressive taxes)
