Gov finances Flashcards
1
Q
budget deficit
A
4.2% of GDP. high by historical standards
2
Q
national debt
A
98% GDP. recent years, debt interest exceed £100Bn, more than whats spent on education. Risk of UK faulting
3
Q
Bond yields
A
4.2%
4
Q
tax bands
A
0% upto 12.570
20% up to 50270
40% up to 125140
45% when above 125140
this final bracket used to be 150,000, showing progressive taxation
5
Q
income tax bands
A
frozen until 2029, and fiscal drag. people dragged into high brackets leading to more tax revenue
6
Q
national insurance
A
12% down to 10% down to 8%
7
Q
corporation tax
A
25%
8
Q
VAT
A
20%
9
Q
Gini coefficient
A
0.357
