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Pie chart of UK government spending, 2023–24. [2]The most significant area of government spending is welfare (£341 billion in financial year 2023-24), [2] with the largest single element of this being for the State Pension, which totals £124 billion.
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 government’s response to the economic crisis in the 2008 Pre-Budget Report."
As both the UK's then fiscal rules (the "Golden Rule" and the sustainable investment rule) began to bite, [vague] [citation needed] the UK government desired to halve the real rate of growth in public spending from 4% per annum over the last decade to 2% per annum over the next three years – a 0.5% below than the trend rate of growth of the ...
The welfare state represents around two-thirds of total government spending. [needs update] The welfare state of the United Kingdom began to evolve in the 1900s and early 1910s, and comprises expenditures by the government of the United Kingdom of Great Britain and Northern Ireland intended to improve health, education, employment and social ...
Timeline of PSNCR (excluding public sector banks) in £billions [2]. In 1997 the Labour government of Tony Blair inherited a PSNCR of approximately £5 billion per annum, but by sticking to the parsimonious spending plans of the outgoing Conservative Government, this was gradually turned into a modest budget surplus. [3]
Government spending can be a useful economic policy tool for governments. Fiscal policy can be defined as the use of government spending and/or taxation as a mechanism to influence an economy. [13] [14] There are two types of fiscal policy: expansionary fiscal policy, and contractionary fiscal policy. Expansionary fiscal policy is an increase ...
The Geddes Axe was the drive for public economy and retrenchment in UK government expenditure recommended in the 1920s by a Committee on National Expenditure chaired by Sir Eric Geddes and with Lord Inchcape, Lord Faringdon, Sir Joseph Maclay and Sir Guy Granet also members.
The 1972 United Kingdom budget (also known as the dash for growth budget [1]) was a budget delivered by Anthony Barber, the Chancellor of the Exchequer, on 21 March 1972.The budget is remembered for its large tax cuts, and led to high inflation and demands for higher wages, as well as the 1976 sterling crisis when the UK government was forced to ask the International Monetary Fund for ...