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From Wikipedia, the free encyclopedia
The 2016 United Kingdom budget was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on Wednesday, 16 March 2016.
Presented | Wednesday 16 March 2016 |
---|---|
Parliament | 56th |
Party | Conservative Party |
Chancellor | George Osborne |
Total revenue | £716 billion ($0.98 trillion) |
Total expenditures | £772 billion ($1.06 trillion) |
Deficit | £56 billion (2.9% of GDP) |
Website | 2016 UK Budget |
It was the second fully Conservative budget delivered by Osborne, after the July 2015 budget. This was to be Osborne's last budget as Chancellor, as he was replaced by Philip Hammond on 13 July by way of Theresa May's cabinet reshuffle.
In the November 2015 Autumn Statement, the independent Office for Budget Responsibility predicted that the UK economy would grow by 2.4% in 2016.[1]
Receipts | 2016-2017 revenues (£ billions).[9] |
---|---|
Income Tax | 182 |
Value Added Tax (VAT) | 138 |
National Insurance | 126 |
Excise duties | 48 |
Corporate Tax | 43 |
Council Tax | 30 |
Business rates | 28 |
Other | 120 |
Total Government revenue | 715 |
Department | 2016-2017 Expenditure (£ billions).[10] |
---|---|
Social protection | 240 |
Health | 145 |
Education | 102 |
Debt interest | 39 |
Defence | 46 |
Public order and safety | 34 |
Personal social services | 30 |
Housing and Environment | 34 |
Transport | 29 |
Industry, agriculture and employment | 24 |
Other | 49 |
Total Government spending | 772 |
The Leader of the Opposition, Jeremy Corbyn, described the budget as having "unfairness at its very core", singling out cuts to disability benefits and corporate tax for particular criticism. However, he expressed his approval for the introduction of the sugar levy in his House of Commons response.[11]
Secretary of State for Work and Pensions, Iain Duncan Smith, resigned two days after the presentation of the budget, describing planned cuts within his department "as a compromise too far".[12]
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