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2007 United Kingdom budget

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The 2007 United Kingdom Budget, officially known as Budget 2007: Building Britain's long-term future: Prosperity and fairness for families, was formally delivered by Gordon Brown in the House of Commons on 21 March 2007. It would turn out to be Brown's last Budget as Chancellor of the Exchequer, becoming Prime Minister on 27 June 2007.

The main changes were that basic rate of income tax would fall from 22% to 20% from April 2008 and that the lower starter rate of 10% would be removed. Vehicle Excise Duty on the highest-polluting vehicles would go up to £300 and to £400 from April 2008, with the least-polluting vehicles to have their duty reduced to £35. The savings limit for Individual savings account contributions would be increased to £7,200 from April 2008. The Inheritance Tax threshold would rise from £285,000 to £350,000 in 2010.

Planned resource budgets 2007–08

Department2007–08 expenditure (£ million)493,896
Work and Pensions132,732
Health104,464
Education and Skills68,060
Defence38,986
Tax, Excise and Treasury5,469
Communities & Local Government28,186
Scottish Government26,469
Northern Ireland Executive14,667
Home Office13,877
Welsh Government12,785
Transport10,150
Cabinet Office10,090
Trade and Industry6,015
Culture, Media and Sport5,042
International Development4,772
Ministry of Justice4,086
Environment, Food and Rural Affairs3,099
Foreign and Commonwealth Office1,859
Northern Ireland Office1,370
Law Officers' Departments718
Departmental Expenditure Limit Reserve600
Unallocated Special Reserve400
Total resource budget

Details

Taxes

Receipts2007-08 Revenues (£bn)553
Income Tax157
National Insurance95
Value Added Tax (VAT)80
Corporate Tax50
Excise duties41
Council Tax23
Business rates22
Other84
**Total Government revenue**

Spending

Department2007-08 Expenditure (£bn)587
Social protection161
Health104
Education77
Debt interest30
Defence32
Public order and safety33
Personal social services28
Housing and Environment22
Transport20
Industry, agriculture and employment21
Other59
**Total Government spending**

References

References

  1. "Budget 2007: Building Britain's long-term future: Prosperity and fairness for families". [[HM Treasury]].
  2. (21 March 2007). "At-a-glance: Budget key points". [[BBC]].
  3. "The Chancellor's Departments".
  4. ["ARCHIVED CONTENT] Public Expenditure Planning and Control in the UK". Hm-treasury.gov.uk.
  5. "Public Expenditure Overview".
Info: Wikipedia Source

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