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From Wikipedia, the free encyclopedia
The 2002 United Kingdom Budget, officially known as The strength to make long-term decisions: Investing in an enterprising, fairer Britain was the formal government budget for the year 2002.[1]
![]() | |
Parliament | 53rd |
---|---|
Party | Labour |
Chancellor | Gordon Brown |
Total revenue | £407 billion‡ |
Total expenditures | £418 billion‡ |
Deficit | £11 billion‡ |
Website | Budget 2002 |
‡Numbers are projections.
‹ 2001 2003› |
The most significant policy implemented as part of this Budget was the 1% increase in National Insurance contributions for both employees and employers, the proceeds of which went towards an increase in NHS spending.[2]
Receipts | 2002-03 Revenues (£bn) |
---|---|
Business rates | 19 |
Corporation Tax | 33 |
Council Tax | 16 |
Excise Duties | 38 |
Income Tax | 118 |
NI | 65 |
VAT | 64 |
Other | 55 |
Total Government revenue | 408 |
Department | 2002-03 Expenditure (£bn) |
---|---|
Debt Interest | 21 |
Defense | 24 |
Education | 54 |
Health | 65 |
Housing & Environment | 20 |
Industry, Agriculture, Employment | 17 |
Law & Order | 24 |
Other | 49 |
Personal Social Services | 15 |
Social Security | 115 |
Transport | 14 |
Total Government spending | 418 |
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