2007 United Kingdom budget

2007 (2007) United Kingdom Budget
Presented21 March 2007
Parliament54th
PartyLabour
ChancellorGordon Brown
Total revenue£553 billion‡[1]
Total expenditures£587 billion‡[1]
Deficit£34 billion
WebsiteBudget 2007 report
‡Numbers in italics are projections.
‹ 2006
2008›

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.[2] 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.[2] The savings limit for Individual savings account contributions would be increased to £7,200 from April 2008.[2] The Inheritance Tax threshold would rise from £285,000 to £350,000 in 2010.[2]

Planned resource budgets 2007–08

Department 2007–08 expenditure (£ million)
Work and Pensions 132,732
Health 104,464
Education and Skills 68,060
Defence 38,986
Tax, Excise and Treasury[3] 5,469
Communities & Local Government 28,186
Scottish Government 26,469
Northern Ireland Executive 14,667
Home Office 13,877
Welsh Government 12,785
Transport 10,150
Cabinet Office 10,090
Trade and Industry 6,015
Culture, Media and Sport 5,042
International Development 4,772
Ministry of Justice 4,086
Environment, Food and Rural Affairs 3,099
Foreign and Commonwealth Office 1,859
Northern Ireland Office 1,370
Law Officers' Departments 718
Departmental Expenditure Limit Reserve[4] 600
Unallocated Special Reserve[5] 400
Total resource budget 493,896

Details

Taxes

Receipts 2007-08 Revenues (£bn)
Income Tax 157
National Insurance 95
Value Added Tax (VAT) 80
Corporate Tax 50
Excise duties 41
Council Tax 23
Business rates 22
Other 84
Total Government revenue 553

Spending

Department 2007-08 Expenditure (£bn)
Social protection 161
Health 104
Education 77
Debt interest 30
Defence 32
Public order and safety 33
Personal social services 28
Housing and Environment 22
Transport 20
Industry, agriculture and employment 21
Other 59
Total Government spending 587

References

  1. ^ a b "Budget 2007: Building Britain's long-term future: Prosperity and fairness for families" (PDF). HM Treasury. Archived from the original (PDF) on 13 October 2008. Retrieved 27 August 2014.
  2. ^ a b c d "At-a-glance: Budget key points". BBC. 21 March 2007. Retrieved 23 May 2010.
  3. ^ "The Chancellor's Departments" (PDF). webarchive.nationalarchives.gov.uk. Archived (PDF) from the original on 4 July 2009.
  4. ^ "[ARCHIVED CONTENT] Public Expenditure Planning and Control in the UK". Hm-treasury.gov.uk. Archived from the original on 29 January 2013. Retrieved 1 April 2010.
  5. ^ "Public Expenditure Overview" (PDF). webarchive.nationalarchives.gov.uk. Archived (PDF) from the original on 4 July 2009.