The June 2010 United Kingdom Budget, officially also known as Responsibility, freedom, fairness: a five-year plan to re-build the economy, was delivered by George Osborne, Chancellor of the Exchequer, to the House of Commons in his budget speech that commenced at 12.33pm on Tuesday, 22 June 2010. It was the first budget of the Conservative-Liberal Democrat coalition formed after the general election of May 2010. The government dubbed it an "emergency budget", and stated that its purpose was to reduce the national debt accumulated under the Labour government.
The 2011 United Kingdom budget, officially called 2011 Budget – A strong and stable economy, growth and fairness, was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on 23 March 2011.
In the United Kingdom, the value added tax (VAT) was introduced in 1973, replacing Purchase Tax, and is the third-largest source of government revenue, after income tax and National Insurance. It is administered and collected by HM Revenue and Customs, primarily through the Value Added Tax Act 1994.
The 2012 United Kingdom budget was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on Wednesday 21 March 2012.
Gordon Brown served as Chancellor of the Exchequer of the United Kingdom from 2 May 1997 to 27 June 2007. His tenure was marked by major reform of Britain's monetary and fiscal policy architecture, transferring interest rate setting powers to the Bank of England, by a wide extension of the powers of the Treasury to cover much domestic policy and by transferring responsibility for banking supervision to the Financial Services Authority. Brown presided over the longest period of sustained economic growth in British history. He had previously served as Shadow Chancellor of the Exchequer in the Tony Blair Shadow Cabinet from 1994 to 1997. As Shadow Chancellor, Brown as Chancellor-in-waiting was seen as a good choice by business and the middle class.
On 23 September 2022, the Chancellor of the Exchequer, Kwasi Kwarteng, delivered a Ministerial Statement entitled "The Growth Plan" to the House of Commons. Widely referred to in the media as a mini-budget, it contained a set of economic policies and tax cuts such as bringing forward the planned cut in the basic rate of income tax from 20% to 19%; abolishing the highest (45%) rate of income tax in England, Wales and Northern Ireland; reversing a plan announced in March 2021 to increase corporation tax from 19% to 25% from April 2023; reversing the April 2022 increase in National Insurance; and cancelling the proposed Health and Social Care Levy. Following widespread negative response to the mini-budget, the planned abolition of the 45% tax rate was reversed 10 days later, while plans to cancel the increase in corporation tax were reversed 21 days later.
The November 2022 United Kingdom autumn statement was delivered to the House of Commons on 17 November 2022 by Chancellor of the Exchequer Jeremy Hunt, after being delayed by three weeks from its original scheduled date of 31 October. The budget addressed the ongoing cost of living crisis, and saw the announcement of a five-year package of tax increases and spending cuts designed to steer the UK through recession. An economic forecast published on the same day by the Office for Budget Responsibility (OBR) stated the UK had entered a recession after experiencing two quarters of a shrinking economy, and predicted the UK's economy would shrink during 2023. A reduction in households' disposable income was also forecast.
The June 1979 United Kingdom budget was delivered by Geoffrey Howe, the Chancellor of the Exchequer, to the House of Commons on 12 June 1979. It was Howe's first budget and the first of the first Thatcher ministry, which had been elected a few weeks earlier. It was also the second budget to be delivered to Parliament in 1979. The budget marked a major change in direction for the UK economy, with an increase in reliance on interest rates and monetary policy to control inflation. It is also noted for its introduction of substantial tax cuts, such as reducing the top rate of income tax from 83% to 60% and the basic rate from 33% to 30%. The budget also saw an increase in VAT from 8% to 15%.
The April 1979 United Kingdom budget was delivered by Denis Healey, the Chancellor of the Exchequer, to the House of Commons on 3 April 1979. It was the first of two budgets to be presented to Parliament in 1979, and the last to be presented by Healey and the Labour Government of James Callaghan. It was also the last Labour budget to be presented until 1997.
The 1988 United Kingdom budget was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 15 March 1988. It was the fifth budget to be delivered by Lawson during his tenure as Chancellor, and marked major changes to taxation, with reductions in income tax and changes to inheritance tax rules, as well as changes to mortgage interest relief that prevented homebuyers from being able to pool mortgage allowances. The changes announced to mortgage relief ultimately helped to further fuel an ongoing property boom which led to a rise in inflation and an increase in interest rates. Due to frequent disruptions during the Chancellor's speech, Deputy Speaker Harold Walker was required to suspend proceedings in what was described as an outbreak of "grave disorder".
The 1998 United Kingdom budget was delivered by Gordon Brown, the Chancellor of the Exchequer, to the House of Commons on 17 March 1998. It was the second budget to be presented by Brown following Labour's 1997 general election win, and sought to maintain the broad public support given to Labour in 1997 by announcing measures that would appeal to those who had voted the party into office. One of the key features of the 1998 budget was the Working Families Tax Credit, a benefit that could be claimed by families on low income. Brown also announced tax cuts for businesses, the launch of a £50m rural transport fund, and committed to taxing child benefit at a future date.
The 1995 United Kingdom budget was delivered by Kenneth Clarke, the Chancellor of the Exchequer, to the House of Commons on 28 November 1995. It was Clarke's third budget, and one of the shortest budget speeches in modern history. In his statement, Clarke reduced the middle rate of income tax by 1p to 24p, and after announcing that his spending reductions for the previous year had exceeded expectations by more than £3bn, announced plans to increase spending on healthcare, education and policing. His budget was criticised by members of the Conservative Party for not including more tax cuts, while Shadow Chancellor Gordon Brown of the Labour Party dismissed it as "the 7p up, 1p down budget".
The March 1993 United Kingdom budget was delivered by Norman Lamont, the Chancellor of the Exchequer, to the House of Commons on 16 March 1993. It was the third and final budget to be presented by Lamont during his tenure as chancellor, and the final spring budget to be outlined before the Conservatives unified their tax and spending plans into one budget statement.
The 1992 United Kingdom budget was delivered by Norman Lamont, the Chancellor of the Exchequer, to the House of Commons on 10 March 1992. It was the second budget to be presented by Lamont. It was also the last before the 1992 general election, which was called the following day, and shaped the Conservative Party's election campaign for that year.
The 1987 United Kingdom budget was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 17 March 1987. It was the fourth budget to be presented by Lawson, and saw him announce tax cuts worth £2.6bn. He also forecast a £3bn reduction in government borrowing. Among his announcements were a reduction in the basic rate of income tax from 29% to 27%, and a reduction in Corporation Tax from 29% to 27%. The budget took place three months before the 1987 general election, which the Conservatives won. Neil Kinnock, leader of the Opposition Labour Party described it as a "bribes budget".
The 1986 United Kingdom budget was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 18 March 1986. It was the third budget to be presented by Lawson, and saw the start of a programme of tax cuts initiated under the leadership of Conservative Prime Minister Margaret Thatcher. Lawson set the theme of his budget as "popular capitalism" and stated his wish to turn a nation of homeowners into a nation of shareholders. As well as a cut in the basic rate of income tax from 30% to 29%, there were other changes to taxation. 1986 was also the year the chancellor announced the launch of the Personal equity plan (PEP), a tax-exempt plan that would allow ordinary members of the public to invest up to £2,400 a year in equities. Labour leader Neil Kinnock, the leader of the Opposition, dismissed the budget as a "bits and pieces budget" that promised "jam tomorrow".
The 1985 United Kingdom budget was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 19 March 1985. The second budget to be presented by Lawson, it was held shortly after the end of the year-long 1984–85 miners' strike. The chancellor said the cost of the strike on public borrowing had impacted on his plans for tax reductions, although he did make some changes to income tax personal allowances and stamp duty. Changes to National Insurance were also announced, but threatened to place extra costs on employers.
The 1984 United Kingdom budget was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 13 March 1984. It was the first budget to be presented by Lawson, who had been appointed as chancellor after the 1983 general election, and saw him embark on "a radical programme of tax reform". These included a reduction in Corporation Tax and a cut in the higher rate of Transfer Tax and raised the Stamp Duty threshold.
The 1983 United Kingdom budget was delivered by Geoffrey Howe, the Chancellor of the Exchequer, to the House of Commons on 15 March 1983. It was the final budget to be presented before the 1983 general election and the last to be presented by Howe. He announced a programme of tax cuts worth around £2bn for individuals and £750m for business, as well as increasing personal allowances by 14%, 8.5% above the rate of inflation. Social Security benefits were also raised. The Conservatives went on to win the election, but Howe would subsequently be replaced as chancellor by Nigel Lawson in a post-election cabinet reshuffle.
The 1980 United Kingdom budget was delivered by Geoffrey Howe, the Chancellor of the Exchequer, to the House of Commons on 26 March 1980. It was the second budget to be presented by Howe since his appointment as chancellor the previous year, and was noted for the number of leaks that appeared in the press before it was delivered. There were broad reductions in public spending, but increases in spending on policing and the military. Prescriptions were increased from 45p to £1, while benefits for striking workers were cut. Labour Party leader James Callaghan, the Leader of the Opposition, called it the most divisive budget since 1931.
