 | |
| Presented | 22 March 2006 |
|---|---|
| Parliament | 54th |
| Party | Labour |
| Chancellor | Gordon Brown |
| Total revenue | £516 billion‡ [1] |
| Total expenditures | £552 billion‡ [1] |
| Website | archived website |
| ‡Numbers in italics are projections. ‹ 2005 2007› | |
The 2006 United Kingdom Budget, officially known as Budget 2006: A strong and strengthening economy: Investing in Britain's future was formally delivered by Chancellor of the Exchequer Gordon Brown in the House of Commons on 22 March 2006.
| Receipts | 2006-07 Revenues (£bn) |
|---|---|
| Income Tax | 144 |
| National Insurance | 90 |
| Value Added Tax (VAT) | 76 |
| Corporate Tax | 49 |
| Excise duties | 40 |
| Council Tax | 22 |
| Business rates | 21 |
| Other | 74 |
| Total Government revenue | 516 |
| Department | 2006-07 Expenditure (£bn) |
|---|---|
| Social protection | 151 |
| Health | 96 |
| Education | 73 |
| Debt interest | 27 |
| Defence | 29 |
| Public order and safety | 32 |
| Personal social services | 26 |
| Housing and Environment | 19 |
| Transport | 21 |
| Industry, agriculture and employment | 21 |
| Other | 57 |
| Total Government spending | 552 |
The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, Kenya plans to be a newly industrialised nation by 2030. The major industries driving the Kenyan economy include financial services, agriculture, real estate, manufacturing, logistics, tourism, retail and energy. As of 2020, Kenya had the third largest economy in Sub-Saharan Africa, behind Nigeria and South Africa. Regionally, Kenya has had a stronger and more stable economy compared to its neighboring countries within East Africa. By 2023, the country had become Africa's largest start-up hub by both funds invested and number of projects.
The economy of Slovakia is based upon Slovakia becoming an EU member state in 2004, and adopting the euro at the beginning of 2009. Its capital, Bratislava, is the largest financial centre in Slovakia. As of Q1 2018, the unemployment rate was 5.72%.
Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 14th-largest national economy by nominal GDP, the 19th-largest by PPP-adjusted GDP, and was the 21st-largest goods exporter and 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession. As of June 2021, the country's GDP was estimated at $1.98 trillion.
The economy of Austria is a highly developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP per capita. Until the 1980s, many of Austria's largest industry firms were nationalised. In recent years, privatisation has reduced state holdings to a level comparable to other European economies. Among OECD nations, Austria has a highly efficient and strong social security system; social expenditure stood at roughly 29.4% of GDP.
The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium is the second most exported product, followed by finance and construction materials.
In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. In modern economies, inflation is conventionally considered "healthy" in the range of 2%–3%. Additionally, it is designed to try to keep GDP growth at 2%–3% and the unemployment rate near the natural unemployment rate of 4%–5%. This implies that fiscal policy is used to stabilise the economy over the course of the business cycle.
The Four Asian Tigers are the developed Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1950s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year.
Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit, the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual. A central point of controversy in economics, government deficit spending was first identified as a necessary economic tool by John Maynard Keynes in the wake of the Great Depression.
A country's gross government debt is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt.
Sitra, the Finnish Innovation Fund, is an independent public foundation which operates directly under the supervision of the Finnish Parliament. Its endowment was valued at 771 million euros in 2017. Its duties are stated in legislation: the objective of the foundation is "to promote stable and balanced development in Finland, qualitative and quantitative economic growth and international competitiveness and cooperation", by means of supporting "projects that increase the efficiency of the economy, improve the level of education or research, or study future development scenarios". Sitra functions both as a think tank and as an investment company. Sitra was founded in 1967 as a part of the Bank of Finland, on the country's 50th anniversary. However, most of the value of its current endowment comes from a donation of Nokia stock from the Finnish Parliament in 1992.
The Ministry of Education is a ministry of the Government of Singapore responsible for the formulation and implementation of policies related to the education in Singapore.
The Governance and Economic Management Assistance Program (GEMAP) is an effort, started September 2005, by the Liberian government and the international community, via the International Contact Group on Liberia (ICGL) to reshape the fundamentally broken system of governance that contributed to 23 years of conflict in Liberia.
The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for public servants that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth's finances.
Barack Obama, President of the United States from 2009 to 2017, served as a U.S. senator from Illinois from 2005 to 2008 and as an Illinois state senator from 1997 to 2004. A member of the Democratic Party, he made his presidential run in 2008. He was elected President in 2008 and re-elected in 2012.
Edwin Walter Kemmerer was an American economist, who became famous as an economic adviser to foreign governments in many countries, promoting plans based on strong currencies, the gold standard, central banks, central bank independence, and balanced budgets. He helped design the U.S. Federal Reserve System in 1911, edited the American Economic Bulletin and the American Economic Review, and became president of the American Economic Association in 1926.
The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity, industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. Among the countries with the most unemployed were the U.S., the United Kingdom, and Germany.
The carbon bubble is a hypothesized bubble in the valuation of companies dependent on fossil-fuel-based energy production, resulting from future decreases in value of fossil fuel reserves as they become unusable in order to meet carbon budgets and recognition of negative externalities of carbon fuels which are not yet taken into account in a company's stock market valuation.
Since its formation in 1963, Malaysia's economic performance has been one of Asia's best. Real gross domestic product (GDP) grew by an average of 6.5% per year from 1957 to 2005. Performance peaked in the early 1980s through the mid-1990s, as the economy experienced sustained rapid growth averaging almost 8% annually. Malaysia's economy was greatly impacted by the 1997 Asian financial crisis, but recovered.
Budget 2019, dubbed the Wellbeing Budget, was the name given to the New Zealand budget for fiscal year 2019/20 presented to the New Zealand House of Representatives by Finance Minister Grant Robertson on 30 May 2019. This was the second budget presented by the Coalition Government. Its release was complicated by the accidental publication of budgetary documents on a test website two days prior to its official release on 30 May, attracting significant media and public attention.
Next Generation EU (NGEU) is a European Commission economic recovery package to support the EU member states to recover from the COVID-19 pandemic, in particular those that have been particularly hard hit. It is sometimes styled NextGenerationEU and Next Gen EU, and also called the European Union Recovery Instrument. Agreed in principle by the European Council on 21 July 2020 and adopted on 14 December 2020, the instrument is worth €750 billion roughly equally split between grants and loans. NGEU will operate from 2021 to 2026, and will be tied to the regular 2021–2027 budget of the EU's Multiannual Financial Framework (MFF). Money borrowed by the EU to fund the grants will be repaid using EU's own resources until 2058. The comprehensive NGEU and MFF packages are projected to reach €1824.3 billion, so NGEU effectively doubles the EU budget while operational. It is a revolutionary EU instrument in many aspects: the its size, leverage of the grants for reforms, and novel methods of financing and grant allocation.
