_(St_Edwards_Crown).svg) | |
| 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› | |
The2002 United Kingdom Budget, officially known asThe strength to make long-term decisions: Investing in an enterprising, fairer Britain was the formal government budget for the year 2002.[1]
The most significant policy implemented as part of this Budget was the 1% increase inNational Insurance contributions for both employees and employers, the proceeds of which went towards an increase inNHS 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 |
