Economics Report on Budget

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ECONOMICS COURSEWORK

“Everyone benefited from the budget of 2003”

BEAL HIGH SCHOOL-13317        UMAR SHEIKH-2202-11GS

Economics Report on Budget

“Everyone benefited from the budget of 2003t”.

Introduction

The aim of this report is to find out how budget 2003 has affected different groups of people.  Has the budget benefited the UK?  Does the majority of the UK know about budget?  In this report I will find out the answers to these questions and produce a clear conclusion outlining the main factors included in budget 2003 and if it was a success or not.

        In this report I have to find out if budget 2003 benefited everyone or not.  I will need to gather information from different angles to find if budget had an affect on the citizens of Britain.

        To complete my report I will under go primary and secondary research to find out as much as I can to find out about last years budget.  I will apprehend research such as questionnaires, interviews, textbooks etc.  My research will be limited as I cannot go through vast amounts of data such as economic journals, surveys and focus groups which are beyond my reach and so my conclusion will present limited amount of data.

        This report will be structured in a way that you will be able to follow it with simple economic jargon.  In the beginning I will present information on budget and have an understanding of it thoroughly to show you that I have understood the concept of a budget.  I will give you data on the information I have collected from both primary and secondary information and conclude what I have found from the results.  Using my research I expect to test the following hypotheses:

-“I expect people to consume fewer cigarettes because the tax has increased by 8p”.

 

-“I expect the consumption of beer to fall because the tax has risen by 1p”.

 

-“I expect people to consume less amounts of wine as it has risen by 4p”.  

-“I expect people to use public transport more as the excise duties for road tax has increased by £5”.

 

-“I expect people to be employed as more jobs have been created.”

Background information

I have found some history on budget from the internet and tell you how budget came along.

“Budget history

The origins of the Budget go back to the Norman period, where two departments dealt with finance. The first, the Treasury, receive and paid out money on behalf of the monarch. The second, the Exchequer, had a 'lower office' which received money, and an 'upper office', concerned with regulating the Kings accounts.

The word Exchequer comes from the Latin 'scaccarium', which means chessboard. The name was given to the court because counters were moved on a square table. The word 'budget' comes from an old French word 'bougette

‘Which means little bag.

Budget box

The original budget box is thought to have been made for Mr Gladstone, around 1860, and is known as the 'Gladstone box'. It is a wooden box, lined in black and covered in scarlet leather.

In 1965, Lord Callaghan broke with tradition and used a newer box, but later chancellors reverted back to the Gladstone box. In July 1997, the current Chancellor, Gordon Brown, used a new box for his Budget speech. He used a box made of yellow pine, with a brass handle and lock, covered in scarlet leather.

Budget speech

The historical list of British Chancellors is available on the history of tax page.

Nigel Lawson has been so far the longest serving Chancellor since the war. The longest serving Chancellor this century was Lloyd George who was in office for a total of seven years and two months between 1908 and 1915. In the nineteenth century, W E Gladstone was Chancellor for a total of 12 years and four months between 1852 and 1882”.

 

From taxcentral.com

   

“The budget is the annual estimate of the income and expenditure of the government for the coming financial year. In it, the Chancellor of the Exchequer provides details of the government's spending plans and how it intends to finance those spending plans”.

www.bized.ac.uk

  This money is used in many sectors of the public sector such as NHS, defence, education etc.  Budget is used for the whole of the country.  They receive this revenue and spend it for the benefit of the country.  It increases the economy’s growth and makes it more efficient.

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Here is what happened in Budget 2003:

Research

From the primary research I have found a lot of information.  For instance many people I gave questionnaires to spend £20-30 in weekly expenditure.  Many people spend a lot of money on cigarettes, wine and beer even though the tax has gone up.  A lot of people use public services and the most they use is NHS.  Most people think that last ...

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