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How have some of the recent changes to this years budget 2002 affected various businesses in a town such as Wokingham?

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Introduction

How have some of the recent changes to this years budget 2002 affected various businesses in a town such as Wokingham? Introduction to my coursework and the budget I have been set a task for my economics coursework, it is to see how the recent changes to the budget this year have affected business in a town. The budget has been with us since the Norman times, back then there was no such thing as a budget but evidence of the Exchequer scan be dated to back then. During those past times, there were two halves for the finance system. The treasury and the Exchequer, both halves organised different areas of the monarchs finance giving out money and receiving it. The word Exchequer comes from the Latin word 'scaccarium' meaning chessboard, this is because in court counter were moved along a chess-like board. The word budget is from an old French word meaning 'bougette' which means little bag. Every year since May 1997, the budget for the next 365 days is presented to the Government by the Chancellor. The budget is always presented sometime during the spring, sometimes a pre-budget is drawn up after that some months later in Autumn, this allows the Chancellor to plan for next years and produce a progress report on what the budget has achieved since its release. This year the budget was released on the 17th April by the Chancellor Gordon Brown, Mr. Brown has maintained the title of Chancellor since the 2nd May 1997, a period of 5 years. His speech, which all Chancellors must make, lasted about 1 hour and a half. In this project I will be pursuing certain areas of the budget which will definitely affect everyone and others which may affect them depending on certain factors. I will delve into this further a bit later on. After analysing the 2002 budget since its public release, I have found various changes which may or may not affect businesses. ...read more.

Middle

8. In the recent changes to the budget ,the expenditure is now being independent monitored, rather than centrally monitored. Is this pleasing news? This brief question diverged off the direct changes to the budget to discuss how the budget would actually be handled. Many were pleased that it was being handled by a 3rd person , outside of the government and its influence. However they were a bit sceptical about this change coming about with such radical changes. It is not centrally monitored, but how can we know that the information that is collected does not have to go through some unknown sub-section of the government before release. I would wait a bit and see 9. Overall, do you believe that this new budget has opened up new opportunities for you and the company and that it is beneficial to small businesses? This question was just used to finish things off, a basic overall evaluation of their thoughts on the budget 2002. Some thought that it was not a very good budget, the increase in tax was too high , an increase was ok, but the government pushed it and now some of the businesses are annoyed and angry. It is not beneficial to businesses even with the additional changes to help with the increase in tax. To conclude this ,all in all I believe that the budget has made some drastic changes in some places which affect business severely such as the new advantages to limited companies and the increase in national insurance . However it has left some area which could have been changed intact and made some areas even worse such as the new car fuel scale chargers on company cars. To analyse these further, I can see how some of these specific changes to the economy can affect it in more in depth ways. Firstly, the increase in National insurance contributions can lead to a reduction in demand for labour, this could lead to an increased amount of people becoming unemployed thus leading to a quickly rising unemployment rate. ...read more.

Conclusion

I can do this if I have differently structured questions. I could have changed or added questions so there are two questions for every different sector of the economy that has been changed due to the budget, for example, two questions for unemployment and two for taxation. The questions I do have however are good very good ones and cover a broad range of area within the budget which I thought might affect the economy within Wokingham. Two questions I might change however would be the question asking about fuel charges and research and design, they are not totally relevant to the firms I interviewed, being more relevant to larger corporations, however I could not get the chance to interview them or give them questionnaires. I believe that the answers I have collected are good, but not good enough. As I mentioned earlier, many of the participants failed to complete their questions with true economics. With simple answers such as yes and no, they did not really contribute to my analysis at all. What would have been perfect would be the totally co-operation of the participant and if they answered the questionnaires well and stated more facts about how it would affect them. However, it is unlikely if this would ever happen, so I will have to rely on these results for the moment. One way to fix this would be to interview more people and so get a more even result of answers. Some poor , some very good, also more diversity of answers if I ask different people from different corners of the economy. All in all, I believe that I have collected a fair number of good evidence with the additional one or two poor replies. If I do continue this, I will cover a wider aspect of the economy and range of people I question, with different questions. Maybe an interview would be useful. I think this is a good , thorough evaluation of how my coursework evidence has been collected analysed. Jeremy Chang.11V Economics Coursework ...read more.

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