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Consolidated Fund
In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund (as opposed to hypothecated taxes earmarked for specific purposes), and general spending is paid out of the consolidated fund. The British Consolidated Fund Establishment The British Consolidated Fund was so named as it consolidated together a number of existing accounts, detailed below, and facilitated proper parliamentary oversight of the spending of the executive; it was defined as "one fund into which shall flow every stream of public revenue and from which shall come the supply of every service". The Treasury established this account, formerly known as The Account of His Majesty's Exchequer, at the Bank of England where it remains to this day, and the legal term "Consolidated Fund" refers to the amount of credit held in this particular account ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Taxation
In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund (as opposed to hypothecated taxes earmarked for specific purposes), and general spending is paid out of the consolidated fund. The British Consolidated Fund Establishment The British Consolidated Fund was so named as it consolidated together a number of existing accounts, detailed below, and facilitated proper parliamentary oversight of the spending of the executive; it was defined as "one fund into which shall flow every stream of public revenue and from which shall come the supply of every service". The Treasury established this account, formerly known as The Account of His Majesty's Exchequer, at the Bank of England where it remains to this day, and the legal term "Consolidated Fund" refers to the amount of credit held in this particular account. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Westminster System
The Westminster system, or Westminster model, is a type of parliamentary system, parliamentary government that incorporates a series of Parliamentary procedure, procedures for operating a legislature, first developed in England. Key aspects of the system include an executive branch made up of members of the legislature which is responsible government, responsible to the legislature; the presence of parliamentary opposition parties; and a ceremonial head of state who is separate from the head of government. The term derives from the Palace of Westminster, which has been the seat of the Parliament of the United Kingdom, Westminster Parliament in England and later the United Kingdom since the 13th century. The Westminster system is often contrasted with the presidential system that originated in the United States, or with the semi-presidential system, based on the government of France. The Westminster system is used, or was once used, in the national and Administrative division, su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consols
Consols (originally short for consolidated annuities, but subsequently taken to mean consolidated stock) were government bond, government debt issues in the form of perpetual bonds, redeemable at the option of the government. The first British consols were issued by the Bank of England in 1751. They have now been fully redeemed. The United States government issued consols from 1877 to 1930, which have likewise been redeemed. History of British consols In 1752 the Chancellor of the Exchequer and Prime Minister Sir Henry Pelham converted all outstanding issues of redeemable government stock into one bond, Consolidated 3.5% Annuities, in order to reduce the Coupon (bond), coupon (interest rate) paid on the government debt. In 1757, the annual interest rate on the stock was reduced to 3%, leaving the stock as consolidated 3% annuities. The coupon rate remained at 3% until 1888. In 1888, the Chancellor of the Exchequer, George Joachim Goschen, converted the consolidated 3% annuities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil List
A civil list is a list of individuals to whom money is paid by the government, typically for service to the state or as honorary pensions. It is a term especially associated with the United Kingdom, and its former colonies and dominions. It was originally defined as expenses supporting the British monarchy. United Kingdom In the United Kingdom, the Civil List was, until 2011, the annual grant that covered some expenses associated with the Sovereign performing their official duties, including those for staff salaries, state visits, public engagements, ceremonial functions and the upkeep of the Royal Households. The cost of transport and security for the royal family, together with property maintenance and other sundry expenses, were covered by separate grants from individual government departments. The Civil List was abolished under the ''Sovereign Grant Act 2011''. History Following the Glorious Revolution of 1688, the expenses relating to the support of the mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grant-in-aid
A grant-in-aid is money allocated from a central/state government to subnational governments to provide specific services or fund specific projects. Such funding is usually used when the government and the legislature decide that the recipient should be public funding, publicly funded but operate with reasonable independence from the state (polity), state. In the United Kingdom, most bodies in receipt of grants-in-aid are non-departmental public body, non-departmental public bodies. A grant-in-aid has funds allocated by one level of government to another level of government that are to be used for specific purposes. Such funds are usually accompanied by requirements and standards set by the governing body for how they are to be spent. An example of this would be how the US Congress has required states to raise the drinking age for alcohol from 18 to 21 for the individual states to continue to qualify for federal funds for interstate highways within each state.Peters, Gerhard; W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Glorious Revolution
The Glorious Revolution, also known as the Revolution of 1688, was the deposition of James II and VII, James II and VII in November 1688. He was replaced by his daughter Mary II, Mary II and her Dutch husband, William III of Orange (William III and II), a nephew of James who thereby had an interest to the throne irrespective of his marriage to his cousin Mary. The two ruled as joint monarchs of Kingdom of England, England, Kingdom of Scotland, Scotland, and Kingdom of Ireland, Ireland until Mary's death in 1694, when William became ruler in his own right. Jacobitism, the political movement that aimed to restore the exiled James or his descendants of the House of Stuart to the throne, persisted into the late 18th century. William's invasion was the last successful invasion of England. Despite his own Catholicism, usually an impediment to Protestant support, James became king in February 1685 with widespread backing from the Protestant majorities in England and Scotla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Lords
The House of Lords is the upper house of the Parliament of the United Kingdom. Like the lower house, the House of Commons of the United Kingdom, House of Commons, it meets in the Palace of Westminster in London, England. One of the oldest extant institutions in the world, its origins lie in the early 11th century and the emergence of bicameralism in the 13th century. In contrast to the House of Commons, membership of the Lords is not generally acquired by Elections in the United Kingdom, election. Most members are Life peer, appointed for life, on either a political or non-political basis. House of Lords Act 1999, Hereditary membership was limited in 1999 to 92 List of excepted hereditary peers, excepted hereditary peers: 90 elected through By-elections to the House of Lords, internal by-elections, plus the Earl Marshal and Lord Great Chamberlain as members Ex officio member, ''ex officio''. No members directly inherit their seats any longer. The House of Lords also includes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British House Of Commons
The House of Commons is the lower house of the Parliament of the United Kingdom. Like the upper house, the House of Lords, it meets in the Palace of Westminster in London, England. The House of Commons is an elected body consisting of 650 members known as members of Parliament (MPs), who are elected to represent constituencies by the first-past-the-post system and hold their seats until Parliament is dissolved. The House of Commons of England began to evolve in the 13th and 14th centuries. In 1707 it became the House of Commons of Great Britain after the political union with Scotland, and from 1801 it also became the House of Commons for Ireland after the political union of Great Britain and Ireland. In 1922, the body became the House of Commons of the United Kingdom of Great Britain and Northern Ireland after the independence of the Irish Free State. Under the Parliament Acts 1911 and 1949, the Lords' power to reject legislation was reduced to a delaying power. The gove ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Crown
The Crown is a political concept used in Commonwealth realms. Depending on the context used, it generally refers to the entirety of the State (polity), state (or in federal realms, the relevant level of government in that state), the executive government specifically or only to the monarch and their Viceroy, direct representatives. The term can be used to refer to the rule of law; or to the functions of executive (government), executive (the Crown-King-in-Council, in-council), legislative (the Crown-in-parliament), and judicial (the Crown on the bench) governance and the civil service. The concept of the Crown as a corporation sole developed first in the Kingdom of England as a separation of the physical crown and property of the kingdom from the person and personal property of the monarch. It spread through English and later British colonisation and developed into an imperial crown, which rooted it in the legal lexicon of all 15 Commonwealth realms, their various dependencies, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Votes On Account
A vote is a formal method of choosing in an election. Vote(s) or The Vote may also refer to: Music *''V.O.T.E.'', an album by Chris Stamey and Yo La Tengo, 2004 *"Vote", a song by the Submarines from '' Declare a New State!'', 2006 *"Vote, Vote, Vote", a song by Raffi, 2020 *"Vote!", a song by the Linda Lindas, 2020 Television * "The Vote" (''Dynasty'' 1983), an episode * "The Vote" (''Dynasty'' 1986), an episode * "The Vote" (''The Guardian''), an episode Other uses * Vote, Virginia, an unincorporated community in the United States *'' The Vote'', a 2015 play by James Graham * ''The Vote'' (newspaper), a 1909-1933 newspaper of the Women's Freedom League * Vote.org, an American left-wing nonprofit organization *Votians Vots, also referred to as Votes, Vods and Votians (, ''vađđalaizõd''; ; ; ) are a Baltic Finns, Finnic ethnic group native to historical Ingria, the part of modern-day northwestern Russia that is roughly southwest of Saint Petersburg and eas ..., a Finno ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estimates
In the Westminster system of government, the ''Estimates'' are an outline of government spending for the following fiscal year presented by the Cabinet (government), cabinet to parliament. The Estimates are drawn up by bureaucrats in the finance ministry in collaboration with cabinet ministers. They consist of detailed reports on how each department or ministry will spend its money. The estimates are normally introduced in the Responsible government, responsible chamber (the lower house in bicameral parliaments) just prior to the main Budget Day, which gives them time to be analyzed by House committees. Unlike the budget, the estimates contain no references to fiscal policy, long-term goals, or Government funding, funding. After each section is reviewed by the relevant committee the entire Estimates are voted on as one bill (law), bill. Defeat on the vote is treated as loss of supply and tantamount to Motion of no confidence, loss of confidence. Unlike tax proposals in the budg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Year
A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally with the reporting period not aligning with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each ye ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
