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June 1979 United Kingdom Budget
The June 1979 United Kingdom budget was delivered by Geoffrey Howe, the Chancellor of the Exchequer, to the House of Commons on 12 June 1979. It was Howe's first budget and the first of the first Thatcher ministry, which had been elected a few weeks earlier. It was also the second budget to be delivered to Parliament in 1979. The budget marked a major change in direction for the UK economy, with an increase in reliance on interest rates and monetary policy to control inflation. It is also noted for its introduction of substantial tax cuts, such as reducing the top rate of income tax from 83% to 60% and the basic rate from 33% to 30%. The budget also saw an increase in VAT from 8% to 15%. In his budget speech, Howe told the House of Commons "we cannot go on avoiding difficult choices". Background The Conservative Party had pledged to reduce taxes while campaigning in the 1979 general election. At the time the United Kingdom's public borrowing deficit was approaching £10bn. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of MPs Elected In The 1979 United Kingdom General Election
This is a list of Member of Parliament (United Kingdom), Members of Parliament (MPs) elected in the 1979 United Kingdom general election, 1979 general election, held on 3 May. This Parliament was dissolved in 1983 United Kingdom general election, 1983. Parliament of the United Kingdom, Parliament, which consists of the House of Lords and the elected House of Commons, was State Opening of Parliament, convened on Tuesday 15 May 1979 at the Palace of Westminster by Elizabeth II, Queen Elizabeth II. Of the 77 newcomers, two were women (Sheila Faith and Sheila Wright). In total, the Parliament had 19 female members (8 Conservative, 11 Labour), fewer than any post-war parliament before or since, with the sole exception of 1951. It was the election from which Margaret Thatcher, the incumbent Conservative Party (UK), Conservative Party leader became Prime Minister of the United Kingdom, Prime Minister, the first female head of government in the United Kingdom and Europe. Composition ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In The United Kingdom
Taxation in the United Kingdom may involve payments to at least three different levels of government: central government (HM Revenue & Customs), devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion. History A uniform Land tax, originally was introduced in England during the late 17th century, formed the main source of government revenue throughout the 18th century and the early 19th century.Stephen Dowell, ''History of Taxation and Taxes in England'' (Routledge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Budgets
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1979 In British Politics
Events January * January 1 ** United Nations Secretary-General Kurt Waldheim heralds the start of the ''International Year of the Child''. Many musicians donate to the ''Music for UNICEF Concert'' fund, among them ABBA, who write the song ''Chiquitita'' to commemorate the event. ** The United States and the People's Republic of China establish full Sino-American relations, diplomatic relations. ** Following a deal agreed during 1978, France, French carmaker Peugeot completes a takeover of American manufacturer Chrysler's Chrysler Europe, European operations, which are based in United Kingdom, Britain's former Rootes Group factories, as well as the former Simca factories in France. * January 7 – Cambodian–Vietnamese War: The People's Army of Vietnam and Vietnamese-backed Kampuchean United Front for National Salvation, Cambodian insurgents announce the fall of Phnom Penh, Cambodia, and the collapse of the Pol Pot regime. Pol Pot and the Khmer Rouge retreat west to an area ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1988 United Kingdom Budget
The 1988 United Kingdom budget (sometimes referred to as the Giveaway budget) was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 15 March 1988. It was the fifth budget to be delivered by Lawson during his tenure as Chancellor, and marked major changes to taxation, with reductions in income tax and changes to inheritance tax rules, as well as changes to mortgage interest relief that prevented homebuyers from being able to pool mortgage allowances. The changes announced to mortgage relief ultimately helped to further fuel an ongoing property boom which led to a rise in inflation and an increase in interest rates. Due to frequent disruptions during the Chancellor's speech, Deputy Speaker Harold Walker was required to suspend proceedings in what was described as an outbreak of "grave disorder". Overview Lawson believed the UK economy was slowing to a sustainable rate, and forecast a budget surplus which would enable him to make significan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Party (UK)
The Labour Party is a political party in the United Kingdom that has been described as an alliance of social democrats, democratic socialists and trade unionists. The Labour Party sits on the centre-left of the political spectrum. In all general elections since 1922, Labour has been either the governing party or the Official Opposition. There have been six Labour prime ministers and thirteen Labour ministries. The party holds the annual Labour Party Conference, at which party policy is formulated. The party was founded in 1900, having grown out of the trade union movement and socialist parties of the 19th century. It overtook the Liberal Party to become the main opposition to the Conservative Party in the early 1920s, forming two minority governments under Ramsay MacDonald in the 1920s and early 1930s. Labour served in the wartime coalition of 1940–1945, after which Clement Attlee's Labour government established the National Health Service and expanded the welfa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prescription Charges
Charges for prescriptions for medicines and some medical appliances are payable by adults in England under the age of 60. However, people may be exempt from charges in various exemption categories. Charges were abolished by NHS Wales in 2007, Health and Social Care in Northern Ireland in 2010 and by NHS Scotland in 2011. In 2010/11, in England, £450million was raised through these charges, some 0.5% of the total NHS budget. In April 2021 the charge was raised to £9.35 for up to a three-month supply of each item. In 2022, for the first time since 2010, the charge was not increased. History When the National Health Service was established in 1948 all prescriptions were free. The power to make a charge was introduced in the NHS Amendment Act 1949 under pressure from Chancellor of the Exchequer Stafford Cripps, but Minister of Health Aneurin Bevan managed to block their implementation by threatening to resign. In 1951 Cripps's successor Hugh Gaitskell and Foreign Secretary Herb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value-added Tax In The United Kingdom
In the United Kingdom, the value added tax (VAT) was introduced in 1973, replacing Purchase Tax, and is the third-largest source of government revenue, after income tax and National Insurance. It is administered and collected by HM Revenue and Customs, primarily through the Value Added Tax Act 1994. VAT is levied on most goods and services provided by registered businesses in the UK and some goods and services imported from outside the UK. The default VAT rate is the standard rate, 20% since 4 January 2011. Some goods and services are subject to VAT at a reduced rate of 5% (such as domestic fuel) or 0% (such as most food and children's clothing). Others are exempt from VAT or outside the system altogether. VAT is an indirect tax because the tax is paid to the government by the seller (the business) rather than the person who ultimately bears the economic burden of the tax (the consumer). Opponents of VAT claim it is a regressive tax because the poorest people spend a higher pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetarism
Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on measures of national income and output, national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary policy, discretionary monetary policy.Phillip Cagan, 1987. "Monetarism", ''The New Palgrave: A Dictionary of Economics'', v. 3, Reprinted in John Eatwell et al. (1989), ''Money: The New Palgrave'', pp. 195–205, 492–97. Monetarism is commonly associated with neoliberalism. Monetarism today is mainly associated with the work of Milton Friedman, who was among the generation of economists to reject Keynesian economics and criticise Keynes's theory of fighting economic downturns ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conservative Party (UK)
The Conservative Party, officially the Conservative and Unionist Party and also known colloquially as the Tories, is one of the Two-party system, two main political parties in the United Kingdom, along with the Labour Party (UK), Labour Party. It is the current Government of the United Kingdom, governing party, having won the 2019 United Kingdom general election, 2019 general election. It has been the primary governing party in Britain since 2010. The party is on the Centre-right politics, centre-right of the political spectrum, and encompasses various ideological #Party factions, factions including One-nation conservatism, one-nation conservatives, Thatcherism, Thatcherites, and traditionalist conservatism, traditionalist conservatives. The party currently has 356 Member of Parliament (United Kingdom), Members of Parliament, 264 members of the House of Lords, 9 members of the London Assembly, 31 members of the Scottish Parliament, 16 members of the Senedd, Welsh Parliament, 2 D ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of The United Kingdom
The economy of the United Kingdom is a highly developed social market and market-orientated economy. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and twenty second-highest by GDP per capita, constituting 3.3% of nominal world GDP. By PPP (purchasing power parity) terms, UK constitutes 2.34% of world GDP. The United Kingdom is one of the most globalised economies, and comprises England, Scotland, Wales and Northern Ireland. In 2020, the UK was the fifth largest exporter in the world and the fifth-largest importer. It also had the third-largest inward foreign direct investment, and the fifth-largest outward foreign direct investment. In 2020, the UK's trade with the 27 member states of the European Union accounted for 49% of the country's exports and 52% of its imports. The service sector dominates, contributing 81% of GDP; the financial services industry is partic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1979 United Kingdom General Election
The 1979 United Kingdom general election was held on Thursday 3 May 1979 to elect 635 members to the British House of Commons. The Conservative Party, led by Margaret Thatcher, ousted the incumbent Labour government of James Callaghan with a parliamentary majority of 44 seats. The election was the first of four consecutive election victories for the Conservative Party, and Thatcher became the United Kingdom's and Europe's first elected female head of government, marking the beginning of 18 years in government for the Conservatives and 18 years in opposition for Labour. Unusually, the date chosen coincided with the 1979 local elections. The local government results provided some source of comfort to the Labour Party, who recovered some lost ground from local election reversals in previous years, despite losing the general election. The parish council elections were pushed back a few weeks. The previous parliamentary term had begun in October 1974, when Harold Wilson led La ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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