2000 United Kingdom budget
{{Short description|none}}
{{Use dmy dates|date=April 2022}}
{{ infobox government budget
| title = United Kingdom Budget
| year = 2000
| country = United Kingdom
| previous_budget = 1999 United Kingdom budget
| previous_year = 1999
| next_budget = 2001 United Kingdom budget
| next_year = 2001
| image = Royal Coat of Arms of the United Kingdom (HM Government).svg
| imagesize = 250px
| caption =
| submitter =
| submitted_to =
| date_submitted =
| presented =
| passed =
| parliament = 52nd
| party = Labour
| chancellor = Gordon Brown
| Total_Revenue = £371 billion‡
| Total_Expenditures = £371 billion‡
| spending =
| tax_cut =
| debt_payment =
| surplus =
| deficit = £0 billion‡
| debt =
| bill =
| bill_link =
| url = [https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/265498/hc346.pdf]
| below = ‡Numbers are projections.
}}
The 2000 United Kingdom Budget, officially known as Budget 2000 – Prudent for a Purpose: Working for a Stronger and Fairer Britain was the formal government budget for the year 2000.{{cite web|title=Budget 2000|url=https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/265498/hc346.pdf|publisher=HM Revenue and Customs|accessdate=4 July 2019}}
Background
The millennium year witnessed Britain's major trading partners, particularly the US and several European economies, enter economic difficulties as part of the early 2000s recession. The dot-com bubble burst, though fallout in the United Kingdom was limited. During the autumn, fuel protests occurred due to rising petrol prices.
During 1999, net public sector debt stood at £364.4 billion, 34.3 per cent of GDP.{{cite web|title=Net Debt (excluding public sector banks)|url=https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/timeseries/hf6w/pusf|publisher=Office for National Statistics|accessdate=4 July 2019}}{{cite web|title=Net Debt (excluding public sector banks) as % of GDP|url=https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/timeseries/hf6x/pusf|publisher=Office for National Statistics|accessdate=4 July 2019}}
Interest rates showed greater stability in comparison to the previous year, rising from 5 per cent in June 1999 to 6 per cent in February 2000 where it remained for the rest of the year.{{cite web|title=Official Bank Rate history|url=https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp|publisher=Bank of England|accessdate=4 July 2019}} Inflation abated further during 1999 which recorded 1.3 per cent (CPI) and 1.5 per cent (RPI).{{cite web|title=CPI annual rate|url=https://www.ons.gov.uk/economy/inflationandpriceindices/timeseries/d7g7/mm23|publisher=Office for National Statistics|accessdate=4 July 2019}}{{cite web|title=RPI annual rate|url=https://www.ons.gov.uk/economy/inflationandpriceindices/timeseries/czbh/mm23|publisher=Office for National Statistics|accessdate=4 July 2019}}
Budget measures
The basic rate of income tax was to be reduced from 23 per cent to 22 per cent from April 2000. The married couple's allowance for under-65s and MIRAS mortgage interest relief was to be abolished from April 2000. Fuel duty was to be frozen in real terms. Excise duties on cigarettes were to increase by 5 per cent above inflation. stamp duties were to be raised. Tax credits and Income Support were scheduled to be increased. Large increases in NHS spending were forecast. The Climate Change Levy was to be reduced before its introduction in April 2001, with the concomitant cut in employer National Insurance contributions instead limited to 0.3 per cent instead of 0.5 per cent.{{cite news|title=Gordon Brown: a decade of Budgets|date=18 March 2007 |url=http://news.bbc.co.uk/1/hi/business/6442161.stm#2000|publisher=BBC News|accessdate=4 July 2019}}
Details
=Tax Revenue=
| class="wikitable sortable"
!Receipts ! style="text-align: right" |2000–2001 Revenues (£bn) |
| Business rates
| style="text-align: right" |16 |
| Corporation Tax
| style="text-align: right" |34 |
| Council Tax
| style="text-align: right" |14 |
| Excise Duties
| style="text-align: right" |37 |
| Income Tax
| style="text-align: right" |96 |
| NI
| style="text-align: right" |59 |
| VAT
| style="text-align: right" |60 |
| Other
| style="text-align: right" |55 |
| class="sortbottom"
| style="text-align: left" |Total Government revenue ! style="text-align: right" |371 |
=Spending=
| class="wikitable sortable"
!Department ! style="text-align: right" |2000–2001 Expenditure (£bn) |
| Debt Interest
| style="text-align: right" |28 |
| Defense
| style="text-align: right" |23 |
| Education
| style="text-align: right" |46 |
| Health
| style="text-align: right" |54 |
| Housing & Environment
| style="text-align: right" |14 |
| Industry, Agriculture, Employment
| style="text-align: right" |15 |
| Law & Order
| style="text-align: right" |20 |
| Other
| style="text-align: right" |59 |
| Social Security
| style="text-align: right" |103 |
| Transport
| style="text-align: right" |9 |
| class="sortbottom"
| style="text-align: left" |Total Government spending ! style="text-align: right" |371 |
References
{{reflist|2}}
{{United Kingdom budget}}
Category:United Kingdom budgets
Category:2000 in British politics
Category:2000 government budgets
Category:Premiership of Tony Blair
{{UK-poli-stub}}