Presented | Wednesday 8 July 2015 |
---|---|
Parliament | 56th |
Party | Conservative Party |
Chancellor | George Osborne |
Total revenue | £672 billion |
Total expenditures | £743 billion |
Deficit | £69 billion (3.6% of GDP) |
Website | July 2015 Budget documents |
2016› |
The 2015 United Kingdom summer budget was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on Wednesday, 8 July 2015. [1] [2]
This was the first fully Conservative budget since that presented by Kenneth Clarke in 1996. [3] [4]
The background to the budget was that of significant economic growth at 3%.
The budget proposes spending of £742 billion and an income of £673 billion in 2015-16; a deficit of £69 billion (almost 10% of UK public spending). [5]
The budget passed with a majority of 30 votes (320 votes for, 290 against with 36 abstentions). [6]
All Conservative MPs voted for the budget (with 9 abstentions). The Labour party voted against the bill with 19 MPs abstaining.
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adding to it. (July 2015) |
Source | 2015-16 Revenues (£bn) |
---|---|
Income Tax | 170 |
Value Added Tax (VAT) | 133 |
National Insurance | 115 |
Excise duties | 47 |
Corporate Tax | 42 |
Council Tax | 28 |
Business rates | 28 |
Other | 109 |
Total Government revenue | 672 |
Department | 2015-16 Expenditure (£bn) |
---|---|
Social protection | 231 |
Health | 141 |
Education | 99 |
Debt interest | 36 |
Defence | 45 |
Public order and safety | 34 |
Personal social services | 30 |
Housing and Environment | 28 |
Transport | 28 |
Industry, agriculture and employment | 24 |
Other | 48 |
Total Government spending | 744 |