The March 2010 United Kingdom Budget, official known as Budget 2010: Securing the recovery, was delivered by Alistair Darling, Chancellor of the Exchequer, to the House of Commons on 24 March 2010.[1]
Presented | 24 March 2010 (Wednesday) |
---|---|
Parliament | 54th |
Party | Labour |
Chancellor | Alistair Darling |
Total revenue | £541 billion |
Total expenditures | £704 billion |
Deficit | £163 billion |
‹ 2009 |
The budget speech outlined the Labour Government's fiscal policies prior to the 2010 general election, which had to be called before July.
The Budget's main headlines included:
The Chancellor aimed for public sector net borrowing to fall to 8.5% of GDP by 2011-12, and 4.0% by 2014-15. Public sector net debt was projected to increase to 73% of GDP by 2012-13.
The Treasury published the Finance Act 2010 on 1 April, running to 240 pages.[4] After the General Election was called on 6 April, the Chartered Institute of Taxation expressed concern at the lack of time for debate on complex measures.[5] In the event, many of the clauses announced in the Budget speech were dropped from the Bill before Parliament was dissolved.[6]
Receipts | 2010-10 Revenues (£bn) |
---|---|
Income Tax | 146 |
Value Added Tax (VAT) | 78 |
National Insurance | 97 |
Excise duties | 46 |
Corporate Tax | 42 |
Council Tax | 26 |
Business rates | 25 |
Other | 81 |
Total Government revenue | 541 |
Department | 2010-10 Expenditure (£bn) |
---|---|
Social protection | 196 |
Health | 122 |
Education | 89 |
Debt interest | 43 |
Defence | 40 |
Public order and safety | 36 |
Personal social services | 33 |
Housing and Environment | 27 |
Transport | 22 |
Industry, agriculture and employment | 20 |
Other | 74 |
Total Government spending | 704 |