2007 United Kingdom budget
The 2007 United Kingdom Budget, officially known as Budget 2007: Building Britain's long-term future: Prosperity and fairness for families, was formally delivered by Gordon Brown in the House of Commons on 21 March 2007. It would turn out to be Brown's last Budget as Chancellor of the Exchequer, becoming Prime Minister on 27 June 2007.
|Presented||21 March 2007|
|Total revenue||£553 billion‡|
|Total expenditures||£587 billion‡|
|Website||Budget 2007 report|
|‡Numbers in italics are projections.
The main changes were that basic rate of income tax would fall from 22% to 20% from April 2008 and that the lower starter rate of 10% would be removed. Vehicle excise duty on the highest-polluting vehicles would go up to £300 and to £400 from April 2008, with the least-polluting vehicles to have their duty reduced to £35. The savings limit for Individual Savings Account contributions would be increased to £7,200 from April 2008. The Inheritance Tax threshold would rise from £285,000 to £350,000 in 2010.
Planned resource budgets 2007–08Edit
|Department||2007–08 expenditure (£ million)|
|Work and Pensions||132,732|
|Education and Skills||68,060|
|Tax, Excise and Treasury||5,469|
|Communities & Local Government||28,186|
|Northern Ireland Executive||14,667|
|Welsh Assembly Government||12,785|
|Trade and Industry||6,015|
|Culture, Media and Sport||5,042|
|Ministry of Justice||4,086|
|Environment, Food and Rural Affairs||3,099|
|Foreign and Commonwealth Office||1,859|
|Northern Ireland Office||1,370|
|Law Officers' Departments||718|
|Departmental Expenditure Limit Reserve||600|
|Unallocated Special Reserve||400|
|Total resource budget||493,896|
|Receipts||2007-08 Revenues (£bn)|
|Value Added Tax (VAT)||80|
|Total Government revenue||553|
|Department||2007-08 Expenditure (£bn)|
|Public order and safety||33|
|Personal social services||28|
|Housing and Environment||22|
|Industry, agriculture and employment||21|
|Total Government spending||587|
- "Budget 2007: Building Britain's long-term future: Prosperity and fairness for families" (PDF). HM Treasury. Archived from the original (PDF) on 2008-10-13. Retrieved 2014-08-27.
- "At-a-glance: Budget key points". BBC. 21 March 2007. Retrieved 2010-05-23.
- "[ARCHIVED CONTENT] Public Expenditure Planning and Control in the UK". Hm-treasury.gov.uk. Archived from the original on 2013-01-29. Retrieved 2010-04-01.