AS Paper 2, June 2023The UK Economy – Performance and Policies
AS Paper 2, June 2023, Q3(b)
Total UK Government tax revenue for 2021–22: £820 billion. Total UK Government expenditure for 2021–22: £1 053 billion. Using these figures, explain the likely impact of the above data on the UK Government’s budget balance.
Short answerExplain3 marks
Context
The chart below shows areas of UK Government tax revenues for 2021–22. The total tax revenue for the year was £820 billion. Other Government revenue £88 billion Income tax £198 billion Other taxes £84 billion Council tax £40 billion Business rates £24 billion National Insurance £147 billion VAT £151 billion Excise duties £48 billion Corporation tax £40 billion …