UK government annual Budget. Critically examine the annual Budget of the UK for two fiscal years. The fiscal years selected should be between fiscal years 2000/01 and 2019/20.
Provide a summary of an annual budget for each fiscal year. Define the term ‘public budget’. What percentage of the GDP is made up of the public budget for each fiscal year? (10 Marks)
Present an outline of the main characteristics in relation to the preparation, administration, fiscal machinery, and implementation of the budget.
The focus for this part should be on the importance of institutions such as Parliament, the executive branch of government, political parties, credit markets, the central bank, and the role of civil servants. (10 Marks)
What are the main constituent items of national revenue and expenditure? Discuss the composition of the budget. (10 Marks)
Identify and comment on the principal determinants of budget and how these determinants differ from the fiscal year before. (10 Marks)
What are the main objectives of the budget? Are the objectives compatible? Highlight the difficulties associated with the objectives of the budget. (10 Marks)
What method of public expenditure is used in the budget? Is it planned by function (i.e. defence, health, education, and police) or by economic category, current expenditure, and capital expenditure?
Explain the distinction between current and capital expenditure. (10 Marks)
Explain the type of budget (i.e. balanced, deficit, and surplus) that the UK encountered in each fiscal year and comment on how budgetary planning is used to fine-tune the economy. (10 Marks)
What was the national debt (if any) and how does the UK government finance public debts?
Describe the process in which the Bank of England raises funds in both the money and capital markets to finance the government deficits. (10 Marks)
What is the Office for Budget Responsibility?
Describe its key roles. How effective the OBR has been in carrying out its roles?
What would you regard as the main strengths and weaknesses of the budget?
What processes, controls and procedures would you suggest for a more efficient and effective allocation, management, and monitoring of the public budget? (10 Marks)
In writing your essay you are expected to show the ability to research and write critically. You are expected to demonstrate in-depth knowledge about the subject in the question. Your analysis should be focused and accurate and your essay should be well-structured and presented clearly, in a systematic, coherent, and persuasive manner. You need to apply the correct referencing and citation method and incorporate independent suggestions and evaluation, and your essay should not be over the word limit. (10 Marks)