The most important part of the Economic Calendar is the Quarterly economic statement. It provides an overview of the activities of the Government and Parliament in the budget. It also provides the total debt held by the public sector finances as a whole.
The balance sheet of the Government is the biggest part of the Economic Calendar. This is the summary of the country’s financial position at the end of each financial year. It shows whether there is a surplus or deficit, so it gives a good indication of how the Government spends the money they receive in taxes.
There are four main headings for the balance sheet: financial assets, financial liabilities, financial revenues and non-financial assets. In this report, we will focus on the finance and taxation aspects.
It is important to remember that our Government expenditure includes a wide range of activities. We pay for public services and we also pay for defence.
First, we will look at what our major item of expenditure is. It is a defence, so that is what we will discuss first.
It has been reported in recent years that the defense budget has been shrinking, leading to a reduction in the budget deficit. However, given the global financial crisis, this is not a good thing, and so we must make sure the budget does not get any smaller.
The overall defense budget will be at risk if our commitments in Iraq are scaled back. That means we will have to look at allocating funds in other areas. Although the budget for defence spending is not huge, it is not exactly in line with other areas.
As such, this means that a major percentage of the budget is allocated to other areas, such as the NHS and education. This means the overall defence budget is not yet at risk.
Next, we look at what the budget allocated to the NHS. There has been a lot of debate over this, and in many ways, it is understandable. However, it is worth remembering that even though the budget is reduced, it is still the largest portion of the budget.
There is a risk that the number of people in need of healthcare will increase due to population growth. Many people have been dispirited by the government spending cuts and the falling economic situation. They are asking why the Government can spend more on healthcare than it can afford.
The figures are clear, the government spent more than £350 billion in 2020/10 on a wide range of projects, such as the National Health Service and housing. That is, essentially, the entire health budget.
It is expected that it will reach the current one trillion pound target for this year, but this year may be a little too soon. There are also questions about the effectiveness of the equipment that has been purchased in this time of austerity.