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Public and Private Finance in Property
Finance & Accounting
Pages 6 (1506 words)
Public and Private Finance in Property Name Course Instructor Institution Date Public finance Public finance can be understood from three core perspectives namely (i) resources generation (ii) economic stability and effective resource allocation. The central government (HM Revenue and Customs) has to ensure that it has generated enough revenue that can accommodate annual expenditure plans.
In other words, budget deficit is the difference between government’s income and its expenditure. Presently the UK government is indebted owing to the fact it has been spending more than its revenue and therefore this report will focus on the cause of UK indebtedness and the ways (fiscal and monetary) of reducing the level of debt. Government Revenue It is noteworthy that the bulk of the UK government revenue comes from taxation and therefore taxes forms the backbone of the UK economy. Key sources of the tax revenue include but not limited to income tax, corporate tax, property tax, national insurance contribution, customs duty, fuel duty and value added tax (VAT). For a long period HM Revenue and Customs has managed to collect steady tax revenue. For instance in the last five fiscal budget years starting 2006/7 -11 the central government has managed to collect the following revenue (?billions) 519.2, 548.9, 533.3, 513.3 and 551.7 respectively (The guardian, 2012). This means that the tax base has been increasing from time to time, which is important for the growth of the economy. ...
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