I managed to deliver a budget I was satisfied with on my fourth attempt, but it required raising income tax by 5p in the pound!
My budget raised day-to-day spending by £4bn per annum, raised investment by £27bn per annum, and raised taxes by £55bn per annum, taking them to the highest level ever as a share of GDP. So the gap between increased taxes and increased spending amounted to £24bn, and yet I only just balanced the budget. I assume the difference is accounted for by interest paid on the national debt?
The Financial Times has a game here where you can try setting your own budget:
https://ig.ft.com/chancellor-game/
I managed to deliver a budget I was satisfied with on my fourth attempt, but it required raising income tax by 5p in the pound!
My budget raised day-to-day spending by £4bn per annum, raised investment by £27bn per annum, and raised taxes by £55bn per annum, taking them to the highest level ever as a share of GDP. So the gap between increased taxes and increased spending amounted to £24bn, and yet I only just balanced the budget. I assume the difference is accounted for by interest paid on the national debt?