The Budget

The budget is the government's main economic statement of the year. It is a forecast of revenue and expenditure for the coming year.

In Great Britain the budget is prepared and usually issued in March. In a major speech to Parliament, the Chancellor of the Exchequer re­views the nation's economic performance and describes the govern­ment's economic objectives and the economic policies it intends to fol­low in order to achieve them.

In November 1993 Great Britain introduced the " so-called" Uni­fied Budget. Under this budget the government presents taxation and spending proposals to Parliament at the same time. The Budget now covers both the government's taxation plans for the coming financial year and its spending plans for the next three years. The proposals are announced to the House of Commons by the Chancellor of the Ex­chequer in the Budget statement and are published in the Financial Statement and Budget Report. This report also contains a review of recent developments in the economy, together with an economic fore­cast, and sets out the fiscal and monetary policies.

The main sources of revenue are:

• Tax on income;

• Taxes on expenditure, which include VAT (Value Added Tax) and

customs and excise duties;

• National Insurance contributions.

liudget n — бюджет

statement n —. заявление, официаль­ный отчет

forecast я — npoiHOS

revenue n — доход(ы)

expenditure — расходы

issue v— выпускать, кшяшть (о докумен­те)

Chancellor of the Exchequer - канцлер казначейства

review v—рассматривать, делать обзор

economic performance - экономиче­ские показатели

objective n — цель

follow v- зд. осуществлять (политику)

unified adj — единый

taxation and spending proposals — предло­жения по налогообложению и расхо­дам

—прогноз доходов и расходов;

—бюджет представляется (вы-
пуекается) в марте;

- экономические показатели;

- задачи ррзвития экономики;

— экономическая политика;

- намереваться проводить по­
литику;

financial year — финансовый год

the House of Commons - палата пред­ставителей

contain v - содержать

developments n — обстоятельства, со­бытия

sel out r — излагать

source n — источник

tax on income — подоходный налог

value added tax — налог на добавлен­ную стоимость

customs duties - таможенные пошлины

excise duties — акцизы

national insurance contributions — взно­сы в национальную систему страхо­вания

- в соответствии с бюджетом;

- представляет предложения по
налогам и расходам;

- предстоящий финансовый год;
— объявлять предложения;

- последние события экономи­
ческой жизни;

Unit3

II. The Budget. Taxes

излагать бюджетно-налоговую и кредитно-денежную полити­ку;

источники доходов; подоходный налог;

Ex. 29. Match the infinilives in A with the nouns in B.

В

documents

the budget

revenue and expenditure

plans

the policy

objectives

proposals

Ex. 30. a) Read the text and translate it into Russian, b) Say what you know about the procedure of adopting Ihe federal budget in Russia.

Russia began the publication of annual budgets in I860. At present, draft budgets are prepared by the government and are submitted to the Slate Duma for consideration and approval in autumn.

The draft must pass through 4 readings, during which different amend­ments are made into the dralt. Traditionally, the second reading is the most difficult because it is at second reading that budgetary expenditures arc deter­mined. If the State Duma and the Federation Council approve the draft bud­get it goes to the President who signs it into law.