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Government & Economy presentation slides
Transcript of Government & Economy presentation slides
These slides present some of those materials in a format that can be displayed on a whiteboard.
Government & Economy introduces your students to the Budget by providing an overview of the economic challenges the government faces.
It addresses six main areas of public spending, each of which is explored in more detail in the other Paying for It lesson plans:
To understand that governments use an annual Budget to manage the economy, the ways in which we will be taxed, and where public spending will be focused;
To understand there are many competing priorities for government spending, all of which cannot be met through the Budget.
What are the these news headlines about?
Option 1 – How will the budget affect me?
40% of all tax collected by the government comes from ‘work taxes’ i.e. income tax and national insurance which is automatically deducted from the wages of employees
The self-employed also have to pay Income Tax and National Insurance but they are collected in a slightly different way.
Find the average salary of the job you hope to have when you leave education by looking it up on the Guardian’s data blog of the Annual Survey of Household Earnings
If you were doing that job now, how much of your income tax would be spent on different public services?
Use 'How will you be paying for it to' find out.
Who decides how much we pay in taxation and what it is spent on?
The Government produces a yearly statement - the Budget - that sets out its plans for how much we will all pay in taxes, and where spending will be focused.
The Chancellor of the Exchequer announces the Budget, traditionally in mid-March.
The current Chancellor is George Osborne. He was appointed after the last general election in 2010.
Step 5 - What is the Budget?
What are the economic challenges that Britain faces today?
Find out on the Paying for It website
How do you think the Chancellor should have allocated the tax collected by the government across all public spending areas in Budget 2014?
Option 2 Where does our money go?
Here's what the Chancellor decided...
Government & Economy
Tax Public spending