1981 United Kingdom budget

none October 2020 March 2013 United Kingdom budget 1981 United Kingdom 1980 United Kingdom budget 1980 1982 United Kingdom budget 1982 Royal Coat of Arms of the United Kingdom (HM Government).svg 200px 10 March 1981 48th Conservative Party Geoffrey Howe The 1981 United Kingdom budget was delivered by Geoffrey Howe, the then Chancellor of the Exchequer, to the House of Commons on 10 March 1981. It was Geoffrey Howe's third budget and the second of the first Thatcher ministry.https://www.theguardian.com/uk/1999/mar/03/budget1999.budget18 Bygone budgets: March 1981 20 March 2013 The Guardian 3 March 1999 The budget represented a strongly monetarist response to the stagflation and high government borrowing which the UK was suffering at the time. The budget speech lasted for 91 minutes.https://news.google.com/newspapers?id=lv49AAAAIBAJ&sjid=ZUkMAAAAIBAJ&pg=3359,2154109&dq=1981+budget+geoffrey+howe&hl=en Chancellor spares no one in struggle to beat inflation 20 March 2013 The Glasgow Herald 11 March 1981 Background The budget was given during a time of significant economic malaise in the United Kingdom, with unemployment having increased by almost one million in the prior 12 months and inflation running at around 15%. Measures The budget increased net taxes by £4 billion (in 1981 prices).https://www.telegraph.co.uk/comment/personal-view/3623669/How-364-economists-got-it-totally-wrong.html How 364 economists got it totally wrong 21 March 2013 The Daily Telegraph 15 March 2006 A new 20% tax on North Sea oil was introduced. A one-off windfall tax on certain bank deposits was introduced, in the form of a 2.5% levy on deposits of banking businesses, charged by reference to non-interest bearing sterling deposits in excess of £10 million averaged over the final three months of 1980. The tax was estimated to raise £400 million in total revenues (in 1981 prices). There was no increase in income tax personal allowances or tax rate thresholds, resulting in a significant real-terms income tax rise as inflation was around 15% per year at the time. The 25p rate of tax introduced by Labour in 1978 was abolished.https://www.bbc.co.uk/news/special/politics97/budget97/background/bud1979_92.shtml Budgets 1979 - 1992 20 March 2013 BBC March 1997 Duties were raised significantly, with duty on petrol increased by 20p per gallon, duty on a packet of 20 cigarettes increased by 13p, duty on beer increased by 4p, duty on spirits increased by 60p, and duty on wine increased by 12p. Reception The budget was controversial. Leader of the Opposition Michael Foot said of it: "This is a budget to produce over three million unemployed". At the end of March, a group of 364 economists sent a statement to Margaret Thatcher, Geoffrey Howe and the media at large which was strongly critical of the budget and expressed the view that there was "no basis in economic theory or supporting evidence" for its measures, and that it threatened the UK's "social and political stability". Blake, David Monetarism attacked by top economists The Times 30 March 1981 1 60,889 https://archive.org/details/NewsUK1981UKEnglish/Mar%2030%201981%2C%20The%20Times%2C%20%2360889%2C%20UK%20%28en%29/ Internet Archive 18 September 2024http://www.margaretthatcher.org/document/121217 Economy: Letter of the 364 economists critical of monetarism (letter sent to academics and list of signatories) [released 2012] 15 September 2024 Margaret Thatcher Foundation Were all 364 Economists Wrong? Booth, Philip Philip Booth (economist) Institute of Economic Affairs London 2006 https://iea.org.uk/publications/research/were-364-economists-all-wrong 14 September 2024https://news.bbc.co.uk/2/hi/programmes/newsnight/4803858.stm Were 364 economists all wrong? 20 March 2013 BBC 14 March 2006 This statement is often inaccurately described as a "letter to The Times" when in fact no letter was sent or indeed published.https://econjwatch.org/articles/a-list-of-the-364-economists-who-objected-to-thatcher-s-macro-policy A List of the 364 Economists Who Objected to Thatcher’s Macro Policy Booth Philip Econ Journal Watch 3 2 380-392 May 2006Thatcher is wrong, say economists The Daily Telegraph 30 March 1981 Nicholas Comfort 1 One week after the budget was delivered, the Conservative member Christopher Brocklebank-Fowler crossed the floor of the House to join the SDP during a debate on the budget resolutions. See also Gang of 25 References Further reading http://www.margaretthatcher.org/document/110696 Economy: The 1981 budget - memoirs extract 21 March 2013 Margaret Thatcher Foundation http://www.margaretthatcher.org/document/121217 Economy: Letter of the 364 economists critical of monetarism (letter sent to academics and list of signatories) [released 2012] 15 September 2024 Margaret Thatcher Foundation http://www.margaretthatcher.org/document/114508 Commentary (The Times) Budget: "Beating inflation key to recovery" (Hayek letter on the 364 economists) ["lost generation of British economists ... panicky mob"] 16 September 2024 Margaret Thatcher Foundation http://www.margaretthatcher.org/document/114509 Commentary (The Times) Budget: "Beating inflation key to recovery" (Harris letter on the 364 economists) ["charge sheet of those responsible for ... economic decline"] 16 September 2024 Margaret Thatcher Foundation Budget 1981 United Kingdom Category:March 1981 in the United Kingdom