The 2002 United Kingdom Budget, officially known as The strength to make long-term decisions: Investing in an enterprising, fairer Britain was the formal government budget for the year 2002.
The most significant policy implemented as part of this Budget was the 1% increase in National Insurance contributions for both employees and employers, the proceeds of which went towards an increase in NHS spending.
Details Tax Revenue Receipts2002-03 Revenues (£bn)Business rates19Corporation Tax33Council Tax16Excise Duties38Income Tax118NI65VAT64Other55Total Government revenue408
Spending Department2002-03 Expenditure (£bn)Debt Interest21Defense24Education54Health65Housing & Environment20Industry, Agriculture, Employment 17Law & Order24Other49Personal Social Services15Social Security115Transport14Total Government spending418
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