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3026 Wiltshire national budget: Difference between revisions

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The '''3026 Wiltshirian Commonwealth national budget''' was delivered to the [[Wiltshire National Assembly|National Assembly]] by [[Chancellor of the Exchequer (Wiltshire)|chancellor]] Lucy Burgers on Thursday 6 November 3025. It was the first full fiscal year budget of the [[Martin Ministry (Wiltshire)|Conservative government led by Beau Martin]]. Building off Chancellor Burgers's summer statement following the general election, the full budget outlined the government's complete renovation of the public finances, including the introduction of the new systems of personal and corporate income tax.
The '''3026 Wiltshirian Commonwealth national budget''' was delivered to the [[Wiltshire National Assembly|National Assembly]] by [[Chancellor of the Exchequer (Wiltshire)|chancellor]] Basil Lethbridge on Monday 1 December 3025. Subtitled '''Fixing the Foundations for a Strong Economic Recovery''', the budget became the groundwork for the largest reformation of fiscal and economic policy in Wiltshirian history. The budget abolished the income tax, the national insurance tax, and all value-added sales taxes, replacing them with the Universal Standard Tax (UST). Additionally, the budget made allowances for the largest sell-off of public services to private providers in history.  


In the budget, the chancellor announced that the national minimum wage would increase for the first time since 3021, going from 11.25 cm to 12.25 cm per hour. In addition, additional discretionary funds were made available to all offices of state to facilitate the reconstruction of Wiltshire's crumbling infrastructure.  
Additionally, the budget slashed capital expenditure on new schools, hospitals, and public services, leaving significant openings for deals for private financing. The budget cut the national minimum wage to 7.50 cm per hour, down from 11.25 as set in 3020.  
 
The budget was passed into law on 1 December 3025 and was one of the last two major pieces of [[Second Martin Ministry (Wiltshire)|Beau Martin's second ministry]] before his resignation on 1 January 3026, the other being the passage of the Pan-Doggerland Free Trade Agreements with Paxem and the Doggerland Covalence Mechanism (DCM).


== Overview ==
== Overview ==
{| class="wikitable"
{| class="wikitable"
! colspan="3" |Budget 3026
|+
! colspan="3" |Fiscal and economic outlook
|-
|Estimated Population
| colspan="2" |5.2 million
|-
|Working-age adults
| colspan="2" |4.4 million
|-
|Growth Domestic Product (GDP)
|116 billion cm
|(+4.4% from 3025)
|-
|-
|Population
|GDP per capita
| colspan="2" |5.12 million
|22,300 cm
|(-53% from 3021)
|-
|-
|GDP (estimate)
|Average annual income
| colspan="2" |185 billion CM
|26,360 cm
|(-67% from 3021)
|}
{| class="wikitable"
|+
! colspan="3" |Debt, deficit, revenue, and expenditure
|-
|-
|Total expenditure
|Public debt
| colspan="2" |48.6 billion cm
|120 billion cm
|103% of GDP
|-
|-
|Total revenue
|Debt servicing bill
| colspan="2" |42.7 billion cm
|4.64 billion cm
|9.28% of public expenditure
|-
|-
|Fiscal deficit
|Estimated revenue (3026)
|5.9 billion cm
|37.8 billion cm
|3.2% of GDP
|32.6% of GDP
|-
|-
|National debt
|Planned expenditure (3026)
|198 billion cm
|50 billion cm
|107% of GDP
|43.1% of GDP
|-
|-
|Debt servicing (interest payments)
|Allocated deficit
|6.6 billion cm
|12.2 billion
|13.6% of expenditure
|10.5% of GDP
|}
|}
{| class="wikitable"
{| class="wikitable"
|+
|+
! colspan="2" |Economic indicators
! colspan="2" |The Universal Standard Tax (UST)
|-
|-
|GDP growth (projected)
!Income (cm)
| +13.2% (reconstruction boom)
!Rate
|-
|-
|Unemployment
|0-7500
|11.3% (decreasing)
|0%
|-
|-
|Currency stability
|7,500+
|Supported by the Wiltshire Reserve
|27.5%
|-
|-
|Foreign aid inflows
! colspan="2" |Expected to raise 21.5 billion cm
|4.2 billion CM estimated 3025/26
|}
{| class="wikitable"
|+
! colspan="4" |Revenue souces
|-
!Source
!Revenue (billion cm)
!%
!Detail
|-
|UST
|21.5
|57.03%
|27.5% on income over 7,500 cm per year
|-
|Corporation Tax
|4.1
|10.88%
|10% on corporate profits
|-
|Capital Gains Tax
|0.9
|2.39%
|10% on gains over 10,000 cm
|-
|Foreign Aid flows
|4.5
|11.94%
|Non-fixed, estimate
|-
|Wiltshire Reserve raid
|3.75
|9.95%
|From a total raid of 7.5 billion, split over 2 years
|}
|}
{| class="wikitable"
{| class="wikitable"
Line 51: Line 105:
!Government department
!Government department
!Areas of responsibility
!Areas of responsibility
!Allocated budget (billion cm)
!Allocated budget for current spending (billion cm)
!Percentage of total expenditure
!Allocated capital investment (billion cm)
!Total expenditure (%)
|-
|-
|Cabinet Office
|Cabinet Office
Line 59: Line 114:
* Intergovernmental communications
* Intergovernmental communications
* Security briefing ([[Cabinet Office Briefing Rooms (COBR)|COBR]])
* Security briefing ([[Cabinet Office Briefing Rooms (COBR)|COBR]])
|0.9
|1.3
|1.9%
|0.05
|1.35 (2.98%)
|-
|-
|National Assembly
|National Assembly
Line 66: Line 122:
* Legislative operations, reconstruction of parliamentary estate
* Legislative operations, reconstruction of parliamentary estate
|0.6
|0.6
|1.3%
|0.01
|0.61 (1.34%)
|-
|-
|Foreign Office
|Foreign Office
Line 72: Line 129:
* Diplomacy, aid coordination, rebuilding external relationships
* Diplomacy, aid coordination, rebuilding external relationships
* Managing Wiltshire's relationship with the Doggerland Covalence Mechanism (DCM) and Holy Roman Empire (HRE)
* Managing Wiltshire's relationship with the Doggerland Covalence Mechanism (DCM) and Holy Roman Empire (HRE)
|0.5
|0.4
|1.2%
|0
|0.4 (0.88%)
|-
|-
|Commonwealth Security Office
|Commonwealth Security Office
|
|
* National defence, demobilisation, veteran reintegration, intelligence network reform
* National defence, demobilisation, veteran reintegration, intelligence network reform
|6.0
|4.13
|12.3%
|0.35
|4.48 (9.88%)
|-
|-
|Home Office
|Home Office
|
|
* Internal security, policing, border control and immigration, transitional justice, and Wiltshirianification
* Internal security, policing, border control and immigration, transitional justice, and Wiltshirianification
|5.9
|4.2
|12.1%
|0.3
|-
|4.5 (9.92%)
|Treasury
|
* Fiscal management, debt servicing, central accounting (OSCAR)
* Wiltshire Reserve operational budget and investments
|3.5
|7.2%
|-
|-
|Health Office
|Health Office
|
|
* Hospitals, trauma care, epidemic control, mental health support
* Hospitals, trauma care, epidemic control, mental health support
|7.1
|7.5
|14.6%
|0.025
|7.525 (16.59%)
|-
|-
|Education & Social Policy Office
|Education & Social Policy Office
|
|
* Rebuilding the public education sector, school reconstruction and renationalisation, literacy and numeracy drives
* Rebuilding the public education sector, school reconstruction and renationalisation, literacy and numeracy drives
|5.4
|8.75
|11.1%
|0
|8.75 (19.29%)
|-
|-
|Energy & Economy Office
|Energy & Economy Office
Line 110: Line 165:
* Power grid reconstruction, the industrial restart, investment incentives, zoning laws
* Power grid reconstruction, the industrial restart, investment incentives, zoning laws
* Operational budget for the Progress Office
* Operational budget for the Progress Office
|3.6
|2.8
|7.4%
|1.3
|4.1 (9.04%)
|-
|-
|Environment, Conservation, & Climate Office
|Environment, Conservation, & Climate Office
|
|
* De-mining, land restoration, water quality, reforestation
* De-mining, land restoration, water quality, reforestation
|1.7
|0.6
|3.5%
|0.6
|1.2 (2.65%)
|-
|-
|Cities, Communities, & Local Government Office
|Cities, Communities, & Local Government Office
Line 125: Line 182:
* Culture and languages
* Culture and languages
* Gender equality
* Gender equality
|2.5
|1.5
|5.1%
|0.75
|2.25 (4.96%)
|-
|-
|Constitution & Democracy Office
|Constitution & Democracy Office
|
|
* Electoral reform, civil service rebuilding, transparency initiative, constitutional oversight
* Electoral reform, civil service rebuilding, transparency initiative, constitutional oversight
|0.8
|0.08
|1.6%
|0
|0.18%
|-
|-
|Justice Office
|Justice Office
|
|
* Courts, transitional justice tribunals, prisons, prison reform
* Courts, transitional justice tribunals, prisons, prison reform
|1.6
|1.3
|3.3%
|0.25
|1.55 (3.42%)
|-
|-
|Non-departmental allocated expenditures
|Non-departmental allocated expenditures
|
|
* Debt interest, emergency reserve and discretionary fund, post-war compensation fund
* Debt interest, emergency reserve and discretionary fund, post-war compensation fund
|3.1
| colspan="3" |4.64
|6.4%
|-
|-
! colspan="2" |Total expenditure
! colspan="2" |Total expenditure
| colspan="2" |48.6
| colspan="3" |50.0 billion cm
|}
 
== Tax system - FY2251 ==
Budget 3026 unveiled a new system of taxation, with the personal income tax being subdivided into the following categories:
{| class="wikitable"
|+Personal income tax thresholds
!Band
!Rate
!Threshold (cm)
|-
|Starter
|0%
|10,000 and below
|-
|Basic
|10%
|10,001 - 25,000
|-
|Standard
|20%
|25,001 - 65,000
|-
|Higher
|30%
|65,001 - 150,000
|-
|Additional
|40%
|150,001 - 300,000
|-
|Surcharge
|50%
|300,001 and above
|}
 
=== Corporate income tax ===
The flat corporate income tax rate was abolished and replaced with a progressive system based on number of employees and revenue conditions. No additional or surcharge corporate income taxes were added.
{| class="wikitable"
|+Corporate income tax
!Band
!Rate
!Conditions
|-
|Starter
|0%
|
* Under 25 employees; or
* Revenue below 50,000 cm per annum
|-
|Basic
|7.5%
|
* Between 26 - 50 employees; or
* Revenue below 125,000 cm per annum
|-
|Standard
|10%
|
* Between 51 and 1,000 employees; or
* Revenue below 1 million cm per annum
|-
|Higher
|12.5%
|
* Between 1,000 and 5,000 employees; or
* Revenue below 6 million cm per annnum
|}
 
=== Tax revenue summary ===
{| class="wikitable"
|+
!Tax type
!Structure
!Share of revenue (estimated)
|-
|Personal income tax
|See above
|32%
|-
|Corporate income tax
|See above
|16%
|-
|Value Added Tax (VAT)
|12% on goods and services
|21%
|-
|Wealth & Land tax
|0.5% on property holdings above 1 million cm per individual, or 2.5 million cm for a married couple
|3%
|-
|Excise taxes (fuel, tobacco, alcohol, sugar, etc)
|See ''Consumption Tax Act 3025''
|6%
|-
|Carbon & environmental taxes
|See ''Conservation & Climate Clean Up Act 3025''
|2%
|-
|Non-tax revenue
|State enterprise dividends, interest on central bank reserves, licenses, and aid receipts
|12%
|-
! colspan="2" |Total revenue
|42.7 billion CM
|}
|}

Latest revision as of 09:54, 30 November 2025

The 3026 Wiltshirian Commonwealth national budget was delivered to the National Assembly by chancellor Basil Lethbridge on Monday 1 December 3025. Subtitled Fixing the Foundations for a Strong Economic Recovery, the budget became the groundwork for the largest reformation of fiscal and economic policy in Wiltshirian history. The budget abolished the income tax, the national insurance tax, and all value-added sales taxes, replacing them with the Universal Standard Tax (UST). Additionally, the budget made allowances for the largest sell-off of public services to private providers in history.

Additionally, the budget slashed capital expenditure on new schools, hospitals, and public services, leaving significant openings for deals for private financing. The budget cut the national minimum wage to 7.50 cm per hour, down from 11.25 as set in 3020.

The budget was passed into law on 1 December 3025 and was one of the last two major pieces of Beau Martin's second ministry before his resignation on 1 January 3026, the other being the passage of the Pan-Doggerland Free Trade Agreements with Paxem and the Doggerland Covalence Mechanism (DCM).

Overview

Fiscal and economic outlook
Estimated Population 5.2 million
Working-age adults 4.4 million
Growth Domestic Product (GDP) 116 billion cm (+4.4% from 3025)
GDP per capita 22,300 cm (-53% from 3021)
Average annual income 26,360 cm (-67% from 3021)
Debt, deficit, revenue, and expenditure
Public debt 120 billion cm 103% of GDP
Debt servicing bill 4.64 billion cm 9.28% of public expenditure
Estimated revenue (3026) 37.8 billion cm 32.6% of GDP
Planned expenditure (3026) 50 billion cm 43.1% of GDP
Allocated deficit 12.2 billion 10.5% of GDP
The Universal Standard Tax (UST)
Income (cm) Rate
0-7500 0%
7,500+ 27.5%
Expected to raise 21.5 billion cm
Revenue souces
Source Revenue (billion cm) % Detail
UST 21.5 57.03% 27.5% on income over 7,500 cm per year
Corporation Tax 4.1 10.88% 10% on corporate profits
Capital Gains Tax 0.9 2.39% 10% on gains over 10,000 cm
Foreign Aid flows 4.5 11.94% Non-fixed, estimate
Wiltshire Reserve raid 3.75 9.95% From a total raid of 7.5 billion, split over 2 years
Breakdown of public expenditure by department
Government department Areas of responsibility Allocated budget for current spending (billion cm) Allocated capital investment (billion cm) Total expenditure (%)
Cabinet Office
  • Executive coordination, recovery oversight and management, national reconciliation
  • Intergovernmental communications
  • Security briefing (COBR)
 1.3 0.05 1.35 (2.98%)
National Assembly
  • Legislative operations, reconstruction of parliamentary estate
 0.6 0.01 0.61 (1.34%)
Foreign Office
  • Diplomacy, aid coordination, rebuilding external relationships
  • Managing Wiltshire's relationship with the Doggerland Covalence Mechanism (DCM) and Holy Roman Empire (HRE)
 0.4 0 0.4 (0.88%)
Commonwealth Security Office
  • National defence, demobilisation, veteran reintegration, intelligence network reform
 4.13 0.35 4.48 (9.88%)
Home Office
  • Internal security, policing, border control and immigration, transitional justice, and Wiltshirianification
 4.2 0.3 4.5 (9.92%)
Health Office
  • Hospitals, trauma care, epidemic control, mental health support
 7.5 0.025 7.525 (16.59%)
Education & Social Policy Office
  • Rebuilding the public education sector, school reconstruction and renationalisation, literacy and numeracy drives
 8.75 0 8.75 (19.29%)
Energy & Economy Office
  • Power grid reconstruction, the industrial restart, investment incentives, zoning laws
  • Operational budget for the Progress Office
 2.8 1.3 4.1 (9.04%)
Environment, Conservation, & Climate Office
  • De-mining, land restoration, water quality, reforestation
 0.6 0.6 1.2 (2.65%)
Cities, Communities, & Local Government Office
  • Local governance communication & coordination
  • Municipal reconstruction
  • Culture and languages
  • Gender equality
 1.5 0.75 2.25 (4.96%)
Constitution & Democracy Office
  • Electoral reform, civil service rebuilding, transparency initiative, constitutional oversight
 0.08 0 0.18%
Justice Office
  • Courts, transitional justice tribunals, prisons, prison reform
 1.3 0.25 1.55 (3.42%)
Non-departmental allocated expenditures
  • Debt interest, emergency reserve and discretionary fund, post-war compensation fund
 4.64
Total expenditure 50.0 billion cm
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