3026 Wiltshire national budget

The 3026 Wiltshirian Commonwealth national budget was delivered to the National Assembly by chancellor Lucy Burgers on Thursday 6 November 3025. It was the first full fiscal year budget of the 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.

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.

Overview

Budget 3026
Population	5.12 million
GDP (estimate)	185 billion CM
Total expenditure	48.6 billion cm
Total revenue	42.7 billion cm
Fiscal deficit	5.9 billion cm	3.2% of GDP
National debt	198 billion cm	107% of GDP
Debt servicing (interest payments)	6.6 billion cm	13.6% of expenditure

Economic indicators
GDP growth (projected)	+13.2% (reconstruction boom)
Unemployment	11.3% (decreasing)
Currency stability	Supported by the Wiltshire Reserve
Foreign aid inflows	4.2 billion CM estimated 3025/26

Breakdown of public expenditure by department

Government department	Areas of responsibility	Allocated budget (billion cm)	Percentage of total expenditure
Cabinet Office	Executive coordination, recovery oversight and management, national reconciliation Intergovernmental communications Security briefing (COBR)	0.9	1.9%
National Assembly	Legislative operations, reconstruction of parliamentary estate	0.6	1.3%
Foreign Office	Diplomacy, aid coordination, rebuilding external relationships Managing Wiltshire's relationship with the Doggerland Covalence Mechanism (DCM) and Holy Roman Empire (HRE)	0.5	1.2%
Commonwealth Security Office	National defence, demobilisation, veteran reintegration, intelligence network reform	6.0	12.3%
Home Office	Internal security, policing, border control and immigration, transitional justice, and Wiltshirianification	5.9	12.1%
Treasury	Fiscal management, debt servicing, central accounting (OSCAR) Wiltshire Reserve operational budget and investments	3.5	7.2%
Health Office	Hospitals, trauma care, epidemic control, mental health support	7.1	14.6%
Education & Social Policy Office	Rebuilding the public education sector, school reconstruction and renationalisation, literacy and numeracy drives	5.4	11.1%
Energy & Economy Office	Power grid reconstruction, the industrial restart, investment incentives, zoning laws Operational budget for the Progress Office	3.6	7.4%
Environment, Conservation, & Climate Office	De-mining, land restoration, water quality, reforestation	1.7	3.5%
Cities, Communities, & Local Government Office	Local governance communication & coordination Municipal reconstruction Culture and languages Gender equality	2.5	5.1%
Constitution & Democracy Office	Electoral reform, civil service rebuilding, transparency initiative, constitutional oversight	0.8	1.6%
Justice Office	Courts, transitional justice tribunals, prisons, prison reform	1.6	3.3%
Non-departmental allocated expenditures	Debt interest, emergency reserve and discretionary fund, post-war compensation fund	3.1	6.4%
Total expenditure		48.6

Tax system - FY2251

Budget 3026 unveiled a new system of taxation, with the personal income tax being subdivided into the following categories:

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.

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

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%
Total revenue		42.7 billion CM