Reached the highest record level, went down, leveled out, remained at the level of, a leap, has gradually risen, recovered, soared, made up, remained steady

Public spending in the United Kingdom has steadily increased from 12 percent of GDP in 1900 to 47 percent today.

Public Spending in the 20th century is dominated by the great exertions of the world wars. But peacetime expenditures show clear trends.

Prior to World War I, public spending sat at about 15 percent of GDP. Then, after the war it emerged at about 25 percent of GDP, and remained at about that level, except for a surge at the start of the depression in the 1930s.

After World War II, public spending consumed about 35 percent of GDP, and this level continued through the 1950s. At about 1960 expenditures began a steady rise that peaked in the early 1980s at 45 percent of GDP.

During the 1980s public spending was cut as a percent of GDP from about 45 percent down to 35 percent in 1989. But then, with the ERM sterling crisis and associated recession, it rose back to 40 percent of GDP before declining to 36 percent in 2000.

After 2000 public spending increased rapidly, with a peak of 47 percent of GDP expected in 2011 in the afermath of the financial crisis of 2008.

DISCUSSION

Ex. 11. Give extensive answers to these discussion questions:

1. Do you agree with the definitions of finance and financial system given in the main text?

2. What role do financial intermediaries play? Is financial intermediation developed in Ukraine?

3. What bodies are involved in the budget formulation? How is the budget process arranged in Ukraine now?

4. Is a deficit budget typical of many countries?

5. Describe the budget system existing in Ukraine now.

6. What classification of revenues is accepted now?

7. What are the sources of revenues?

8. How are the budget revenues spent?

9. How is the problem of unequal possibilities for raising revenue in different regions of Ukraine solved?

10. How is the budget execution controlled?

Поиск по сайту: