by Max Barry

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New Woking Spring Budget 2018

Spring Budget

The Chancellor of the Exchequer has presented his budget to the Government of New Woking on 14th March 2018.


The budget aims to:
  • Improve living standards by adjusting tax rates

  • Establish New Woking as Iveagh's greatest Pharmaceutical export nation

  • Support public transport within the nation

  • Invest in the NHS in order to reduce waiting times.

Things you need to know
  1. Unemployment is decreasing
    Unemployment is at its' lowest point since 2010, which is the best rate under the Labour Government. Unemployment has decreased by 1.75% since 2010.

  2. National Debt is still high
    The national debt has slowed down dramatically, with the nation borrowing 1 of every 22 being spent. In 2009, this figure was 1 in 14 under the Conservative Government.

  3. Citizen tax rates are dropping
    For the first time since 1970, citizen tax rates are dropping by 3%. This means that the new tax rate will be 19%. This should benefit working class families, giving them more disposable income.

  4. Business tax rates are increasing
    Business tax rates will be increasing due to the fall in citizen tax rates. The new figure shall be 11%, which is the first increase in business tax since 1997.

  5. Pharmaceutical investments
    The Government shall be investing 240m into market leaders GlaxoSmithKline, hoping to establish the nation as region leaders in Pharmaceutical exports.

  6. Investing in transport
    1.7bn will go towards improving public transport in cities across New Woking, with half of the budget going towards private companies in order to ignite competition within the nation to improve services. An extra 7m will go towards Brookwood Station in the heart of Woking City, where serious improvements are needed.

  7. Degree Apprenticeships
    The Government shall help companies fund degree apprenticeships by ensuring that 33% of the degree shall be paid by the Government in grants. This ignites new opportunities for the next generation, allowing them to gain experience and study at the same time.

  8. Tax-free allowance increase
    The amount of tax-free money shall be increased from 11000 to 11365. This works hand-in-hand with the tax cuts to allow citizens to have a higher take-home pay.

  9. Investing in the NHS
    6.7bn will go towards investing in the NHS to reduce waiting times and increase effectiveness of the A&E. This will allow for us to keep the NHS public and ensuring that everyone can get efficient, free healthcare.

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