How does the Government get its money?
I can explain what the Budget is and how the Government funds the country.
How does the Government get its money?
I can explain what the Budget is and how the Government funds the country.
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Lesson details
Key learning points
- The Budget is a financial framework that annually shows how the Government generates and allocates money.
- The Government funds the country through six primary revenue streams including taxation, borrowing, natural resources.
- Taxation is the main source of government revenue, with income tax, VAT and corporate levies funding public services.
- The Government incurs debt by issuing bonds, creating national liabilities that must be repaid with interest.
- Natural resources, such as oil from the North Sea, and public assets like land are sold or taxed to generate revenue.
Keywords
Budget - the Government's yearly financial plan, showing how much money it will collect and spend on public services like healthcare, education and transport
Funds - provides money for something, for example, the Government raises and allocates money
Common misconception
The Budget just shows how money is allocated across the country.
The Budget maps all income and expenditure so it shows us what money goes where and how money is generated, not just allocated.
To help you plan your year 10 citizenship lesson on: How does the Government get its money?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your year 10 citizenship lesson on: How does the Government get its money?, download all teaching resources for free and adapt to suit your pupils' needs.
The starter quiz will activate and check your pupils' prior knowledge, with versions available both with and without answers in PDF format.
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The assessment exit quiz will test your pupils' understanding of the key learning points.
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Explore more key stage 4 citizenship lessons from the How does the economy work? unit, dive into the full secondary citizenship curriculum, or learn more about lesson planning.
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Starter quiz
6 Questions
the rate at which prices of goods and services rise over time
a period of economic decline, often leading to increased unemployment
government policies aimed at reducing spending
Exit quiz
6 Questions
a yearly plan presented by the Chancellor of the Exchequer
provides money for something, such as public services
the money the Government raises, mainly through taxation
the money the Government spends on public services and other costs