Virtual Economy 2002 Full Input Page

The Model

You are about to feel what it is like to be the Chancellor of the Exchequer, to run the nation's economy - or rather the Virtual Economy - as you think fit. Details available in the information point to the right.

To make changes, use the drop-down menus - just select the value that is closest to what you want, then click a 'Run Model' button. You can always reset the model and start again. There is also a simpler version, with just a few key variables available.

Please note that because of limitations in the model we use, the Benefit variables and the top rate of National Insurance have no effect on macroeconomic variables (prices, growth etc.), though they do affect households.

Income Tax
National Insurance
Macroeconomic Variables
Indirect Taxes
Benefits

There is a help file available. (download print optimised version) (6k).

Income Tax

Help on Tax

Tax Bands

Help on Tax Bands

Rate Threshold
in £ per year

Note that all income tax figures are in pounds (£) per
                                                                     annum.

Income Tax Allowances

Help on Allowances

                                       
                                                                  Personal Allowance (£ per year)

                                                                  Restriction

Personal Allowance

Age Allowance (under 75)

Macroeconomic Variables

Help on Government Spending

Base Rate

Government spending on Health

Government spending on Education

Government spending on Defence

Press only when you have finished setting ALL the variables you want to change. You can also reset the entire model.

National Insurance

Help on National Insurance

Bands

                                       
                                                                  Contacted-in rate

                                                                  Threshold (£ per week)

Press only when you have finished setting ALL the variables you want to change. You can also reset the entire model.

Indirect Taxes

Help on Indirect Taxes

Specific Duties
Beer (extra per pint)
Spirits (extra per bottle of whisky)
Petrol (extra per litre of 4-star)
Wine (extra per bottle)
Tobacco (extra per packet of 20)
VAT (Value Added Tax)
VAT on Specific Goods	Books (%)
	Childrens Clothes (%)
	Food (%)
	Fuel (%)
	Car Tax (Vehicle Excise Duty (%)

Press only when you have finished setting ALL the variables you want to change.You can also reset the entire model.

Benefits

Help on Benefits and Tax Credits

Note: at present (20th February 1999), the model does not calculate the macroeconomic effects of any of the fllowing benefit variables

Specific Benefits
Child Benefit for all children
Extra Child benefit for the first child
Working Tax Credit: Basic Element
Child Tax Credit: Family Element
Child Tax Credit: Child Element
Child Tax Credit: First Income Limit
Child Tax Credit and Working Credit: Withdrawal Rate
Retirement Pensions: Basic State Pension
Values are in pounds (£) per week where appropriate

Press only when you have finished setting ALL the variables you want to change. You can also reset the entire model.

Press only when you have finished setting ALL of the variables variables you want to change.

or ...

click here to start again