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Glossary

  • Budget

    A statement made every year by the government on how it’s going to get the money it needs to spend on the country.

  • Chancellor

    British Government minister in charge of the HM Treasury department and responsible for economic and financial matters.

  • Citizenship

    A statutory subject in the National Curriculum taught to all pupils aged 11–16 years old in maintained schools in England. Citizenship explores concepts of democracy, justice, rights and responsibilities, identities and diversity.

  • Credit crunch

    An economic condition when credit becomes more difficult to obtain due to banks and financial companies becoming more wary of lending money to businesses and individuals.

  • Deficit

    A situation in which government spending exceeds the income it is able to collect from taxation.

  • Economic awareness

    Describes individuals’ knowledge and understanding of the economy, particularly how individuals, business and governments shape it and how the economy shapes society.

  • Gilts

    An investment opportunity issued by the UK Government to borrow money from investors for a defined period of time at a fixed interest rate in order to finance public spending.

  • Global financial crisis

    A situation where the value of financial institutions (e.g. banks) and/or financial products (e.g. mortgages) drops rapidly due to a collapse in confidence in them.

  • HM Treasury

    The UK Government department responsible for public finances and the country’s economic policy.

  • Income Tax

    A tax paid on income earned by individuals working in the UK.

  • Key Stage 4

    The National Curriculum is organised into four 'key stages’. Key Stage 4 is aimed towards pupils in Years 10 and 11 (S3 and S4 in Scotland) usually between the ages of 14 and 16 years old.

  • National debt

    The sum of all previously incurred annual deficits. Since deficits are financed by government borrowing, national debt is equal to all outstanding government debt.

  • Pension

    A pension is a benefit received by people after they have retired. There are three main types: personal where individuals pay regular amounts to a pension provider, company which are set up by employers and state paid by the Government.

  • Pfeg Quality Mark

    An accreditation system on financial and economic educational resources from pfeg (Personal Finance Education Group) – an independent charity providing knowledge, resources and support for teaching children about money.

  • PSHEe

    Personal, social, health and economic education (PSHEe) is a planned programme of learning opportunities and experiences to equip young people with the knowledge, understanding, attitudes and practical skills to live healthily, safely, productively and responsibly.

  • Public protection

    Is the part of the UK Budget which funds the police, courts and prison system along with emergency services.

  • Public spending

    Money spent by a government to pay for public services and public infrastructure which is supported by taxation.

  • Recession

    Period of general economic decline defined usually as a lack of economic growth for six months or longer and marked by high unemployment and a drop in retail sales.

  • Tax

    A compulsory money contribution to the Government and taken from the producing and selling of goods and services, the earning of income and ownership of property etc.

  • Welfare system

    A social system where by the Government provides assistance to those individuals and families in need of assistance.

  • Youth Budget

    A report from the Citizenship Foundation on the results of all those who take part in Chance to be Chancellor and share their opinions on the Budget of that year.

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