The 2006 pre-budget report
The 2006 pre-budget report

Author: Great Britain: Parliament: House of Commons: Treasury Committee

Publisher: The Stationery Office

Published: 2007-01-25

Total Pages: 168

ISBN-13: 0215032128

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This report from the Treasury Committee examines the recent economic analysis and assessment of the UK economy as outlined in the 2006 pre-budget report, and sets out a number of conclusions and recommendations, including: the Committee welcomes the recent rise in the growth rate of business investment, but with the caveat that the downside risk as highlighted in a previous weakness for business investment, remains unexplained; that several risks exist around the consumption growth forecast, including the potential of house prices to fall, and the increase of personal insolvency; the employment rate rise is commended, but a lack of migration statistics in relation to the labour market, means an overall assessment is not possible; although an improved forecast for economic growth in 2006, the Treasury has not forecast an improvement in the fiscal position; the Government appears to be on track to meet the golden rule in the current economic cycle, but will start the next economic cycle with its current budget in deficit; the Committee recommends also that the Treasury, in future Budgets and Pre-Budget reports provide a fuller explanation of its current forecast of the start and end dates of the current economic cycle; also, future Budget and Pre-Budget reports should provide a breakdown of reported efficiency gains by department, and further to enhance transparency and enable effective scrutiny, the Treasury should require departments in their departmental annual reports and Autumn Performance reports in 2007 and in later years to provide consistent and comprehensive information on progress against efficiency targets; the Committee expressed dissatisfaction at the lateness and vagueness of information in relation to expenditure on education, but approved the early announcement of capital spending plans for education up to 2010-11; the Committee though does welcome the Government's decision to commission and publish a range of reviews informing future economic policy, including tax policy; the Pre-Budget report is seen as an effective instrument of fiscal consultation, but this could be enhanced if Parliament and the public were given greater notice of the date of the report, perhaps 4 weeks before the statement is due to be made; where tax changes carry significant risk of forestalling activity or distorting market behaviour, such as the unusual timing and implementation of the increases in Air Passenger Duty, the Committee feels, as a general rule, that those increases should not come into force until the House of Commons has had an opportunity to come to a formal decision on such an increase.

The 2007 pre-Budget report and comprehensive spending review
The 2007 pre-Budget report and comprehensive spending review

Author: Great Britain: Parliament: House of Commons: Environmental Audit Committee

Publisher: The Stationery Office

Published: 2008-03-05

Total Pages: 48

ISBN-13: 9780215513915

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Environmental taxes as a proportion of all taxation peaked at 9.7 per cent in 1999 and have declined ever since, falling to 7.3 per cent in 2006. This report sets out a number of conclusions and recommendations covering different areas of environmental policy. (1) Aviation: the reform of Air Passenger Duty into a levy per flight rather than per passenger is welcome, but tax on aviation must be significantly increased so as to stabilise demand and resulting emissions. (2) Motoring: road transport emissions in England increased by 12 per cent between 1997 and 2006, and are forecast to increase, so it is important for the Budget to put in place rises in fuel duty. (3) Carbon capture and storage: the Treasury must provide more assistance for the development of this technology in the UK. (4) Shadow price of carbon: this should be increased to discourage the approval of carbon-intensive policies and projects, and so improve the prospects of achieving the reduction in global emission targets. (5) Environmental transformation fund: the Pre-Budget report (Cm. 7227, ISBN 9780101722728) announced funding for such a fund, with £370 million to be spent over three years, but only £170 million was new money. (6) Emissions trading: it must be clear when reported emissions figures incorporate the purchase of carbon credits, otherwise they will give a false picture of the decarbonisation progress within the UK. (7) Public service agreements: the new PSA is too diffuse, with no clear departmental targets for reducing emissions; the Government should consider setting emissions reduction targets for specific sectors of the economy. The Treasury has not responded on the scale or with the urgency recommended by the Stern Review (ISBN 9780102944204) and the 2008 Pre-Budget report needs to establish a coherent set of measures to help deliver the UK's 2020 domestic and EU targets on emissions and renewable energy.

Meeting the aspirations of the British people
Meeting the aspirations of the British people

Author: Great Britain. Treasury

Publisher: The Stationery Office

Published: 2007-10-09

Total Pages: 292

ISBN-13: 9780101722728

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The Government's objective is to build a strong economy and a fair society, in which there is opportunity and security for all. The 2007 Pre-Budget Report and Comprehensive Spending Review, 'Meeting the aspirations of the British People' (Cm 7227), presents updated assessments and forecasts of the economy and public finances, describes reforms that the Government is making and sets out the Government's priorities and spending plans for the years 2008-09, 2009-10 and 2010-11, including: maintaining macroeconomic stability; investing in the future with total public spending rising from £589bn in 2007-08 to £678bn in 2010-11 including an additional £2bn for capital investment in public services; continuing the sustained investment in the NHS, with resources rising from £90bn in 2007-08 to £110bn by 2010-11 and with value for money savings of at least £8.2bn contributing to the funding of the conclusions of the Darzi Review 'Our NHS, our future'; further sustained increases in resources for education, science, transport, housing, child poverty, security and international poverty reduction and the 2012 Olympic and Paralympic Games; simplifying the tax system to make it fairer, simpler and more efficient; modernising the tax system through major reforms to inheritance tax and capital gains tax; steps to protect the environment, including reforms of the tax regime for aviation and a new Environmental Taxation Fund to support the demonstration and deployment of new energy and efficiency technologies. For related publications, see 9780102944556 (2007 Budget Statement), 9780101698429 (2006 Pre-Budget), and for the Darzi Review see (http://www.ournhs.nhs.uk/files/283411_OurNHS_v3acc.pdf)

Pre-budget Report 2008
Pre-budget Report 2008

Author: Great Britain. Treasury

Publisher: The Stationery Office

Published: 2008

Total Pages: 244

ISBN-13: 9780101748421

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The 2008 Pre-Budget Report presents updated assessments and forecasts of the economy and public finances, and reports on how in the face of major global economic shocks the Government intends to support the economy, businesses and households through these uncertain times while delivering its long-term goals. Measures announced include: temporarily reducing the Value Added Tax (VAT) rate to 15 per cent from1 December 2008 to 31 December 2009; bringing forward £3 billion of capital spending from 2010-11 including introducing a green stimulus supporting low carbon growth and jobs; introducing a new additional higher rate of income tax of 45 per cent for those with incomes above £150,000 from April 2011; increasing national insurance contributions by 0.5 per cent from April 2011; increasing alcohol and tobacco duties; a two pence per litre increase in fuel duty from 1 December). Immediate action to help those individuals and businesses most affected by the economic downturn include: increases in the income tax personal allowance; bringing forward the increase in Child Benefit; increases of the Child Tax Credit and a payment of £60 to all pensioners; help through mortgage rescue and Support for Mortgage Interest schemes for eligible homeowners in difficulty and a commitment from major mortgage lenders not to initiate repossession action within at least three months of an owner-occupier going into arrears; an additional £1.3 billion to support for the unemployed to find a new job; measures to help small and medium-sized enterprises facing credit constraints; a new HMRC Business Payment Support Service to allow businesses in temporary financial difficulty to pay their HMRC tax bills on a timetable they can afford; and more generous tax relief for businesses now making losses and the modification of a number of planned tax reforms, including vehicle excise duty, air passenger duty, and the deferral of the increase in the small companies' rate of corporation tax.

The 2007 pre-budget report
The 2007 pre-budget report

Author: Great Britain: Parliament: House of Commons: Treasury Committee

Publisher: The Stationery Office

Published: 2007-11-26

Total Pages: 52

ISBN-13: 9780215037497

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This report, from the Treasury Committee, considers the state of the United Kingdom economy, the public finances and individual tax measures in the 2007 Pre-Budget Report (Cm. 7227, ISBN 0101722729). The Committee examines the Pre-Budget Report under the following areas: the real economy; the public finances; taxation issues and the role of the Pre-budget report. The Committee has set out 21 conclusions and recommendations, including: that the risk remains that the credit crunch will have greater macroeconomic effect than expected; that the Treasury needs to recast the way in which it presents the risks to the economic forecasts in both Pre-budget and Budget reports; the Committee reiterates an earlier recommendation, that the Government review the golden rule such that it becomes more forward-looking and less dependent upon the dating of the economic cycle; the Committee expressed concern about the reform of the capital gains tax regime and the possible detrimental effects that the withdrawal of taper relief could have on small businesses, employee shareholders and longer-term investment; that it is important that the Pre-Budget retains a focus on consultation on fiscal measures that may be included in the forthcoming budget.

The 2007 comprehensive spending review
The 2007 comprehensive spending review

Author: Great Britain: Parliament: House of Commons: Treasury Committee

Publisher: The Stationery Office

Published: 2007-12-03

Total Pages: 100

ISBN-13: 9780215037589

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This report is in five main sections: overall spending issues; efficiency and value for money; the new performance management framework; child poverty; and individual spending settlements. The planned rate of growth of public spending is set to be considerably slower than the rate of growth of recent years. This could lead to cost pressures on departmental spending as there will be a greater proportional growth in the Annual Managed Expenditure. There will also be cost pressures from public sector wage settlements, population growth and needs in particular sectors. The efficiency programmes are highly ambitious but the Committee recommends that savings should only be recorded if it could be shown that service standards have been maintained. There is a welcome for the decision not to impose explicit targets for reduction in Civil Service numbers. On child poverty the Committee note a possible tension between the target to halve child poverty by 2010-11 and that of eliminating child poverty by 2020. There is a concern that the Government has drawn back from a whole-hearted commitment to meet the 2010 target. They want the Government to either initiate a debate on the trade-off between the two targets or rededicate itself to the 2010-11 target, making it clear that the resources are available within the Comprehensive Spending Review.

The 2005 Pre-budget Report
The 2005 Pre-budget Report

Author: Great Britain: Parliament: House of Commons: Treasury Committee

Publisher: The Stationery Office

Published: 2006-01-25

Total Pages: 172

ISBN-13: 0215027078

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The Committee's report examines the Government's Pre-Budget Report 2005 (Cm. 6701, ISBN 0101670125) published in December 2005. Issues discussed include: the state of the economy (including the UK Presidency of the G8, UK economic growth estimates for 2006 and beyond, and consumer spending) and public finance matters; as well as issues relating to taxation and pensions. Recommendations made include that the Treasury should give at least four weeks notice of the date of the Pre-Budget Report in order to enable sufficient parliamentary scrutiny, and if this target is not met, the Treasury should give an account of the reasons why.

The 2008 Budget
The 2008 Budget

Author: Great Britain. Parliament. House of Commons. Treasury Committee

Publisher: The Stationery Office

Published: 2008

Total Pages: 174

ISBN-13: 9780215514554

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This report examines the forecasts and measures contained in the 2008 Budget (HC 455, session 2007-08, ISBN 9780102953336). The Treasury's lower forecasts for economic growth in 2008 and 2009 are above the average of independent forecasters, suggesting that the Treasury may have given insufficient weight to the risks of continued financial market turbulence and that some of the UK economy's characteristics that have proven beneficial in past crises (rapidly rising residential property prices, close links with the US and an increasing reliance on the financial services industry, for example) might prove to be conduits through which the current problems in global financial markets are transmitted to the UK real economy. The further weakening of the forecasts for the public finances is noted, and it appears premature for the Treasury to state that it is "on course" to meet the golden rule in the next economic cycle, given the lack of an end date for the previous economic cycle. Measures on child poverty are welcomed, but there is a need for a clear explanation on deployment of resources to ensure that the target to halve child poverty by 2010-11 will be achieved. The abolition of the 10 pence rate of income tax will most affect those under 65 years of age, in childless households, earning under £18,500: the Committee feels this group is an unreasonable target for raising additional tax revenues. The Treasury should commission research into whether the withdrawal of the 10 pence income tax band and high marginal deduction rates are creating disincentives that could frustrate the Government's welfare to work objectives. The Committee also calls for a national Saving Gateway targeted at low-income households and more consideration of tax changes on the middle and lower income groups of non-domiciled taxpayers.

Work of the Committee in 2007
Work of the Committee in 2007

Author: Great Britain: Parliament: House of Commons: Treasury Committee

Publisher: The Stationery Office

Published: 2008-01-18

Total Pages: 36

ISBN-13: 9780215038128

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This report gives an account of the work of the Treasury Committee and Sub-Committee in 2007. The report identifies four main themes of work: (i) a flexible reponse to topical issues; (ii) a strengthened and continuing priority for the scrutiny of the key elements of economic policy; (iii) a continuing commitment to scrutiny of the expenditure and administration of the Chancellor's of the Exchequer's departments; (iv) a commitment to innovations in practice. The report analyses the extent to which the Committee has fulfilled the core tasks of departmental select committees. Reports produced by the Committee, for this 2007 period, include: Are you Covered? Travel Insurance and its Regulation, (HCP 50-I, session 2006-07, ISBN 9780215032638); Unclaimed Assets within the Financial System, (HCP 533, session 206-07, ISBN 9780215035806); Financial Inclusion Follow-up: Saving for all and Shorter Term Saving Products, (HCP 504, session 2006-07, ISBN 9780215038128).

The Economic Constitution
The Economic Constitution

Author: Tony Prosser

Publisher: OUP Oxford

Published: 2014-03-13

Total Pages: 1187

ISBN-13: 0191027405

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There has been little analysis of the constitutional framework for management of the UK economy, either in constitutional law or regulatory studies. This is in contrast to many other countries where the concept of an 'economic constitution' is well established, as it is in the law of the European Union. Given the extensive role of the state in attempting to resolve recent financial crises in the UK and elsewhere in Europe, it is particularly important to develop such an analysis. This book sets out different meanings of an economic constitution, and applies them to key areas of economic management, including taxation and public borrowing, the management of public spending, (including the Spending Review), monetary policy, financial services regulation, industrial policy (including state shareholdings) and government contracting. It analyses the key institutions involved such as the Treasury and the Bank of England, also including a number of less well-known bodies such as the Office for Budget Responsibility. There is also coverage of the international context in which these institutions operate especially the European Union and the World Trade Organisation. It thus provides an account of the public law applying to economic management in the UK. This book also adopts a critical approach, assessing the degree to which there is coherence in the arrangements for economic management, the degree to which economic policy-making is constrained by constitutional norms, and the degree to which economic management is subject to deliberation and accountability through Parliament, the courts and other institutions.