2006 Pre Budget Report And Comprehensive Spending Review
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The 2006 Pre Budget Report
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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2007-01-25
The 2006 Pre Budget Report written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-25 with Business & Economics categories.
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 Budget
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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2007-04-23
The 2007 Budget written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-04-23 with Business & Economics categories.
This report is in four main sections: the first looks at the state of the economy, the second examines public finances, the third covers tax measure s, and the fourth miscellaneous issues such as the Girshon programme of efficiency savings and the Comprehensive Spending Review. It is based on evidence sessions: from outside experts, Treasury officials, and the Chancellor as well as written submissions and is published before the Second Reading of the Finance Bill..
The 2006 Budget
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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2006-04-24
The 2006 Budget written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04-24 with Business & Economics categories.
The Committee's report examines key measures contained in the 2006 Budget (HCP 968, session 2005-06; ISBN 0102937311), as well as the discussing the general state of the UK economy and specific public finance issues. Amongst the Committee's conclusions: rising gas and oil prices are key features of the overall economic outlook and the Committee recommends the Government should make a report to Parliament on progress to secure independent investigation of European gas markets; and it questions the Government's use of taxation instruments as a mechanism to achieve its environmental objectives, for example its decision to freeze the rate of air passenger duty (APD) for a fifth year running.
Meeting The Aspirations Of The British People
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Author : Great Britain. Treasury
language : en
Publisher: The Stationery Office
Release Date : 2007-10-09
Meeting The Aspirations Of The British People written by Great Britain. Treasury and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-10-09 with Business & Economics categories.
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)
The 2007 Comprehensive Spending Review
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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: Stationery Office
Release Date : 2007-06-25
The 2007 Comprehensive Spending Review written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-06-25 with Business & Economics categories.
Decisions on the allocation of public money to government departments and to priority areas for public spending are central to the political process. The Committee's report has three main objectives: to set the 2007 Comprehensive Spending Review in context, particularly in relation to past Reviews and the fiscal prospects for the period up to 2010-11; to analyse the shape of the forthcoming spending settlement, including the role of efficiency objectives and the performance management framework; and to make proposals about the continuing debate up to the announcement of the final outcome of the Review, including the role of the House of Commons and public involvement in that debate, and about the reporting requirements. Amongst its 24 conclusions and recommendations, the report notes that public spending is projected to rise in real terms during the period from 2008-11 at half the rate of growth provided for during the period covered by the four preceding Reviews taken together. It also finds that all of the departments which have so far agreed settlements have done so at levels significantly below rates of growth provided for in the 2004 spending review settlements.
The 2007 Pre Budget Report And Comprehensive Spending Review
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Author : Great Britain: Parliament: House of Commons: Environmental Audit Committee
language : en
Publisher: The Stationery Office
Release Date : 2008-03-05
The 2007 Pre Budget Report And Comprehensive Spending Review written by Great Britain: Parliament: House of Commons: Environmental Audit Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-03-05 with Business & Economics categories.
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.
The 2007 Comprehensive Spending Review
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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2007-12-03
The 2007 Comprehensive Spending Review written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-03 with Political Science categories.
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 2007 Pre Budget Report
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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2007-11-26
The 2007 Pre Budget Report written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-26 with Business & Economics categories.
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.
Pre Budget Report 2008
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Author : Great Britain. Treasury
language : en
Publisher: The Stationery Office
Release Date : 2008
Pre Budget Report 2008 written by Great Britain. Treasury and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
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 2005 Pre Budget Report
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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2006-01-25
The 2005 Pre Budget Report written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-25 with Business & Economics categories.
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.