Pre Budget 2006 And The Stern Review

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Pre Budget 2006 And The Stern Review

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Author : Great Britain: Parliament: House of Commons: Environmental Audit Committee
language : en
Publisher: The Stationery Office
Release Date : 2007-03-19

Pre Budget 2006 And The Stern 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 2007-03-19 with Business & Economics categories.

As part of the Committee's annual inquiry into the Treasury's Pre-Budget Report (PBR) and the progress made towards achieving environmental objectives with regards to its tax and spending policies, this publication examines the PBR's fiscal policy announcements in relation to the aviation, motoring, waste and energy sectors, focusing on the findings of the Stern Review of the economics of climate change (ISBN 9780102944204) published in October 2006. Amongst the 40 conclusions and recommendations made, the Committee notes that the Stern Review highlights the central problem involved in efforts to address the effects of global warning, that is the need to take action now before the more serious effects have begun to be felt in order to benefit future generations, a problem that will be both practically and politically challenging. The Committee urges the Government to use the Stern Report in order to promote a better informed public discussion of the science of climate change, so that we can use the limited window of opportunity presently available to prevent greenhouse gases growing to dangerous levels beyond which there are risks of major irreversible impacts, and recognising the Stern Review's accompanying argument that the sooner the world begins to cut its emissions, the easier and less costly mitigation will become.

Government Response To The Committee S Fourth Report Of Session 2006 07

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Author : Great Britain: Parliament: House of Commons: Environmental Audit Committee
language : en
Publisher: Stationery Office
Release Date : 2007-06-27

Government Response To The Committee S Fourth Report Of Session 2006 07 written by Great Britain: Parliament: House of Commons: Environmental Audit 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 2007-06-27 with Political Science categories.

Government reply to HCP 227, session 2006-07 (ISBN 9780215033185). The Stern Review (ISBN 9780102944204) was published in October 2006

Government Response To The Committee S Fourth Report Of Session 2005 06 On Pre Budget 2005

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Author : Great Britain: Parliament: House of Commons: Environmental Audit Committee
language : en
Publisher:
Release Date : 2007-01-16

Government Response To The Committee S Fourth Report Of Session 2005 06 On Pre Budget 2005 written by Great Britain: Parliament: House of Commons: Environmental Audit Committee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-16 with Business & Economics categories.

This document contains the Government's reply to the Committee's report (HCP 882, session 2005-06; ISBN 9780215028037) on the progress made by the Treasury in placing environmental objectives at the heart of its fiscal policies. Topics covered include: the effectiveness of measures in the 2006 pre-Budget report (Cm. 6701, December 2005, ISBN 0101670125) to address climate change and tackle rising carbon emission levels; the findings of the Stern Review (more information available at http://www.hm-treasury.gov.uk/Independent_Reviews/stern_review_economics_climate_change/sternreview_index.cfm); the impact of aviation on carbon emissions and the use of Air Passenger Duty (APD).

Climate Change And The Stern Review

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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2008-02-05

Climate Change And The Stern 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 2008-02-05 with Business & Economics categories.

Climate change is one of the biggest challenges facing the world today and requires an urgent response from Government, industry and the individual. This inquiry was triggered by the publication of the Stern Review on "The Economics of Climate Change" (2006, ISBN 9780102944204), which stressed the need to stabilise carbon emissions sooner rather than later, and warned of potentially catastrophic impacts if that was not achieved. The Review framed the climate change debate in terms of economic choices, and considered the use of economic tools such as environmental taxation and permit trading schemes as economically-efficient mechanisms for cutting emissions. This Report recommends that the Government give primary consideration to the use of economic tools in combating climate change: The Treasury's policies and action in this regard were the main focus of the inquiry. The report looks at work on this topic by the Treasury and other select committees. It then assesses the economics of the Stern Review, and examines the Government's approach to reducing emissions. Further sections cover emissions trading schemes, environmental taxes and adaptation (designed to counter the negative impacts caused by time lags in global and local ecosystems). The Committee calls for a twin track approach involving both adaptation and mitigation.

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.

Pre Budget 2005

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Author : Great Britain. Parliament. House of Commons. Environmental Audit Committee
language : en
Publisher: The Stationery Office
Release Date : 2006

Pre Budget 2005 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 2006 with Adaptation (Biology) categories.

The Committee reports on the progress made by the Treasury in placing environmental objectives at the heart of its fiscal policies. This year's pre-Budget report (Cm. 6701, December 2005, ISBN 0101670125) is found to be inadequate, especially in the context of UK CO2 emissions actually increasing once more. No significant new measures were announced, and the Committee sees a continued slowing down of the Treasury's momentum in turning rhetoric into action. It believes the Treasury should redefine Air Passenger Duty (APD) as an environmental tax and that APD rates should more accurately reflect the carbon emissions of the flights to which they apply. Charging APD on flights rather than passengers could also act as an incentive to more efficient use of aviation fuel. The Committee also recommends action on aviation fuel duty, biofuels, car energy efficiency, steps to wean the economy off over-reliance on oil, stamp duty and council tax reductions for homes built or refurbished to high environmental standards. Each pre-Budget report should include figures on total revenue from the climate change levy, aggregates levy, and landfill tax. Although the Treasury accepts the principle of increasing taxes on "bads" rather than "goods" its reluctance for bold reform of the tax system mystifies the Committee. A Green tax Commission should be reconsidered, to develop a proper communications strategy to sell the environmental programme to the public. The Committee exhorts the Government to make moves on the climate change problem, as waiting for universal agreement is a recipe for stasis. Finally, the Committee regrets the Treasury's decision to abolish the Operating and Financial Review required from large companies, in that it appears to view sustainable reporting as an optional extra. It hopes that the proposed new business reviews will continue to require some form of social and environmental disclosure from companies.

Carbon Budgets

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Author : Great Britain. Parliament. House of Commons. Environmental Audit Committee
language : en
Publisher: The Stationery Office
Release Date : 2009

Carbon Budgets 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 2009 with Science categories.

This report finds that the Government is only on track to meet its first carbon budget because of the impact of the recession. There is now a worrying shortfall in delivery; UK emissions are currently falling by only about 1 per cent per year, instead of the 2-3 per cent per year which is needed. The management of the carbon budget is as vital as that of the fiscal budget and requires the same level of political attention, civil service commitment, and parliamentary scrutiny. Although the scientific case for more stringent targets is growing, the Government should focus on making more rapid progress against its existing budgets. The Government must first deliver the carbon savings promised in its Low Carbon Transition Plan, then urgently bring forward new measures to increase the rate at which emissions are falling to 2-3 per cent per year and then move to tighten carbon budgets and increase the 2020 target for reducing emissions to a cut of 42 per cent on 1990 levels by 2020. The Committee is also calling on the Government to: work in international climate negotiations on getting emissions to peak as soon as possible; secure competitive advantages for the UK in emerging markets for low-carbon technologies by being prepared to move unilaterally; monitor the latest science and start planning the options available for reducing emissions further and faster in case the scale of the crisis demands bigger cuts; put the right regulatory framework in place to ensure that we do not wrongly invest in high-carbon infrastructure.

Emissions Trading

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Author : Great Britain: Parliament: House of Commons: Environmental Audit Committee
language : en
Publisher: The Stationery Office
Release Date : 2007-10-22

Emissions Trading 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 2007-10-22 with Political Science categories.

The Government has highlighted the importance of the EU Emissions Trading Scheme (ETS) in providing the cornerstone of its policy framework to tackle climate change. The Committee published its report on the Scheme (HCP 70, session 2006-07; ISBN 9780215032720) in March 2007, in which it made an assessment of the likely impact of the ETS to 2012 and its implication for the UK Climate Change programme. This report contains the Government's reply to the Committee's report, together with the Committee's thoughts on that reply. Amongst its findings, the Committee concludes that emissions trading can be very valuable, enabling emissions cuts to be made in the most economically efficient manner irrespective of location. However, their report raises ongoing concerns about i) the transparency of the reporting process on emissions trading and the risk that the complexities of such transactions might obscure whether they are reducing the full amount of emissions they ostensibly represent. It is especially important to get the transparency of reporting right at this stage, given the Government's plans under the forthcoming Climate Change Bill, to make use of international emissions trading within a national carbon budgeting system; and ii) the Government's presentation in some publications of the purchase of carbon credits by the UK as being, in practice, synonymous with reducing emissions within the UK, since buying emissions credits from other countries does not necessarily translate into cutting emissions, at home or abroad.

The Structure Of Government And The Challenge Of Climate Change

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Author : Great Britain: Parliament: House of Commons: Environmental Audit Committee
language : en
Publisher: The Stationery Office
Release Date : 2007-10-29

The Structure Of Government And The Challenge Of Climate Change 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 2007-10-29 with Political Science categories.

The Committee's report finds that, over the past decade, the Government has failed to rise fully to the domestic challenge of climate change, and its likely failure to reach its domestic target on reducing carbon dioxide emissions will have a damaging impact on the UK's international leadership role in reaching a post-Kyoto agreement. Although the Government has introduced some new arrangements for co-ordinating climate change policy more effectively across Whitehall, the scale of the challenge and the complexity involved in radically restructuring the economy to bring about the needed emission reduction targets requires further changes. There is a need for a strategic review of Government action to ensure that the leadership and responsibility for the development and delivery of climate change mitigation and adaptation policies is clear, as well as a new long-term policy framework to ensure that policies introduced today do not undermine our ability to reduce emissions in the future. The Committee also recommends that a new and authoritative body be established within the Cabinet Office to drive forward policy and to diminish the potential for a conflict of objectives between departments.

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.