2007 Pre Budget Report And Comprehensive Spending Review
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| Author | : Great Britain: Parliament: House of Commons: Environmental Audit Committee |
| Publisher | : The Stationery Office |
| Total Pages | : 48 |
| Release | : 2008-03-05 |
| Genre | : Business & Economics |
| ISBN | : 9780215513915 |
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.
| Author | : Great Britain: Parliament: House of Commons: Treasury Committee |
| Publisher | : The Stationery Office |
| Total Pages | : 52 |
| Release | : 2007-11-26 |
| Genre | : Business & Economics |
| ISBN | : 9780215037497 |
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.
| Author | : Great Britain: Parliament: House of Commons: Treasury Committee |
| Publisher | : The Stationery Office |
| Total Pages | : 100 |
| Release | : 2007-12-03 |
| Genre | : Political Science |
| ISBN | : 9780215037589 |
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.
| Author | : Great Britain. Treasury |
| Publisher | : The Stationery Office |
| Total Pages | : 292 |
| Release | : 2007-10-09 |
| Genre | : Business & Economics |
| ISBN | : 9780101722728 |
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)
| Author | : Great Britain. Treasury |
| Publisher | : The Stationery Office |
| Total Pages | : 244 |
| Release | : 2008 |
| Genre | : Business & Economics |
| ISBN | : 9780101748421 |
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.
| Author | : Great Britain. Parliament. House of Commons. Environmental Audit Committee |
| Publisher | : The Stationery Office |
| Total Pages | : 116 |
| Release | : 2009 |
| Genre | : Business & Economics |
| ISBN | : 9780215529145 |
This report examines, firstly, the Treasury's response to recession. The fiscal stimulus measures intended to pull the economy out of recession represent an invaluable opportunity to transform the UK into a low carbon economy. But meeting climate change and renewable energy targets will require a step-change in environmental investment. This year's Pre-Budget Report announced a £535m package of green fiscal stimulus measures designed to tackle economic and environmental problems simultaneously. This investment is welcome, but the scale too small- most of this funding was already committed, and will be offset by reduced spending in 2010-11. Extra funding announced for the Warm Front programme will not deliver the scale and speed of change that is needed. Programmes aimed at improving the energy efficiency of existing buildings should be the number one priority for green fiscal stimulus. It is disappointing that the wider fiscal stimulus package contains hundreds of millions of pounds for road building and widening. The Treasury should publish an assessment of the net impacts of its fiscal stimulus package on the environment. The second part of the report looks at green taxation. In real terms, revenue from green taxes has gone down slightly since 1998, while revenue from all taxation has increased by around 30 per cent. On aviation taxes, the Committee criticise the Treasury's backtracking on replacing Air Passenger Duty with a 'per plane' charge, and exhorts the Government to seek reform of the Chicago Convention so as to allow taxation of international aviation fuel. On motoring taxes, it calls for re-examination of the merits and practicalities of a 'car scrappage' scheme to pay people to trade in their existing, older cars, for newer, more efficient models.
| Author | : Great Britain: Parliament: House of Commons: Treasury Committee |
| Publisher | : The Stationery Office |
| Total Pages | : 144 |
| Release | : 2010 |
| Genre | : Business & Economics |
| ISBN | : 9780215543097 |
This report acknowledges that deciding the right time for fiscal consolidation requires making a fine judgement about the resilience of the recovery. It emphasises that a plan to restore the health of the public finances must deal with the structural deficit. While the Treasury aims to cut the deficit from 9% of GDP to 3.6% of GDP in four years, the expert witnesses who examined it all criticised the document for not providing enough information about how this will be achieved. Future Budgets and PBRs should attempt to quantify the downside risks around the structural deficit forecast. There will be uncertainty in these figures, but they are produced as part of the Spending Review process so there appears to be no argument against their publication. Similarly the Bank of England publishes forecasts showing the possible range of inflation rates and publishing information about debt interest on a similar basis would be useful. The recession appears to have had substantially less impact on the labour market than might have been feared, though concern remains about the level of youth unemployment. Repossessions have been far lower than expected however it is recommended that the Treasury proceeds cautiously over the timing of removal of Government support in this area. We do not want to see a return to the times of easy credit, but the Government needs to remain aware of the risk that lending will not support renewed private sector growth as the public sector retrenches. The purpose of the tax on bank bonuses is to change behaviour so that banks increase their capital, rather than providing large discretionary payments to employees. The next Parliament needs to examine the effectiveness of any regime introduced by the Financial Services Bill, in terms both of its success in altering bank behaviour, and of its effect on the competitiveness of the UK financial sector
| Author | : Great Britain. Parliament. House of Commons. Treasury Committee |
| Publisher | : The Stationery Office |
| Total Pages | : 178 |
| Release | : 2009 |
| Genre | : Business & Economics |
| ISBN | : 9780215526113 |
The Treasury Committee's report on the Pre-Budget Report 2008 (Cm. 7484, ISBN 9780101748421) considers that the balance of risks to the Treasury's forecast, for a swift recovery in economic growth for 2010 after a significant decline in output in 2009, is on the downside. The report highlights the lack of bank lending as the single most critical problem for the economy in the near term. The overall effect of the fiscal stimulus remains uncertain, the cost of the reduction in VAT is considerable and, in the view of the majority of commentators, the Treasury's analysis of its impact is an optimistic one. The report notes that the risk of a self-reinforcing deflationary cycle exists in the UK economy at present and recommends that the Treasury prepare and publish the actions it may consider taking should a period of "quantitative easing" be needed. While the need for lower interest rates to maintain economic growth is crucial at the present time, the needs of savers must not be forgotten and the Treasury should consider measures that will also support savers at this difficult time. The report notes with concern that the Pre-Budget Report contains no policy measures which will significantly advance meeting the 2010 child poverty target.
| Author | : Great Britain. Parliament. House of Commons. Innovation, Universities, Science and Skills Committee |
| Publisher | : The Stationery Office |
| Total Pages | : 82 |
| Release | : 2009 |
| Genre | : Education |
| ISBN | : 9780215525826 |
In its report examining the work and performance of the Department for Innovation, Universities and Skills (DIUS), set up 18 months ago, the Innovation, Universities, Science and Skills Committee finds that the department has not yet found its feet and it is too early to say if it will achieve the Prime Minister's ambitious targets. The DIUS annual report is 'impenetrable' and 'peppered with jargon', and the Committee fears that the jargon may be a substitute for having a clear idea about where DIUS is going and how it will achieve the Prime Minister's goals to make Britain one of the best places in the world for science, research and innovation. Examples of innovation in DIUS's own operations were disappointing, and the Committee also has doubts about the way DIUS presents figures and calls for the statistics in future annual reports to be reviewed independently. The Committee also expresses concern about the approach of the Government's new Chief Scientific Adviser to his role as a champion of evidence-based science, and draws attention to Professor Beddington's evidence on homeopathy in which he did not take the opportunity to restate the importance of scientific process and to emphasise the need for balance of scientific evidence. The customary, strong public voice from the Government Chief Scientific Adviser advocating policy based on evidence-based science must not become muted. The Committee also recommends that DIUS: develops a consistent method for ensuring policy is soundly based on evidence; faces up to and addresses the criticisms it received in the Capability Review; shows clearly how £1.5 billion in efficiency savings it has promised will be generated.
| Author | : Great Britain: Parliament: House of Commons: Treasury Committee |
| Publisher | : The Stationery Office |
| Total Pages | : 176 |
| Release | : 2008-03-07 |
| Genre | : Business & Economics |
| ISBN | : 9780215513960 |
This is the first annual scrutiny by the Treasury Committee of the Chancellor of Exchequer's Departments. The Committee sets out a number of conclusions and recommendations, including: that the Treasury should include within its' annual reports a summary of the results of the annual surveys of stakeholder opinion and the Treasury's response to stakeholders; the Committee recommends that the Treasury set itself a target to ensure that the Public Service Agreements finalised as part of the next Spending Review in 2009 or 2010 include a clear statement about the resources to be allocated across Government to the delivery of each Agreement; the Committee criticises the Treasury's failure to meet its objective for the appointment of professionally-qualified Finance Directors in all Departments by December 2006 and that a relevant accountancy qualification be described as an essental criterion in all future post advertisements; the Committee views the Value for Money Delivery Agreements across Government as disappointing, and wants the Government to develop programmes that measure quality of service and efficiency effectively; the Committee commends the Royal Mint's return to profitability but is concerned about the ambitious target set for next year; that the Office of Government Commerce has failed to publish a regular annual report; the Committee expresses surprise that HM Revenue and Customs had approved a 60% increase in senior civil service bonus payments over a period of poor performance and headcount reductions, also the Committee highlights the problems experienced in VAT registrations and the failure of HMRC to meet its processing target of VAT receipts as well as poor administration of tax credits.
