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Author: Great Britain. Parliament. House of Commons. Environmental Audit Committee
Publisher: The Stationery Office
ISBN: 0215028031
Category : Adaptation (Biology)
Languages : en
Pages : 168
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Book Description
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.
Author: Great Britain. Parliament. House of Commons. Environmental Audit Committee
Publisher: The Stationery Office
ISBN: 0215028031
Category : Adaptation (Biology)
Languages : en
Pages : 168
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Book Description
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.
Author: Great Britain: Parliament: House of Lords: Select Committee on the Barnett Formula
Publisher: The Stationery Office
ISBN: 9780108444654
Category : Business & Economics
Languages : en
Pages : 416
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Book Description
The Barnett Formula is the mechanism used by the United Kingdom Government to allocate more than half of total public expenditure in Scotland, Wales and Northern Ireland. The Formula has been used for the last thirty years to determine the annual increase in allocation (the increment). Each year these increments are added on to the previous year's allocation (the baseline) to create what is now a significant block grant of funds. The Formula accounted for almost £49 billion of public spending in 2007-08. Despite the political changes within the United Kingdom the Formula has continued to be used and has never been reviewed or revised. The Formula was only intended to be a short term measure and should no longer be. A UK Funding Commission should be established to assess relative need in the UK's regions and advise on a new method of distributing funding to reflect those needs. The baseline has never been reviewed to take account of changing population patterns; this means that the grant provides funds without reference to the needs of each of the countries and regions of the UK. There should be a link between the grant of funds made to each of the administrations and their actual per capita funding needs. The Committee's research suggests that England and Scotland have markedly lower overall needs per head of population than Wales and Northern Ireland. The Committee suggest that the UK Funding Commission undertake an assessment of relative need now and in the future and that they undertake periodic reviews as well as publish annual data about the allocation of funding between the devolved administrations.
Author: Great Britain. Treasury
Publisher: The Stationery Office
ISBN: 0102937311
Category : Business & Economics
Languages : en
Pages : 316
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Book Description
The Budget sets out the Government's plans for taxation, public spending and economic growth for the coming year. Details announced include: an annual growth rate of 2.5 per cent for 2006-07 with a forecast of 2.75 to 3.25 per cent for 2007-08; an inflation rate of two per cent this year; and public sector borrowing on course for a £16bn surplus over the economic cycle ending in 2010-11, with net borrowing set at £37 billion for this year and £36 billion next year, falling to £23 billion in the year to 2010-11. Measures announced in the 2006 Budget include: i) the climate change levy to be indexed in line with inflation from 2007, a new vehicle excise duty rate of £210 for the least fuel efficient cars (4x4 cars or SUVs) and the establishment of a new £1bn energy and environmental research institute funded by government and private industry; ii) measures to help to single parents into work and tackle child poverty including an increase in child benefit, child tax credit and childcare vouchers and a top-up to child trust fund accounts at the age of seven; iii) an increase in duty of nine pence on cigarettes and one pence on beer, with a freeze in duty on whisky and other spirits; iv) the exemption on stamp duty raised to £125,000 and a rise in the level of inheritance tax from £275,000 to £325,000; v) the level of investment in schools to rise from £5.6 billion to £8 billion a year; vi) free off peak national bus travel for pensioners in every part of the country; and vii) funding, in partnership with commercial sponsorship, to support top athletes to prepare for the 2012 Olympics.
Author: Great Britain. Treasury
Publisher: The Stationery Office
ISBN: 9780102932485
Category : Business & Economics
Languages : en
Pages : 346
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Book Description
The Budget presents an updated assessment of the economy and public finances and reports on Government policies. It: shows that the economy is growing strongly and the Government is meeting its fiscal rules; announces a long-term investment programme for schools and sets out further measures to help young people develop skills; sets out reform to reduce the regulatory burden on business; announces free local travel for people over 60 and provide £200 towards the council tax bill for those over 65; makes a commitment to increase Child Tax Credit in line with earnings; doubles the threshold for stamp duty; increases the special reserve for military operations; announces a better targeted Local Enterprise Growth Initiative; introduces measures to modernise the tax system; defers any increase in fuel duty until September 2005.
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
ISBN: 0215032128
Category : Business & Economics
Languages : en
Pages : 168
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Book Description
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.
Author: Great Britain. Treasury
Publisher: The Stationery Office
ISBN: 9780101748421
Category : Business & Economics
Languages : en
Pages : 244
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Book Description
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: Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215033680
Category : Business & Economics
Languages : en
Pages : 72
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Book Description
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..
Author: Great Britain. Treasury
Publisher: The Stationery Office
ISBN: 9780102944556
Category : Business & Economics
Languages : en
Pages : 332
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Book Description
The Budget sets out the Government's plans for taxation, public spending and economic growth for the coming year. It focuses on providing support for pensioners and families, increasing employment opportunities and protecting the environment. Measures announced in the 2007 Budget include: basic rate of income tax to be reduced from 22 pence to 20 pence from April 2008; higher rate income tax threshold to be raised by £800 a year in April 2009; Working Tax Credit threshold to be increased by £1200 to £6420 in April 2008; higher personal allowances for those aged 65 or over to be raised by £1180 in April 2008; Child Tax Credit to be increased by £150 per year in April 2008 and Child Benefit for the eldest child to be raised to £20 a week in April 2010; headline Corporation Tax to be lowered from 30 per cent to 28 per cent from April 2008; increase of 2 pence per litre in fuel duty rates from 1 October 2007; changes to Vehicle Excise Duty for the next three years, with rates for the most polluting cars rising to £400 and for clean cars falling to £35; duty on beer and cider rises to 1p a pint, 5p for wine, 11p for cigarettes; Inheriatnce Tax threshold will rise from £285,000 to £350,000 in 2010; ISA savings limit up from £3,000 to £3,600; measures to improve energy efficiency of all homes by the end of the next decade.
Author: Mr.Jack Diamond
Publisher: International Monetary Fund
ISBN: 9781557757876
Category : Business & Economics
Languages : en
Pages : 84
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Book Description
Traditionally, economics training in public finances has focused more on tax than public expenditure issues, and within expenditure, more on policy considerations than the more mundane matters of public expenditure management. For many years, the IMF's Public Expenditure Management Division has answered specific questions raised by fiscal economists on such missions. Based on this experience, these guidelines arose from the need to provide a general overview of the principles and practices observed in three key aspects of public expenditure management: budget preparation, budget execution, and cash planning. For each aspect of public expenditure management, the guidelines identify separately the differing practices in four groups of countries - the francophone systems, the Commonwealth systems, Latin America, and those in the transition economies. Edited by Barry H. Potter and Jack Diamond, this publication is intended for a general fiscal, or a general budget, advisor interested in the macroeconomic dimension of public expenditure management.
Author: Great Britain. Parliament. House of Commons. Environmental Audit Committee
Publisher: The Stationery Office
ISBN: 9780215543127
Category : Science
Languages : en
Pages : 56
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Book Description
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.
