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Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215543097
Category : Business & Economics
Languages : en
Pages : 144
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Book Description
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
ISBN: 9780215543097
Category : Business & Economics
Languages : en
Pages : 144
Get Book
Book Description
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
Publisher:
ISBN:
Category : Great Britain
Languages : en
Pages : 0
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Book Description
Author: Great Britain. Parliament. House of Commons. Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215530103
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
This report examines the forecasts and measures contained in the 2009 Budget (HC 107, session 2008-09, ISBN 9780102959161). The Committee noted that there is considerable uncertainty around the Government's GDP growth forecasts for 2009-2011, reflecting the fact that the UK economy is in uncharted territory. Whilst it is possible that the Government will meet its growth forecasts on the available evidence the Committee considers this an optimistic assumption. They question the decision to assume that the economy will begin registering positive growth as early as the fourth quarter of 2009 and that the economy will register such strong growth in 2011. The Committee's concern is in that the sharp recovery in consumption forecast for 2011 might be too optimistic given that the UK economy will only just have emerged from a sharp downturn. The strong rebound forecast in consumption growth from 2011 onwards has important implications for whether the rebalancing of the UK economy with a shift away from consumption and a rise in the savings ratio, is merely a short-term phenomenon. The Committee notes it is too early to judge whether the November 2008 fiscal stimulus has been successful.The Committee looked at unemployment and considers it too early to judge whether the Government's proposed guarantee of a job, work placement or training scheme for all young people who have been on Jobseekers Allowance for 12 months together with the monetary and fiscal stimuli will be sufficiently timely and substantial response to the unemployment challenge.For public finances the Committee recommends that future budgets and pre-budget reports provide a sectoral analysis of tax revenues so that as the UK economy becomes less dependent on financial services and other sectors become more prominent, the basis of the Treasury's revenue forecasts can be scrutinised. The Committee was concerned over the lack of any substantial measures to combat child poverty. For the housing market the Committee calls for a more stable framework for the payment of Local Housing Allowance and welcome the help announced for homeowners but regret the delays in implementation and lack of clarity in respect of some of the schemes, recommending that clear information is provided. The vehicle scrappage is noted to be of importance to the car industry and that it has been welcomed in some quarters and await the pre-budget 2009 report to assess how effective the scheme has been. The Committee believes there are uncertainties over the yield to be raised by the 50 percent top rate of income tax and recommend that the Treasury should report in the 2011 PBR on the revenue raised both nominally and as a percentage of the theoretical maximum revenue by this new top rate.Regarding tax relief on pensions the Committee notes the departure from the long standing principle that tax relief for pension contributions should be given at an individuals marginal rate tax and urges the Treasury to monitor the effect of this change, keeping under review the possibility that a cap on annual contributions might be a more equitable way of reducing the percentage of tax relief that benefits the highest earners.
Author: Great Britain. Parliament. House of Commons. Treasury Committee
Publisher:
ISBN: 9780215553768
Category :
Languages : en
Pages : 15
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Book Description
Government response to HC 180, session 2009-10 (ISBN 9780215543097). The Pre-budget report 2009 published in December 2009 (Cm. 7747, ISBN 9780101774727)
Author: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102954746
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
The Chancellor of the Exchequer asked the National Audit Office to audit two new assumptions underlying the Treasury's fiscal projections within the 2009 Budget (HC 407, session 2008-09, ISBN 9780102959161). Firstly, to assess if the 2008 Pre-Budget report assumption for the trend rate of growth, allowing for a downward adjustment to the trend output level of around 4 per cent, for the post-2006 period, together with the further downward adjustment at Budget 2009 to the trend output level of around 1 per cent, is reasonable and cautious. Secondly, to examine whether the approach used by the Treasury to produce estimates of the fiscal aggregates adjusted for the effects of the economic cycle is reasonable.
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: 9780215526113
Category : Business & Economics
Languages : en
Pages : 178
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Book Description
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. Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215530141
Category : Political Science
Languages : en
Pages : 84
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Book Description
Budget 2009 : Eighth report of session 2008-09, Vol. 2: Oral and written Evidence
Author: Great Britain. Treasury
Publisher: The Stationery Office
ISBN: 9780102964639
Category : Business & Economics
Languages : en
Pages : 240
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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 16 billion 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.
Author: Great Britain: Parliament: House of Commons: Communities and Local Government Committee
Publisher: The Stationery Office
ISBN: 9780215544360
Category : Political Science
Languages : en
Pages : 196
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Book Description
Incorporating HC 1038-i-ii, session 2008-09. The DCLG departmental annual report 2009 was published as Cm. 7598 (ISBN 9780101759823)
