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Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
ISBN: 0215027078
Category : Business & Economics
Languages : en
Pages : 172
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Book Description
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.
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
ISBN: 0215027078
Category : Business & Economics
Languages : en
Pages : 172
Get Book Here
Book Description
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.
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: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215037497
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
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: Environmental Audit Committee
Publisher: The Stationery Office
ISBN: 9780215513915
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
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
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. Environmental Audit Committee
Publisher: The Stationery Office
ISBN: 9780215529145
Category : Business & Economics
Languages : en
Pages : 116
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Book Description
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: National Audit Office
Publisher: The Stationery Office
ISBN: 0102937222
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
This report by the National Audit Office, made under sections 156 and 157 of the Finance Act 1998, examines the conventions and assumptions underlying the Treasury's fiscal projections within the 2006 Budget (HCP 968, session 2005-06; ISBN 0102937311).
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102944686
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
This report by the National Audit Office, made under sections 156 and 157 of the Finance Act 1998, examines the conventions and assumptions underlying the Treasury's fiscal projections within the 2007 Budget (HCP 342, session 2006-07; ISBN 9780102944556).
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: 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.
