Value for Money savings programme forecast scrutinised
‘Progress with VFM Savings and Lessons for Cost Reduction Programmes: HM Treasury’ (HC 291) reports that the forecast made by government departments to save £35 billion between 2008-09 and 2010-11 is not viable.
The National Audit Office (NAO) concludes that HM Treasury's design addressed some weaknesses in earlier savings programmes, and departments have made some progress in their management of their programmes compared with previous spending periods.
Chancellor reveals new budget under coalition Government
‘June Budget 2010’ (HC 61) is the renewed fiscal document detailing urgent changes to axe the country’s deficit under the coalition government.
For the first time, the Government's monetary policy decisions have been based on independent forecasts for the economy and public finances. Urgent action will be taken to eliminate the bulk of the structural deficit through plans for additional consolidation of £40 billion per year.
Report examines independent Budget forecasts
Following the formation of the new coalition Government in May 2010, 'Examination of the Forecasts Prepared by the Interim Office for Budget Responsibility for the Emergency Budget 2010' (HC 142) reports on the Chancellor's launch of the interim Office for Budget Responsibility (OBR) to make independent assessments of the public finances and the economy.
To reflect the interim arrangements, the Comptroller and Auditor General was requested to undertake an examination to consider whether key economic and fiscal assumptions underpinning the Office for Budget Responsibility's forecasts were independently arrived at.
Payment to The Queen’s Civil List unchanged by Royal Trustees
In line with the Budget announced on 22 June 2010, the Chancellor revealed that payment to the Queen’s Civil List will remain at £7.9 million for the next calendar year.
In 'The Civil List Act 1972: Report of the Royal Trustees' (HC 140), the Royal Trustees recommend that expenditure in 2011 should be basically the same as in 2010, except that the one-off pension scheme deficit contribution in 2010 will not continue.
Government announces 2010 Budget
'Budget 2010: Securing the Recovery’ (HC 451) is fiscally neutral and confirms the Government's plans to more than halve the deficit over four years. It identifies £11 billion of cross-cutting savings announced under Smarter Government and details £5 billion savings from targeting and prioritising spending.
On tax the Government intends to progress tax consolidation plans and announces the continuation of above inflation increases in fuel, alcohol and tobacco duties to 2014-15. Overall spending will continue to rise in 2010-11 to help support the economy through the recovery, but expenditure will grow at the slower rate of 0.8% a year on average from 2011-12 to 2014-15.
Government announces the 2009 Pre-Budget Report
The 'Pre-Budget Report 2009 - Securing the Recovery: Growth and Opportunity’ (Cm. 7747) presents updated assessments and forecasts of the economy and public finances. It also reports on how, in the face of the downturn, the Government is delivering support to the economy, businesses and households to secure the recovery and provide a platform for growth and opportunity.
Public support provided to UK banks by the Treasury was justified
In the report ‘Maintaining Financial Stability Across the United Kingdom's Banking System (HC 91)’ the National Audit Office has concluded that the public support provided to UK banks by the Treasury was justified, given the scale of the economic and social costs if one or more major banks had collapsed. In providing that support, moreover, the Treasury met two of the Government's principal objectives: protecting depositors' money in banks and maintaining the stability of the financial system. The final cost to the taxpayer will not, however, be known for a number of years.
Concern over European financial regulation reforms
In September 2009 the European Commission published its detailed legislative proposals for European reform. 'The Committee's Opinion on Proposals for European Financial Supervision (HC 1088)' reports on this proposed financial regulation and outlines a number of concerns.
Government announces financial markets reform
This document, 'Reforming Financial Markets (Cm. 7667)', sets out the Government's analysis of the causes of the financial crisis, the action already taken to restore financial stability and the regulatory reforms necessary to strengthen the financial system for the future, so that consumers, businesses of all sectors and the economy as a whole continue to have access to the stable credit that is so essential.
Further measures to protect depositors
The past year has seen a period of sustained turbulence and instability in global financial markets, with financial firms across the world affected. In Britain, the Northern Rock bank experienced a run on its deposits and, in February 2008, the bank was nationalised. A January 2008 consultation paper summarised the actions being taken by the Treasury, the Financial Services Authority (FSA) and the Bank of England in response to the disruption being experienced in the global financial markets.
This publication, 'Financial Stability and Depositor Protection: Further Consultation' (Cm. 7436), presents a further consultation paper on financial stability and depositor protection in the UK, following on from the January 2008 paper.
Forecasts and measures of 2008 Budget examined
This Report, 'The 2008 Budget' (HC 420), examines the forecasts and measures contained in the 2008 Budget.
The Treasury's lower forecasts for economic growth in 2008 and 2009 are above the average of independent forecasters, suggesting that the Treasury may have given insufficient weight to the risks of continued financial market turbulence. It also suggests that some of the UK economy's characteristics that have been beneficial in past crises might prove to be channels through which the current problems in global financial markets are transmitted to the UK real economy.
Annual Finance Bill presented to Parliament
The 'Finance Bill' is the annual bill presented by the Government in order to implement the measures contained in the Budget report.
This Bill seeks to implement the measures set out by Alistair Darling in the 2008 Budget Report, 'Budget 2008 - Stability and Opportunity: Building a Strong, Sustainable Future' (HC 388).
Stability is the aim of Budget 2008
'Budget 2008 - Stability and Opportunity: Building a
Strong, Sustainable Future' (HC 388) sets out the Government's plans for
taxation, public spending and economic growth for the coming year.
The
Government reports that the economy is stable and resilient, continuing to
grow, and that its strict fiscal rules are being met.
Treasury response to Stern Review not made with scale or urgency required
Environmental taxes, as a proportion of all taxation, peaked at 9.7% in 1999 and have declined ever since, falling to 7.3% in 2006.
In this report, 'The 2007 Pre-Budget Report and Comprehensive Spending Review: An Environmental Analysis (HC 149-I)', the Environmental Audit Committee sets out a number of conclusions and recommendations covering different areas of environmental taxation policy.
Global financial instability examined
The period since early August 2007 has been one of large-scale turbulence and instability in global financial markets. The unfolding crisis of confidence is important given the particular impact on the United Kingdom through the run on the Northern Rock Bank.
'Financial Stability and Transparency (HC 371)' examines the causes of the dislocation of international financial markets, subsequent developments in global financial markets and lessons learnt, as well as the prospects for international action and other developments to promote financial stability and transparency.
Banking (Special Provisions) Act given Royal
Assent
'Banking (Special Provisions) Act
2008' addresses recent instability in financial markets across the world,
and in particular the events concerning Northern Rock plc.
UK financial reform discussed
‘Financial Stability and Depositor Protection: Strengthening the Framework’ (Cm. 7308) examines possible reforms of the existing financial supervisory regime.
Work of UK Economic Regulators examined
'UK Economic Regulators’ (HL
189-I) examines the statutory remits of the UK economic regulators, their
working methods and working relationships, the value for money they provide and
the extent to which the regulators have successfully promoted competition and
de-regulated where possible, as well as considering whether they should be
given an additional statutory duty to facilitate the competitiveness of UK
firms.
Pre-Budget Report 2007: Meeting the aspirations of
the British people?
'Meeting
the Aspirations of the British People: 2007 Pre-Budget Report and Comprehensive
Spending Review’ (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 upto
2010-11.
Business rate supplements proposed
‘Business
Rate Supplements: A White Paper’ (Cm. 7230) sets out the Government's
proposal to introduce a power for local authorities and the Greater London
Authority (GLA) to raise and retain local supplements on the national business
rate.
Shareholder Executive reviewed
The Shareholder Executive was established in 2003 to act as
an effective owner of businesses that are owned or part owned by government. It
is now an operational group within the Department of Trade and Industry with a
portfolio covering 27 businesses and a combined turnover of £21 billion.
This Report
'The
Shareholder Executive and Public Sector Businesses’ (HC 409) examines the
status and performance of the agency.
Finance Bill 2007 reviewed
This Report from the House of Lords
'The
Finance Bill 2007' (HL 121-I) examines the Finance Bill, which implements
measures from
'Budget
2007' (HC 342).
Private equity industry examined
The private equity industry is of growing importance; 8% of
the UK workforce is now employed in private equity owned companies and there
are a rising number of take-overs of large companies.
'Private
Equity: Volume II' (HC 567-II) presents evidence given to the Treasury
Select Committee’s inquiry into the private equity industry.
Private Finance Initiative experience examined
Government projects funded through Private Finance
Initiative (PFI) deals are generally financed through a mixture of debt finance
and equity finance. Long-term projects may be refinanced during the life of the
project.
The Committee of Public Accounts's Report
'Update
on PFI Debt Refinancing and the PFI Equity Market' (HC 158) examines the
PFI debt refinancing experience, the operation of the PFI equity market and the
availability of financial information about PFI projects.
Brown’s 11th Budget: Prosperity for Families
The Budget sets out the Government's plans for taxation,
public spending and economic growth for the coming year.
Two new Council Tax bands proposed
The
'Lyons
Inquiry into Local Government' examines the function of local government
and considers the case for changes to the present system of local government
funding in England.
Investing in Britain’s potential: Pre-Budget Report
2006
‘Investing in Britain’s potential: Building our long-term
future’ is the Treasury’s 2006 Pre-Budget Report.
The Report presents
updated assessments and forecasts of the economy and public finances, describes
how the Government's policies are helping to deliver its long-term goals and
details reforms the Government is considering for Budget 2007 and on which it
will be consulting in the months ahead.
Tax obligations for
newly registered businesses
This NAO report examines opportunities for Her Majesty’s
Revenue & Customs (HMRC) to improve on the help they offer to new
businesses.
Around 700,000 new businesses start up each year, all
required to register with HMRC for various liable taxes. For example, if a
business takes on employees, they will need to pay PAYE and if the business has
a turnover exceeding £61,000, they then become liable for VAT.
Barker calls for shake-up of planning laws
The Barker Review finds that the planning system affects
our quality of life, from the quality of the urban environment to our homes,
our jobs and our access to the countryside.
The purpose of Barker Review
was to consider how, in the context of globalisation and planning reforms,
planning laws can revised to deliver economic growth while ensuring sustainable
development.
Major changes in company law reform
The Companies Act 2006 makes it easier to set up and run a
company. Small businesses will benefit and, for the first time, a statutory
statement of directors' duties has been created.
"Banking the unbanked": promoting financial
inclusion
Financial exclusion can impose significant costs on
individuals and be a barrier to employment and enterprise.
Many people
are still facing problems in opening basic bank accounts and operating them to
maximise their value.
Proposals to reform private pensions
It is estimated that around seven million people are currently not saving enough to support themselves in retirement.