Audit of assumptions for budget 2010
Title | Audit of assumptions for budget 2010 PDF eBook |
Author | Great Britain: National Audit Office |
Publisher | The Stationery Office |
Pages | 32 |
Release | 2010-03-24 |
Genre | Business & Economics |
ISBN | 9780102963595 |
This report examines the conventions and assumptions underlying the fiscal projections within the 2010 Budget (HC 451, session 2009-10, ISBN 9780102964639) that are submitted by the Treasury for examination, along with a review of assumptions on the VAT gap, tobacco revenues, factor shares in national income and funding (debt increase)
Audit of assumptions for budget 2008
Title | Audit of assumptions for budget 2008 PDF eBook |
Author | Great Britain: National Audit Office |
Publisher | The Stationery Office |
Pages | 12 |
Release | 2008-03-12 |
Genre | Business & Economics |
ISBN | 9780102953367 |
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 2008 Budget (HC 388, session 2007-8, ISBN 9780102953336)
Budget 2010
Title | Budget 2010 PDF eBook |
Author | Great Britain. Treasury |
Publisher | The Stationery Office |
Pages | 240 |
Release | 2010-03-24 |
Genre | Business & Economics |
ISBN | 9780102964639 |
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.
Pre-budget Report 2009
Title | Pre-budget Report 2009 PDF eBook |
Author | Great Britain: Parliament: House of Commons: Treasury Committee |
Publisher | The Stationery Office |
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
Fiscal Risks - Sources, Disclosure, and Management
Title | Fiscal Risks - Sources, Disclosure, and Management PDF eBook |
Author | International Monetary Fund. Fiscal Affairs Dept. |
Publisher | International Monetary Fund |
Pages | 45 |
Release | 2008-05-31 |
Genre | Business & Economics |
ISBN | 1498334520 |
A number of member countries have expressed interest in advice regarding disclosure and management of fiscal risks (defined as the possibility of deviations of fiscal outcomes from what was expected at the time of the budget or other forecast). This paper analyzes the main sources of fiscal risks and—building on an overview of existing practices in a wide range of countries—provides practical suggestions in this area, including a possible Statement of Fiscal Risks and a set of Guidelines for Fiscal Risk Disclosure and Management.
Audit of Assumptions for Budget 2009
Title | Audit of Assumptions for Budget 2009 PDF eBook |
Author | National Audit Office |
Publisher | The Stationery Office |
Pages | 36 |
Release | 2009 |
Genre | Business & Economics |
ISBN | 9780102954746 |
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.
Financing the Future
Title | Financing the Future PDF eBook |
Author | Shayne Kavanagh |
Publisher | GFOA |
Pages | 256 |
Release | 2007 |
Genre | Local finance |
ISBN | 9780891252887 |