Download or read book Assessment of the Budget 2010 Economic and Fiscal Outlook March 11 2010 written by Canada. Office of the Parliamentary Budget Officer and published by . This book was released on 2010 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic and fiscal outlook March 2011 written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2011-03-23 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office for Budget Responsibility was established to provide independent and authoritative analysis of the UK's public finances. Part of this role includes producing the official economic and fiscal forecasts. This report sets out forecasts for the period to 2015-16. The report also assesses whether the Government is on course to meet the medium-term fiscal objectives and presents preliminary observations on the long-run sustainability of the public finances. Since the November 2010 outlook, the key economic developments have been an unexpected fall in UK GDP in the final quarter of 2010, a rise in world oil prices, and higher-than-expected UK inflation. The labour market has performed as expected, with unemployment rising. The OBR endorse all but one of the costings for the tax and spending measures set out in Budget 2011 (HC 836, ISBN 9780102971033) as reasonable central estimates, though there are significant uncertainties around a number of them. The central forecast for economic growth in 2011 is revised down from 2.1 to 1.7 per cent. On the fiscal outlook, OBR forecast that public sector net borrowing will decline steadily as share of national income, but more slowly than forecast in November. The Government set itself two medium-term fiscal targets: to balance the cyclically-adjusted current budget by the end of a rolling five-year period; and to see public sector debt falling in 2015-16. Examining performance against these targets, the OBR believe there is a greater than 50 per cent probability of meeting both targets under current policy.
Download or read book Economic and fiscal outlook written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2010-11-29 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office for Budget Responsibility was established to provide independent and authoritative analysis of the UK's public finances. Part of this role includes producing the official economic and fiscal forecasts. This report sets out forecasts for the period to 2015-16. The report also assesses whether the Government is on course to meet the medium-term fiscal objectives and presents preliminary observations on the long-run sustainability of the public finances. Since the June forecast, the UK economy has recovered more strongly than initially expected. The GDP growth was greater than expected in both the 2nd and 3rd quarters, but that unemployment levels have risen to levels that the June forecast did not anticipate until the middle of 2012. In general the world economy has also grown more strongly. CPI inflation has remained slightly higher than expected in June, whilst public finances have performed as forecast. The interest rates on UK debt are lower than in June. The OBR forecasts that the economy will continue to recover from the recession, but at a slower pace than the recoveries of the 1970s, 1980s and 1990s. The publication is divided into 5 chapters with two annexes.
Download or read book Economic and fiscal outlook March 2012 written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2012-03-21 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office for Budget Responsibility was established to provide independent and authoritative analysis of the UK's public finances. Part of this role includes producing the official economic and fiscal forecasts. This report sets out forecasts for the period to 2016-17. The report also assesses whether the Government is on course to meet the medium-term fiscal objectives. The OBR assessment of the outlook and risks for the UK economy is broadly unchanged since the November 2011 report. A technical recession will be avoided with positive growth in the first quarter of 2012. GDP will grow by 0.8% in 2012, 2% in 2013, 2.7% in 2014 and 3% for 2015-16 period. Public sector net borrowing is forecast to total £126 billion, 8.3% of GDP this year which is £1.1 billion less than the November forecast. For 2016-17, the PSNB is then forecast to decline to £21 billion. The fall in PSNB in 2012-13 is much larger than the OBR's November forecast due to the Government's decision to transfer the Royal Mail's historic pension deficit. The Chancellor's decision to cut 50% additional rate income tax to 45% has an estimated direct cost to the Exchequer of £0.1 billion in 2013-14. Other forecasts by the OBR, include: the ILO unemployment rate to rise from 8.4% to 8.7% over the coming year; household disposable income growth to be weak in 2012-13, but consumption to begin to offer some support to the recovery in the second half of the year; that the situation in the euro area remains a major risk to accurate forecasting. The publication is divided into five chapters: Chapter 1: Executive summary; Chapter 2: Developments since the November 2011 forecast; Chapter 3: economic outlook; Chapter 4: Fiscal outlook; Chapter 5: Performance against the Government's fiscal targest; Annex A - Budget 2012 policy measures.
Download or read book Office for Budget Responsibility Economic and Fiscal Outlook Cm 8748 written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2013-12-05 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office for Budget Responsibility reports that the UK economy has picked up more strongly in 2013 than expected in its March forecast. Private consumption and housing investment have grown whilst business investment and net trade continue to disappoint. The forecast for GDP growth in 2013 is revised up to 1.4 per cent, but this is not expected to be maintained in 2014 as productivity and real earnings growth remain weak. The positive growth is judged to be cyclical, reducing the amount of spare capacity in the economy, rather than indicating stronger underlying growth potential. Productivity-driven growth in real earnings is necessary to sustain the recovery and the outlook for productivity growth is the key uncertainty. Nevertheless, the forecast for growth in 2014 is now 2.4 per cent. Public sector net borrowing (PSNB) - the gap between what the Government spends and raises in revenue - is forecast to be £111.2 billion this year, £8.6 billion lower than the March forecast and £3.8 billion lower than in 2012-13. Underlying PSNB is estimated to have fallen by a third between 2009-10 and 2012-13, the pace of reduction slowing in 2012-13. The employment forecast is now expected to reach 31.2 million in 2018, with unemployment falling steadily over the coming years, reaching 7 per cent in mid-2015 and 6 per cent by the end of 2017. CPI inflation is forecast to fall back to the Bank of England's 2 per cent target during 2016 whilst house price inflation is revised upwards, expected to be above 5 per cent in 2014 and 7 per cent in 2015.
Download or read book Office for Budget Responsibiity Forecast Evaluation Report written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2013-10-09 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: The backdrop to this report is: a real economy that, until very recently, has been weaker than expected; a labour market that has been stronger than expected in terms of employment, but weaker in terms of earnings growth; and a fall in public sector borrowing as a share of national income of around a third from its peak in 2009-10, with the deficit falling significantly in 2010-11 and 2011-12 but by much less in 2012-13. The report explains the OBR's June 2010 and March 2012 forecast errors, and the weakness of the real economy. GDP remains 3.3 per cent below its pre-recession peak, the disappointing performance over the last three years reflecting the weakness of domestic and external demand. Private sector employment growth has far exceeded forecasts. The March 2013 forecast for public sector borrowing predicted a figure of £119.8 billion in 2013-14, a reduction of £1 billion over the previous year; but the new forecast is for an increase of £4.2 billion increase over 2012-13.
Download or read book Examination of the forecasts prepared by the Office for Budget Responsibility for 29 November 2010 written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2010-12-03 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report considers the OBR's forecasts published 29 November 2010. The scope is the same as C&AG's previous examination looking at the forecasts that the interim OBR undertook for the Budget on 22 June 2010. The scope of these assessments differs from requests by previous Chancellors which asked the C&AG to examine the reasonableness and caution underpinning projections of the public finances. The remit of this work does not include any review of the forecast itself or of specific underpinning assumptions.
Download or read book Thinking Government written by David Johnson and published by University of Toronto Press. This book was released on 2011-01-01 with total page 529 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thinking Government renews a discussion of power relations between elected politicians and unelected public servants, while also incorporating the practical approach of studying public administration within the dynamics of federal politics.
Download or read book Budget 2010 written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2010-06-22 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the first time, the Government's fiscal policy decisions have been based on independent forecasts for the economy and public finances. Urgent action is taken to eliminate the bulk of the structural deficit through plans for additional consolidation of £40 billion per year. This will include £32 billion per year from spending reductions; £11 billion in welfare reform savings; a two year freeze in public sector pay, except for those earning less than £21,000 a year; and £8 billion per year from net tax increases, including an increase in VAT to 20% and higher rate of insurance premium tax from 4 January 2011. Plans to support business and restore competitiveness include: a reduction in the main rate of corporation tax to 24% over four financial years from April 2011; a reduction in the small profits rate to 20% from April 2011 and a reduction in capital allowances in April 2012; an increase in the Enterprise Finance Guarantee and the creation of a new Growth Capital Fund; an increase in the threshold for National Insurance Contributions by £21 a week above indexation in April 2011; and a Regional Growth Fund in 2011-12 and 2012-13. The Government also wants to ensure that every part of society makes a contribution to deficit reduction while supporting the most vulnerable. To this end, plans include: an increase in personal allowance for under 65s; capital gains increase to 28%; the introduction of a levy based on banks balance sheets; freezing of council tax in 2011-12. There will also be reforms to the housing and disability benefit and tax credit systems and child benefit will be frozen for three years. Pensions will also be uprated by a triple guarantee of earnings. There will be no increases in the rate of duty on beer, wine or spirits at this budget.
Download or read book Back to the future of Socialism written by Hain, Peter and published by Policy Press. This book was released on 2015-01-26 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: What's gone wrong with capitalism and how should governments respond? Did Big Government or Big Banking cause the global financial crisis? Is the answer austerity or investment in growth; untrammelled market forces or regulating for the common good? Anthony CroslandÕs The Future of Socialism (1956) provided a creed for governments of the centre left until the global banking crisis. Now Peter Hain, with over 50 yearsÕ experience in politics, revisits this classic text and presents a stimulating political prospectus for today. Hain argues that capitalism is now more financially unstable and unfair, productive but prone to paralysis, dynamic but discriminatory. A rousing alternative to the neoliberal, right-wing orthodoxy of our era, HainÕs new book should be read by everyone interested in the future of the left.
Download or read book Economic and Fiscal Outlook December 2012 written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2012-12-05 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report sets out forecasts for the period to 2017-18 and also assesses whether the Government is on course to meet its medium-term fiscal objectives. The economy has performed less strongly than forecast in March 2012 (Cm. 8303, ISBN 9780101830324) and GDP is forecast to fall by 0.1% in 2012 and then to grow by 1.2% in 2013, 2.0% in 2014, 2.7% in 2016 and 2.8% in 2017. Public sector net borrowing (PSNB) is forecast at £108 billion or 6.9% of GDP this year (excluding the transfer of the Royal Mail's historic pension deficit into the public sector). PSNB is then forecast to decline to £31 billion or 1.6% of GDP by 20017-18. Public sector net debt (PSND) is now expected to peak at 79.9% of GDP in 2015-16 meaning the Government will miss its supplementary target of PSND falling as a share of GDP between 2014-15 and 2015-16. Other developments since the March 2012 forecasts include: the unemployment rate has fallen to 7.8%, and the overall level of employment rose to 29.6 million in the three months to September. Around half the increase since 2011 has been driven by a rise in self-employment and part-time employees, though total hours worked per week have also risen. The situation in the euro area continues to weigh on confidence and trade. Inflation is also likely to be higher in the short term, reducing the growth of real household disposable income and consumption. The Government has a greater than 50% chance of hitting its fiscal mandate.
Download or read book OECD Economic Surveys United Kingdom 2013 written by OECD and published by OECD Publishing. This book was released on 2013-02-06 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: OECD's 2013 Economic Survey of the United Kingdom examines recent economic developments, policy and prospects. In addition, it looks at growth and inequality in the UK.
Download or read book Office for Budget Responsibility written by Office for Budget Responsibility and published by The Stationery Office. This book was released on 2011-11-29 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This economic and fiscal outlook sets out the Office for Budget Responsibility (OBR) forecast for the period to 2016-17. The economy has grown less strongly than forecast in March primarily because higher-than-expected inflation has squeezed household incomes and consumer spending. The eurozone crisis has impacted on business and consumer confidence. Consequently the OBR has revised it growth forecasts downwards. It expects the underlying momentum of the economy to pick up through 2012 but with the headline measure of GDP broadly flat until the second half. The central forecast is now for 0.7 per cent growth in GDP in 20102, 2.1 per cent in 2013, 2.7 per cent in 2014, and 3 per cent in 2015 and 2016. Public sector net borrowing (PSNB) is expected to total £127 this year (8.4 per cent of GDP), but the downward revision of growth forecasts means the deficit will shrink less quickly over the next five years, with a forecast £53 billion PSNB (2.9 per cent of GDP) in 2015-16. Unemployment is expected to rise further to 8.7 per cent in 2012 before falling back to 6.2 per cent by 2016. The OBR estimates that the Government has a roughly 60 per cent of meeting its mandate to balance the structural or cyclically-adjusted current budget by 2016-17. The central economic and fiscal forecasts assume that the euro area finds a way through its current crisis, but a more disorderly outcome is clearly a significant risk.
Download or read book Resource Curse or Cure written by Martin Brueckner and published by Springer Science & Business Media. This book was released on 2014-04-02 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalisation and rapid social and environmental change in recent decades have brought into sharper focus not only the benefits but also the costs of economic development. The once assumed link between economic development and societal well-being is being increasingly questioned in the face of growing social and environmental problems and unfulfilled expectations concerning political and commercial decision-makers. The orthodox development dogma is being tested in particular in resource-based economies such as Western Australia, where globalisation pressures and the concomitant rise in the demand for natural resources highlight the difficulties of effectively balancing broader societal interests with those of industry and the state. This book provides a critical review of the socio-political, environmental and cultural state of play in Western Australia, offering an analysis of how resource-based developments are shaping the state and its people.
Download or read book The Conservative Governments and Social Policy written by Hugh Bochel and published by Policy Press. This book was released on 2024-01-09 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on the policy approaches of Conservative governments since 2015, this book examines key social policy areas including education, health, housing, employment, children and young people, and more. Respected social policy researchers explore the degree to which the positions and policies of recent Conservative governments have differed from the previous Coalition government (2010–15). They consider the extent to which austerity has continued and the influence of other policy emphases, such as a ‘levelling up’ agenda. Reflecting on the rapid changes of Prime Minister, they compare the themes of the Cameron, May, Johnson, Truss and Sunak administrations, critically examine the impacts of the external shocks of Brexit and COVID-19, and the changing patterns of public expenditure.
Download or read book Budget 2011 written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2011-04-09 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The report looks at the way the Office for Budget Responsibility has functioned in this, the first Budget since it was permanently established. It raises concerns about the timetable for the economic forecast, noting: the timetable agreed for this forecast and Budget required all decisions which would impact on the economic forecast to be made at least a fortnight before Budget day. It recommended that the timetable should be revisited to provide more flexibility enabling economic shocks and late political decisions to be accommodated. The Committee looked at the economy, public finances, the plan for growth, taxation and the Office for Budget Responsibility. It continues to press for a full review of the OBR including its powers, remit and relationship to Parliament. Also calling for gradual reform of the tax regime and noting the Government's decision to increase the supplementary rate of corporation tax on the oil and gas industry by 12 percentage points in the Budget - less than a year after promising to provide a stable tax regime in the sector -might weaken the Government's credibility in seeking to establish a stable tax regime. The Committee was pleased with the further reduction in corporation tax announced in the Budget as this was a positive measure aimed at boosting growth. With regard to Enterprise Zones it may have some effect in reviving particular areas, but it was noted that almost all the evidence received is unsure about the extent to which they will contribute to UK growth. It is clear that there is still much to be done on the details of this policy.
Download or read book Autumn Statement 2012 written by Great Britain: H.M. Treasury and published by The Stationery Office. This book was released on 2012-12-05 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OBR's forecast for GDP growth in 2012 is -0.1 percent and is projected to pick up in every year of the forecast. Public Sector Net Borrowing is forecast to fall by 1.0 percent of GDP in 2012-13 and in subsequent years of the forecast. Public Sector Net Debt is expected to be 79.9 per cent of GDP in 2015-16 before falling to 77.3 per cent by 2017-18. This Statement sets out a further £6.6 billion package of savings in the spending review period, made up from welfare, Official Development Assistance (ODA) and departmental current spending. A £5.5 billion of additional infrastructure will be funded, including in new roads, science and free schools and academies. There will be a further 1 per cent cut in the main rate of corporation tax from April 2014, to 21 per cent and a significant temporary increase in the Annual Investment Allowance from £25,000 to £250, 000 for two years. A greater proportion of growth-related spending will be devolved to local areas and a Business Bank will be created to deploy £1 billion of additional capital and enable UK Export Finance to provide up to £1.5 billion in loans with a package of reforms to promote export. The Government will: increase the basic State Pension by 2.5 percent; create an HM Revenue & Customs unit dedicated to tackling offshore tax evasion; introduce of the UK's first General Anti-abuse Rule; develop significant new information disclosure and penalty powers; and close off tax loopholes. Lifetime allowances for pension contributions will be reduced.
