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Author: Great Britain: Parliament: House of Commons: Treasury Committee Publisher: The Stationery Office ISBN: 9780215554376 Category : Business & Economics Languages : en Pages : 116
Book Description
In this report the Treasury Committee examine some of the risks and uncertainties in the approach taken by the Chancellor in the June 2010 Budget. The June Budget was more radical towards debt reduction than that taken by the previous government, but it also signalled a move to rebalance the economy away from the public and toward the private sector. The Committee expresses concern that there might be a slight increase in the chance of near-term negative growth, and that the Office for Budget Responsibility's independence has been called into question. It notes that net trade is not expected to contribute positively to GDP growth in 2010, and that the VAT increase will affect inflation. On welfare, the proposals to reduce housing benefit for Jobseeker's Allowance claimants after one year will affect some 300,000 people, and the Committee calls for fuller information about those affected, especially households with children. The aim to make the measures fair in absolute terms and as a proportion of income is supported, though the Committee is concerned that the poorest fare slightly less well than middle income groups. The inclusion of charts showing the distributional effects of the Budget is welcomed. The Committee also comments on the problems faced by small and medium sized enterprise in raising credit and on the bank levy. The Chancellor's statement that he has built an element of caution into the fiscal mandate is taken as a signal that he would introduce measures to stimulate the economy if economic conditions demanded.
Author: Great Britain: Parliament: House of Commons: Treasury Committee Publisher: The Stationery Office ISBN: 9780215554376 Category : Business & Economics Languages : en Pages : 116
Book Description
In this report the Treasury Committee examine some of the risks and uncertainties in the approach taken by the Chancellor in the June 2010 Budget. The June Budget was more radical towards debt reduction than that taken by the previous government, but it also signalled a move to rebalance the economy away from the public and toward the private sector. The Committee expresses concern that there might be a slight increase in the chance of near-term negative growth, and that the Office for Budget Responsibility's independence has been called into question. It notes that net trade is not expected to contribute positively to GDP growth in 2010, and that the VAT increase will affect inflation. On welfare, the proposals to reduce housing benefit for Jobseeker's Allowance claimants after one year will affect some 300,000 people, and the Committee calls for fuller information about those affected, especially households with children. The aim to make the measures fair in absolute terms and as a proportion of income is supported, though the Committee is concerned that the poorest fare slightly less well than middle income groups. The inclusion of charts showing the distributional effects of the Budget is welcomed. The Committee also comments on the problems faced by small and medium sized enterprise in raising credit and on the bank levy. The Chancellor's statement that he has built an element of caution into the fiscal mandate is taken as a signal that he would introduce measures to stimulate the economy if economic conditions demanded.
Author: Great Britain: Parliament: House of Commons: Work and Pensions Committee Publisher: The Stationery Office ISBN: 9780215555731 Category : Social Science Languages : en Pages : 216
Book Description
The Work and Pensions Committee report that there is still a level of uncertainty around the impact of the proposed changes to Housing Benefit and their cumulative effect on households. The report examines the wide-ranging reforms to the Housing Benefit system proposed by the Government, and in particular for claimants in the private rented sector, in receipt of Local Housing Allowance. The Committee accepts the Government's desire to slow the sharp rise in Housing Benefit costs, particularly in the private rented sector, and thereby to influence the private rental market. However, it expresses some concerns about the availability of private rented accommodation in certain localities, which tenants are likely to be able to secure at the new Housing Benefit levels.
Author: Great Britain. Treasury Publisher: The Stationery Office ISBN: 9780101794220 Category : Business & Economics Languages : en Pages : 116
Book Description
In 2009-10, public expenditure rose to 48 per cent of GDP whilst income fell to 37 per cent, resulting in the largest deficit in Britain's peacetime history. This Spending Review sets out how the Coalition Government will carry out its deficit reduction plan. Particular focus has been given to reducing welfare costs and wasteful spending. This has enabled the Coalition Government to prioritise the NHS, schools, early years' provision and the capital investments designed to support long term economic growth. Departmental budgets other than health and overseas aid will be cut by an average of 19 per cent over four years. Key areas of Annually Managed Expenditure (AME) in addition to Departmental Expenditure Limits (DELs) for each government department and for the devolved administrations are covered. The Review sets out departmental spending plans for the four years until 2014-15 and further savings and reforms to welfare, environmental levies and public service pensions. The Review protects high value transport maintenance and investment, maintains the science budget, invests in apprenticeships and the low carbon economy and allows universities to increase fees from the 2012-13 academic year. Fundamental reforms will simplify the welfare system and make net savings of �7 billion a year. Social housing will be reformed and social care will receive an additional �2 billion by 2014-15. Public service reform underpins the Review: decentralisation of power; cutting burdens and regulations on front-line staff; improving transparency, efficiency and accountability of local services. Local government will have greater freedom but must work within reduced allocations. Public sector pensions will be reformed in line with Lord Hutton's recommendations. Central government administration costs will be cut by 34 per cent by 2014-15. Government departments will produce business plans later in 2010 detailing reform plans and priorities.
Author: J. Wehner Publisher: Springer ISBN: 0230281575 Category : Political Science Languages : en Pages : 193
Book Description
What is the role of legislatures in the budget process? Do powerful assemblies give rise to pro-spending bias? This survey of legislative budgeting tackles these questions using cross-national data and case studies. It highlights the tension between legislative authority and prudent fiscal policy, exploring strategies for reconciliation.
Author: Great Britain: National Audit Office Publisher: The Stationery Office ISBN: 9780102963571 Category : Business & Economics Languages : en Pages : 44
Book Description
There has been much public discussion about the affordability of public service pensions. This National Audit Office report aims to bring greater transparency to, and understanding of, the cash costs involved. Total payments to more than 2 million pensioners in the UK's four largest pay-as-you-go pension schemes (also known as unfunded schemes - where current employee and employer contributions are used to pay current pensions) were £19.3 billion in 2008-09, a real terms increase of 38 per cent since 1999-2000. This is driven by more employees retiring each year, which is a substantially more significant factor than longer lifespans. Employee contributions of £4.4 billion reduced the taxpayer's share of costs to £14.9 billion in 2008-09. The employee element grew by 56 per cent in real terms since 1999-2000 because staff numbers and contribution rates have increased. The report also looks at projections of payments across all UK public sector pay-as-you-go pension schemes over the next fifty years. Expressed in terms of constant 2008-09 prices, the Government Actuary's Department projects total payments rising to over £79 billion a year by 2059-60. The Treasury has a reasonable framework in place for assessing future costs and has undertaken some analysis on the sensitivity of projections to changes in key assumptions. The Treasury has not undertaken any systematic analysis of the effects of changing its assumption that there will be zero public service headcount growth, despite the existence of several factors that could put upwards pressure on staff numbers in the long term.
Author: Office for Budget Responsibility Publisher: The Stationery Office ISBN: 9780108512711 Category : Business & Economics Languages : en Pages : 120
Book Description
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.
Author: David Gootnick Publisher: DIANE Publishing ISBN: 143798830X Category : Business & Economics Languages : en Pages : 142
Book Description
In 2007, the U.S. enacted a law incrementally raising the minimum wages in Amer. Samoa and the Commonwealth of the N. Mariana Islands (CNMI) until they equal the U.S. minimum wage. Amer. Samoa¿s minimum wage increased by 50¢ three times, and the CNMI¿s four times before legislation delayed the increases, providing for no increase in Amer. Samoa in 2010 or 2011 and none in the CNMI in 2011. Recent economic declines in both areas reflect the closure of one of two canneries in Amer. Samoa and the departure of the garment industry in the CNMI. This report describes, since the increases began: (1) employment and earnings; and (2) the status of key industries. Charts and tables. This is a print on demand report.
Author: Office for Budget Responsibility Publisher: The Stationery Office ISBN: 9780101874823 Category : Business & Economics Languages : en Pages : 188
Book Description
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.
Author: NHS Pay Review Body Publisher: The Stationery Office ISBN: 9780101802925 Category : Medical Languages : en Pages : 100
Book Description
This is the 25th report from the NHS Pay Review Body and was conducted within the context of the public sector pay policies of the UK Government and Devolved Administrations which announced a two-year pay freeze, except for public sector workers earning £21,000 or less. The Review Body therefore recommends the following: that an uplift of £250 to Agenda for Change (AfC - which is the current NHS grading and pay system for all NHS staff, with the exception of doctors, dentists and some senior managers) spine points 1 to 15 from 1 April 2011, based on the assessment that there is no recruitment and retension evidence to justify an increase above the single uniform uplift of £250 proposed by the Health Departments; that a national recruitment and retension policy (RRP) should not be implemented for pharmacists in bands 6 and 7, although the Review Body will continue to monitor the situation; that there is no substantive evidence to support the case presented by the Union of Construction, Allied Trades and Technicians (UCATT) for a national RRP for building craft workers. The publication is divided into five chapters, with seven appendices.
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Author: Great Britain: Parliament: House of Commons: Work and Pensions Committee
Author: Great Britain. Treasury
Author: J. Wehner
Author: Great Britain: National Audit Office
Author: Office for Budget Responsibility
Author: David Gootnick
Author: Office for Budget Responsibility
Author: National Cancer Institute (U.S.)
Author: NHS Pay Review Body