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The Committee's report examines key measures contained in the 2006 Budget (HCP 968, session 2005-06; ISBN 0102937311), as well as the discussing the general state of the UK economy and specific public finance issues. Amongst the Committee's conclusions: rising gas and oil prices are key features of the overall economic outlook and the Committee recommends the Government should make a report to Parliament on progress to secure independent investigation of European gas markets; and it questions the Government's use of taxation instruments as a mechanism to achieve its environmental objectives, for example its decision to freeze the rate of air passenger duty (APD) for a fifth year running.
This supplementary document to the 2006 Budget describes the major sources of budget savings from reductions and terminations in existing discretionary non-defense programs; major reforms in mandatory spending programs; user fee proposals; transformation and restructuring of Defense programs to meet 21st Century threats; and budget process reform proposals.