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This report is in four main sections: the first looks at the state of the economy, the second examines public finances, the third covers tax measure s, and the fourth miscellaneous issues such as the Girshon programme of efficiency savings and the Comprehensive Spending Review. It is based on evidence sessions: from outside experts, Treasury officials, and the Chancellor as well as written submissions and is published before the Second Reading of the Finance Bill..
This report, from the Treasury Committee, considers the state of the United Kingdom economy, the public finances and individual tax measures in the 2007 Pre-Budget Report (Cm. 7227, ISBN 0101722729). The Committee examines the Pre-Budget Report under the following areas: the real economy; the public finances; taxation issues and the role of the Pre-budget report. The Committee has set out 21 conclusions and recommendations, including: that the risk remains that the credit crunch will have greater macroeconomic effect than expected; that the Treasury needs to recast the way in which it presents the risks to the economic forecasts in both Pre-budget and Budget reports; the Committee reiterates an earlier recommendation, that the Government review the golden rule such that it becomes more forward-looking and less dependent upon the dating of the economic cycle; the Committee expressed concern about the reform of the capital gains tax regime and the possible detrimental effects that the withdrawal of taper relief could have on small businesses, employee shareholders and longer-term investment; that it is important that the Pre-Budget retains a focus on consultation on fiscal measures that may be included in the forthcoming budget.
This report is in five main sections: overall spending issues; efficiency and value for money; the new performance management framework; child poverty; and individual spending settlements. The planned rate of growth of public spending is set to be considerably slower than the rate of growth of recent years. This could lead to cost pressures on departmental spending as there will be a greater proportional growth in the Annual Managed Expenditure. There will also be cost pressures from public sector wage settlements, population growth and needs in particular sectors. The efficiency programmes are highly ambitious but the Committee recommends that savings should only be recorded if it could be shown that service standards have been maintained. There is a welcome for the decision not to impose explicit targets for reduction in Civil Service numbers. On child poverty the Committee note a possible tension between the target to halve child poverty by 2010-11 and that of eliminating child poverty by 2020. There is a concern that the Government has drawn back from a whole-hearted commitment to meet the 2010 target. They want the Government to either initiate a debate on the trade-off between the two targets or rededicate itself to the 2010-11 target, making it clear that the resources are available within the Comprehensive Spending Review.