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IFS is an ESRC Research Centre

 

Green Budget 2006

in collaboration with

The Green Budget 2006 was edited by Robert Chote, Carl Emmerson, Rupert Harrison and David Miles, and copy-edited by Judith Payne.

It was produced in collaboration with Morgan Stanley and with additional funding from the ESRC-funded Centre for Fiscal Policy at IFS.

You can download the whole document 1271 KB] here. Individual chapters can be downloaded below, also as acrobat files.

*Chapter 1: SUMMARY
 
*Chapter 2: THE FISCAL POLICY FRAMEWORK
2.1 Introduction
2.2 The government's fiscal rules
2.3 The evolution of the public finances since 1997
2.4 Meeting the fiscal rules
2.5 Reforming the fiscal framework
2.6 Conclusion
 
*Chapter 3: THE ECONOMIC OUTLOOK
3.1 Introduction
3.2 Recent developments
3.3 Medium-term risks
3.4 Short-term risks
3.5 The cycle, trend growth and spare capacity
3.6 Morgan Stanley forecasts
 
*Chapter 4: PUBLIC SPENDING PRESSURES
4.1 Introduction
4.2 Trends in public spending since 1997
4.3 Scenarios for the 2007 CSR
4.4 Longer-term pressures on spending
4.5 Conclusion
 
*Chapter 5: PUBLIC FINANCE FORECASTS
5.1 Introduction
5.2 Short-term projections
5.3 Medium-term prospects
5.4 Alternative macroeconomic assumptions
5.5 The fiscal rules and the Budget judgement
 
*Chapter 6: FUNDING ISSUES AND DEBT MANAGEMENT
6.1 Introduction
6.2 How does gilt issuance affect yields?
6.3 The sustainability of low interest rates
6.4 How should the government fund its borrowing?
6.5 The DMO's current strategy'
6.6 Buying back company pension liabilities
6.7 Conclusion
 
*Chapter 7: TAX CREDITS: FIXED OR BEYOND REPAIR?
7.1 Introduction
7.2 How do tax credits work?
7.3 What went wrong and what has been done?
7.4 Have the new tax credits met their goals?
7.5 Conclusion
 
*Chapter 8: PRODUCTIVITY POLICY
8.1 Introduction
8.2 R&D tax credits
8.3 The National Employer Training Programme
8.4 Planning regulation and economic performance
 
*Chapter 9: COMPANY TAXATION
9.1 Introduction
9.2 International pressures and the European Court of Justice
9.3 North Sea taxation
9.4 The starting rate of corporation tax: an obituary
 
*Chapter 10: TAX AVOIDANCE
10.1 Introduction
10.2 What is acceptable tax avoidance?
10.3 Underlying issues
10.4 Tax Avoidance Disclosure
10.5 'Tax in the Boardroom'
10.6 Conclusion
 
*Chapter 11: APPENDICES
Appendix A: Forecasting public finances
Appendix B: Headline tax and benefit rates and thresholds
 

The Institute for Fiscal Studies, January 2006
ISBN 1-903274-44-3

 

Presentations

Presentations from the Green Budget conference are available in PowerPoint.

The economic outlook
David Miles

The public finances
Carl Emmerson

Public spending
Christine Frayne

Funding issues and debt management
David Miles

Tax credits
Mike Brewer

Company tax
Steve Bond

Productivity
Rupert Harrison

 
 
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