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IFS is an ESRC Research Centre

 

Green Budget 2007

in collaboration with

The Green Budget 2007 was edited by Robert Chote, Carl Emmerson, Andrew Leicester 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 the Microeconomic Analysis of Public Policy at IFS.

You can download the whole document [3582 KB] here. Individual chapters can be downloaded below, also as acrobat files.

*Chapter 1: SUMMARY
 
*Chapter 2: THE PUBLIC FINANCES UNDER MR BROWN
2.1 Introduction: Brown's fiscal objectives
2.2 Brown's inheritance
2.3 The Brown decade
2.4 Brown's bequest
2.5 Brown's plans and forecasts
2.6 Uncertainty and the Treasury's fiscal forecasts
2.7 Fiscal monetary coordination
2.8 Conclusion
 
*Chapter 3: THE FISCAL RULES AND POLICY FRAMEWORK
3.1 Introduction
3.2 The golden rule
3.3 The sustainable investment rule
3.4 Reforming the rules: a golden opportunity?
 
*Chapter 4: THE ECONOMIC OUTLOOK
4.1 Introduction
4.2 Recent developments
4.3 Productive potential and the economic cycle
4.4 The short-term outlook
4.5 The medium-term outlook
 
*Chapter 5: GREEN BUDGET 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 The likely scale of debt issuance
6.3 Demand for gilts from the Bank of England
6.4 Optimal debt management
6.5 The impact of changing debt stock composition
6.6 Longevity and new types of debt instruments
6.7 Tax deductibility of corporate interest payments
6.8 Conclusion
 
*Chapter 7: CHALLENGES FOR PUBLIC SPENDING
7.1 Introduction
7.2 Trends in UK public spending
7.3 Scenarios for the 2007 CSR
7.4 Longer-term spending pressures
7.5 Conclusion
 
*Chapter 8: PUBLIC SERVICES PERFORMANCE
8.1 Introduction
8.2 Measuring public sector output and productivity
8.3 Trends in public sector preformance
8.4 Conclusion
 
*Chapter 9: VAT FRAUD AND EVASION
9.1 Introduction
9.2 The vulnerability of VAT to evasion and fraud
9.3 Estimates of losses through evasion and fraud
9.4 Policy options to tackle VAT evasion and fraud
 
*Chapter 10: TAXATION OF MULTINATIONALS AND THE ECJ
10.1 Introduction
10.2 Background
10.3 Controlled Foreign Companies rules
10.4 Taxation of foreign profits
10.5 Corporate tax rates
 
*Chapter 11: ENVIRONMENTAL TAXATION
11.1 Introduction
11.2 The economics of environmental taxation
11.3 Current environmental taxes
11.4 Environmental tax revenues
11.5 Possible reforms
11.6 Conclusions
 
*Chapter 12: SUPPORTING COUPLES WITH CHILDREN THROUGH THE TAX SYSTEM
12.1 Introduction
12.2 What should governments think about when designing taxes and benefits for couples?
12.3 The current system and its perceived drawbacks
12.4 Three proposals for reform
12.5 Conclusions
 
*APPENDICES
Appendix A: Forecasting public finances
Appendix B: Headline tax and benefit rates and thresholds
 

The Institute for Fiscal Studies, January 2007
ISBN: 1-903274-48-6; ISBN 13: 978-1-903274-48-4

 

Presentations

Presentations from the Green Budget conference will be available in PowerPoint afterwards.

Gordon Brown's record and challenges for future spending

The public finances going forward

The economic outlook

Funding issues and debt management

VAT fraud and evasion

Taxation of multinationals and the ECJ

Environmental taxation

Supporting couples with children through the tax system

 
 
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