|Date:||01 March 2006|
The Chancellor made his Budget statement at 12.30 pm on Wednesday 22nd March 2006.
On Thursday 23rd March, the day following the Budget, the Institute for Fiscal Studies held a lunchtime briefing. A press release is available, and presentations from the briefing can be downloaded here:
The IFS Green Budget 2006 assesses key questions that the Chancellor has to confront in drawing up his 2005 Budget statement. The areas covered are fiscal policy, public spending and the public finances; tax credits; productivity and company taxation; and tax avoidance. Published in collaboration with Morgan Stanley, the Green Budget also discusses the outlook for economic growth and governemnt debt management. These topics and others were covered in our general election analysis last year; we examined Labour's record since 1997 and the proposals in the three largest parties' manifestos.
Recent IFS analysis of the government's data on inequality looked in particular at the government's child poverty target and the possible cost of meeting its future targets. The report examined why child poverty has fallen under Labour, and why it did not fall enough for the child poverty targets for 2004/05 to be met.
It also found that there was slow growth in average living standards, but a rapid fall in pensioner poverty.
Our briefing notes, A survey of the UK tax system (Briefing Note 9, updated January 2006) and A survey of the UK benefit system (Briefing Note 13, updated November 2005) now include changes implemented after the 2005 Budget. Briefing notes include A survey of public spending in the UK (Briefing Note 43, updated September 2004), which provides an overview of public spending in the UK describing components of public spending and examining trends in expenditure.
Another briefing note, The government's fiscal rules (updated November 2005), describes the government's two fiscal rules and discusses the uncertainty inherent in forecasting the public finances.