Treasury - Second Report
Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 9 January 2003.
CONTENTS
Terms of Reference
REPORT
SUMMARY
I. INTRODUCTION
II. THE ROLE OF THE PRE-BUDGET REPORT
The rationale for the Pre-Budget Report
Parliamentary Scrutiny of the Pre-Budget
Report
III. ECONOMIC FORECASTS
Economic developments since the Budget
Forecasts of the economy
Trend rate of output growth assumption
GDP growth
Short-term economic outlook
Medium-term economic outlook
Risks to the economic forecasts
Imbalances in the economy
Composition of GDP growth
Consumption and debt
House prices
Imbalances and inflation targeting
IV. FISCAL POLICY
Assumptions underlying the fiscal projections
The Public Finances
Forecasts of the public finances
The fiscal stance and the automatic stabilisers
Risks to the public finance projections
The structural nature of the public finances
Presentation of the balance of risks
The Treasury's fiscal rules
The Golden Rule
Progress against the golden rule
Sustainable Investment Rule
Compliance with the Stability and Growth
Pact
Tax receipts
Anti-avoidance measures
Tax receipts as a ratio of GDP
Expenditure
Public sector pay
Spending targets and public sector net investment
ANNEX
LIST OF RECOMMENDATIONS AND CONCLUSIONS
MINUTES OF PROCEEDINGS OF THE COMMITTEE
LIST OF WITNESSES
LIST OF MEMORANDA INCLUDED IN THE MINUTES
OF EVIDENCE
LIST OF APPENDICES TO THE MINUTES OF EVIDENCE
LIST OF REPORTS PUBLISHED BY THE TREASURY
COMMITTEE
MINUTES OF EVIDENCE
Thursday 5 December 2002
Tuesday 10 December 2002
Tuesday 17 December 2002
APPENDICES TO THE MINUTES OF EVIDENCE
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