Government and Public Sector
|
|
- Leonard Norris
- 5 years ago
- Views:
Transcription
1 Government and Public Sector Budget 2016 Digest Government and Public Sector Budget 2016 Digest 1
2 Economic story The background for the economic forecast is a slowing world economy. 2
3 The Chancellor talked about slow growth across the developed world, slower growth in China (but it is still rapid growth by the standards of western economies), and volatility on financial markets. All this adds to uncertainty, but the real story is the downward revision to the growth potential in the UK domestic economy. The forecast is being driven by recent revisions to historic GDP data (ONS revisions took 18 billion off the size of the economy) and how the OBR have interpreted these to simultaneously close the output gap and lower the estimate of UK trend productivity growth. With no margin of spare capacity in the economy, the best that can be achieved without entering an inflationary boom is growth in line with the long-term trend. And the OBR s judgement is that the trend rate of productivity (and hence GDP) growth is now lower than previously thought. Taken together, that means GDP growth is forecast to be 2.0 to 2.2 per cent in each forecast year, around a quarter of a percentage points lower than forecast in the Autumn Statement. Real GDP 2008Q1 = June 2010 March 2013 November 2015 March The cumulative effect of these adverse changes is to reduce the level of real GDP by 1½ per cent by the end of 2020, and revenues by more than 16 billion in the crucial year of , compared to the OBR s Autumn Statement forecast. This could be a pessimistic view; an alternative view would be that the output lost in the great recession was cyclical and will not be permanently lost. The OBR s judgement reflects the continued failure of productivity growth to recover, and it productivity is no longer assumed to return to its pre-crisis rate of growth. The OBR notes that this is similar to the pattern of productivity growth in the US and similar judgements have been made by the US Congressional Budget Office. Note that weak productivity growth is the converse of stronger than expected employment growth, which is pulling in more marginal (and lower skilled) people into the workforce. This is consistent with the picture of weak business investment we have seen throughout the recovery period, as businesses appear to prefer to expand labour over capital. The OBR forecast assumes that the Bank of England base rate is lower than previously forecast, reflecting weaker market expectations. This affects the composition of GDP, encouraging investment in particular, and also reduces the debt interest burden on public expenditure. A key assumption in the OBR forecast is that the UK remains in the EU. The OBR are clear that the merits of this or Brexit are beyond their remit, but they do observe that uncertainty may already be impacting business and consumer confidence, and that a vote to leave would result in an extended period of potentially disruptive uncertainty. The EY ITEM Club winter forecast is more positive than the OBR s Budget forecast, but it predates the recent GDP releases (and also the Budget). The ITEM Club view assumed variability in domestic demand growth would see more of a cyclical pattern in economic activity, with stronger growth in 2016, before slowing as fiscal tightening takes effect, and then picking up again at the end of the forecast period. Source: OBR Government and Public Sector Budget 2016 Digest 3
4 Economic story OBR Spring forecast, % changes on previous year GDP Domestic Demand Consumer spending Fixed investment Exports Imports ITEM club Winter forecast, % changes on previous year GDP Domestic Demand Consumer spending Fixed investment Exports Imports
5 Fiscal story Despite the weaker economy, the Chancellor was nevertheless able to revise down the borrowing figure for the current tax year (which many commentators expected to be revised up), and to hit his fiscal mandate in Government and Public Sector Budget 2016 Digest 5
6 Fiscal story This year s improvement is due to the OBR s optimism that the disappointing public sector borrowing performance of the first ten months will be reversed in February and March. The budget surplus in is achieved through a variety of tax increases and spending cuts, as well as a wholesale reallocation of spending and receipts to and from earlier years. As noted, the underlying tax receipts forecast is weaker than previously, adding 16 billion to borrowing plans in However, this is offset by a number of tax measures and public expenditure cuts apparently targeted to hit the fiscal mandate in billion November surplus forecast Underlying forecast changes Weaker Receipts Higher noninterest spending Lower debt interest March pre-measures deficit forecast Lower departmental current spending Budget policy changes Public service pensions measure Lower departmental capital spending Net tax increase Welfare cuts and other factors March post-measures surplus forecast These include deferring Corporation Tax receipts (scored on a cash not accruals basis), efficiency savings due in , bringing forward capital expenditure, and a number of tax measures that bite most significantly in , including the headline grabbing new tax on sugary drinks. The sheer number of tax and spending measures with a fiscal impact is the largest for two decades. In aggregate there were increases for large business (despite the headline CT rate cut, which is more than offset by implementing the OECD s recommendations on Base Erosion & Profit Shifting), cuts for small business (through business rate relief), a small increase in indirect taxes (including the new sugary drinks tax), personal tax cuts (personal allowance, ISAs and CGT), and the now familiar raft of anti-avoidance measures. This Budget clearly exposes the flaws in the new fiscal mandate. To achieve the budget surplus by the fixed date of , there has to be a raft of measures to tighten policy in that target year. This plan looks increasingly difficult, forcing a sharp fiscal tightening in a pre-election year. The net effect is a planned fiscal tightening of 1.5 per cent of GDP in , larger than in any year since In the OBR s forecast this fiscal contraction has no impact on economic growth, which may be too sanguine. As often with fixed rules, the requirement to achieve budget surplus in is driving some unintended behaviours - volatility in tax and spending plans from one fiscal event to the next, some gratuitous shuffling of both tax and spending between years solely to meet the target, and a pro-cyclical pattern in fiscal planning. At the Autumn Statement the fiscal mandate interacted with an improving economy to yield more favourable public expenditure; this is reversed now due to the slower trend growth projections. This pattern of cutting spending when the economy weakens is bad economics, acerbating cyclical swings in the economy. Source: OBR 6
7 Departmental spending plans are now higher over the next two years, but then move sharply lower than envisaged at the Autumn Statement for and , effectively wiping out the bounce that was expected then. There are a few small increases in spending, hypothecated from tax increases (insurance tax to fund flood defences, soft drinks tax to fund an education package), and several infrastructure announcements. The main cuts are to overseas aid (in line with lower GDP); a 3.5 billion departmental efficiency review that will report in 2018 and take effect in ; a 2 billion increase in pension contributions by public sector employers; and the stricter eligibility criteria for disability benefits announced earlier in the week. Austerity is now extended into the next decade ( ), with a 10 billion cut compared to Autumn Statement plans. With all these changes, real public expenditure (i.e. real DEL) is now forecast to be a bit higher in early years (even rising marginally in ), before big year-on-year cuts in and With the exception of the last two years, the pace of cuts has slowed compared to the first parliament around 1 per cent per annum, compared to over 8 per cent per annum Overall the cut in real DEL is 3.7 per cent in this Parliament, or 4.3 per cent including the increased public sector pension contributions. In non-protected departments the scale of real cut is much greater, around 13 per cent. There are also a number of deliverability risks: pressures from an ageing population (health, social services); benefit reforms (universal credit, disability benefits); employment costs (wages, NICs, National Living Wage, public sector pension contributions); and the expectation of departmental underspends already baked-into the arithmetic. UK: Change in Real DEL, from ( bn, prices) Source: EY ITEM Club, OBR March 2015 July 2015 November 2015 March 2016 OBR These public expenditure risks, taken together with a planned tightening of 13bn in each of and , which that looks both economically and politically challenging, will make it tough going for the Chancellor to meet his target for a budget surplus by the end of the decade. Government and Public Sector Budget 2016 Digest 7
8 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com. Ernst & Young LLP The UK firm Ernst & Young LLP is a limited liability partnership registered in England and Wales with registered number OC and is a member firm of Ernst & Young Global Limited. Ernst & Young LLP, 1 More London Place, London, SE1 2AF Ernst & Young LLP. Published in the UK. All Rights Reserved. EYG No: ED None In line with Ernst & Young s commitment to minimise its impact on the environment, this document has been printed on paper with a high recycled content. Information in this publication is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Ernst & Young LLP accepts no responsibility for any loss arising from any action taken or not taken by anyone using this material. ey.com/uk
Economic and fiscal outlook
Economic and fiscal outlook 16 March 2016 Robert Chote Chairman Coverage and process Five year forecasts, plus assessment of targets Independent BRC responsible for conclusions Helped by OBR staff and
More informationEY banking alert. Draft Finance Bill Taking stock of the Autumn Statement and draft Finance Bill Introduction
9 December 2016 Draft Finance Bill 2017 EY banking alert Taking stock of the Autumn Statement and draft Finance Bill 2017 Introduction The Government has explicitly set out its long term plans for banking
More informationPOLICY BRIEFING. ! Institute for Fiscal Studies 2015 Green Budget
Institute for Fiscal Studies 2015 Green Budget 1 March 2015 Mark Upton, LGIU Associate Summary This briefing is a summary of the key relevant themes in the Institute of Fiscal Studies 2015 Green Budget
More informationFinance Bill Draft Finance Bill 2018 clauses. Draft clauses and other documents published on 13. September 2017
September 2017 Draft Finance Bill 2018 clauses Finance Bill 2018 Draft clauses and other documents published on 13 September 2017 13 September 2017 saw the publication of a number of draft clauses intended
More informationEurozone. EY Eurozone Forecast December 2014
Eurozone EY Eurozone Forecast December 2014 Outlook for Road to recovery remains strewn with obstacles Published in collaboration with Highlights GDP growth With the Finnish economy still struggling to
More informationEY UK Tax Strategy. Financial year ending 30 June 2017
EY UK Tax Strategy Financial year ending 30 June 2017 EY s values and our commitment to building a better working world drive our tax strategy Scope This tax strategy applies to EY LLP and all its wholly
More informationTax deductibility of corporate interest expense
Tax Services 13 May 2016 Tax deductibility of corporate interest expense Further consultation Consultation on detailed policy design and implementation On 12 May 2016, HM Treasury and HMRC released a further
More informationBanking & Capital Markets Tax Alert
Autumn Statement 2014 Banking & Capital Markets Tax Alert The headline Autumn Statement news for banks, building societies and other regulated entities is the restriction on the use of brought forward
More informationa labour market that has continued to exhibit strong growth in employment, but weak growth in earnings and productivity; and
1 Executive summary 1.1 Twice a year at the OBR, we provide a detailed central forecast for the economy and the public finances. These forecasts provide a transparent benchmark against which to judge the
More information1 Executive summary. Overview
1 Executive summary Overview 1.1 In the first combined Spending Review and Autumn Statement since 2007, the Government has taken advantage of an improvement in the outlook for tax receipts concentrated
More informationOECD BEPS and EU Anti-Tax Avoidance Directive
Tax Services OECD BEPS and EU Anti-Tax Avoidance Directive Implications for captive insurers Executive summary Over the last five years global tax authorities have increasingly scrutinised captive insurance
More informationThe shape of things to come. Tax Director aspirations for the Business Tax Roadmap
The shape of things to come Tax Director aspirations for the Business Tax Roadmap Highlights In February 2016, we surveyed Tax Directors to understand the challenges they would like to see addressed in
More informationForecast evaluation report October 2012
Forecast evaluation report 2012 16 October 2012 The aim of the FER We publish 2 EFO forecasts a year We emphasise and quantify uncertainty But still publish detail of central forecast and evaluate ex post
More informationUK Economic Forecast Q3 2015
UK Economic Forecast Q3 2015 BUSINESS WITH CONFIDENCE 2 Introduction Welcome to the Q3 2015 ICAEW Economic Forecast, based on the views of the people running UK plc; ICAEW Chartered Accountants working
More informationGillian Lofts. Generic guidance critical for industry and consumers Update on TSIP initiative. Guidance Deconstructed for life, not just at retirement
@uktisa Gillian Lofts EY #SummitPC15 Generic guidance critical for industry and consumers Update on TSIP initiative Draft for discussion 1 Low levels of financial capability and savings in UK population
More informationNon-resident capital gains taxation on direct and indirect sales of UK property
July 2018 Draft Finance Bill clauses Non-resident capital gains taxation on direct and indirect sales of UK property Summary of proposals Gains on disposals of all UK property and certain UK property rich
More informationEuropean Union (Withdrawal) Bill
July 2017 Brexit alert European Union (Withdrawal) Bill Published 13 July 2017 Following the announcement in the Queen s Speech on 21 June 2017, the Government has introduced into Parliament the Repeal
More informationCyprus. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands
EY Forecast June 215 rebalancing recovery Outlook for Renewed external funding to support growth, but is a worry Published in collaboration with Highlights The ending of capital controls and the approval
More informationGreece. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands
EY Forecast June 215 rebalancing recovery Outlook for Delay in agreeing reform agenda has undermined the recovery Published in collaboration with Highlights The immediate economic outlook for continues
More informationOn course for competitiveness. Budget survey 2014
On course for competitiveness Budget survey 2014 Executive summary With an election looming next year and EY s ITEM club predicting a modest upgrade to the short-term forecast for economic growth, the
More informationReal estate funds. Are you leaving money on the table?
Real estate funds Are you leaving money on the table? Relevant to real estate fund managers or those managing investments under a segregated account mandate In a rapidly changing tax environment, it is
More information1 Executive summary. Overview
1 Executive summary Overview 1.1 Relatively little time has passed since our November forecast and the outlook for the economy and public finances looks broadly the same. The economy has slightly more
More informationSlovenia. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands
EY Forecast June 215 rebalancing recovery Outlook for Activity to remain solid this year, after growing 2.4% in 214 Published in collaboration with Highlights n GDP grew by 2.4% in 214 and 3% in Q1 215,
More information1 Executive summary. Overview
1 Executive summary Overview 1.1 In headline terms, the UK economy has outperformed our March forecast, with GDP expected to grow by 3.0 per cent this year and unemployment already down to 6.0 per cent.
More informationThe Autumn Statement. Implications for Scotland. November: 2016
The Autumn Statement Implications for Scotland November: 2016 Autumn Statement 2016: why the excitement? UK fiscal policy dominated by George Osborne s 2019/20 fiscal surplus target Brexit vote and downward
More informationThe Summer budget: Taxes up, borrowing up, departmental spending up
The Summer budget: Taxes up, borrowing up, departmental spending up Rowena Crawford Changes in borrowing forecasts since March Public sector net borrowing, billion 2014 15 2015 16 2016 17 2017 18 2018
More informationWhat next after the general election?
Tax Services What next after the general election? In the ten days since they won a majority in the House of Commons, the Conservative party has both confirmed the make-up of the new Government with its
More informationEurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for
More informationLarge business tax compliance
Finance Bill 2016 Large business tax compliance New measures applicable from April or July 2016 A package of measures to drive behavioural change Details of HMRC s new large business tax compliance package
More informationThe end of deficit reduction? Thomas Pope
Thomas Pope Some things didn t change yesterday The medium-term growth forecast is still sluggish Real growth of only 1.6% forecast in 2023 Pessimistic view of productivity remains Small improvement from
More informationAct or react? Navigating your business through political uncertainty. The better the question. The better the answer. The better the world works.
Act or react? Navigating your business through political uncertainty The better the question. The better the answer. The better the world works. For further information contact: Mats Persson Head of International
More informationEurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for
More informationNovember 2017 Budget. Overview. Economic Overview. 22 November 2017
22 November 2017 November 2017 Budget Overview This was the first Autumn Budget, following Philip Hammond s announcement that he was changing both the timing and the frequency of the Government s fiscal
More informationForecast evaluation report October 2017 Robert Chote, Chairman, Office for Budget Responsibility
Forecast evaluation report October 2017 Robert Chote, Chairman, Office for Budget Responsibility Good afternoon everyone. My name is Robert Chote, chairman of the OBR, and I would like to welcome you to
More informationSpring Statement 2018: The lost decade
Thomas Pope Wednesday 14 th March 2018 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2007 08 =100 Very small improvement in the growth forecast yesterday 120 118 116 114 112 110 108 106
More information1 Executive summary. Overview
1 Executive summary Overview 1.1 The UK economy has slowed this year as households real incomes and spending have been squeezed by higher inflation. GDP growth has been a little weaker than we expected
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook
More informationFinance Bill Finance Bill Draft legislation on modified UK patent box. Executive Summary. December 2015
Finance Bill 2016 December 2015 Finance Bill 2016 Draft legislation on modified UK patent box Executive Summary On 9 December 2015, draft legislation was published in relation to modifying the UK patent
More informationUK construction: margin pressure
UK construction: margin pressure Contents 3 5 Part 1 Strong headwind Part 2 Anticipating the storm 1 Research methodology EY analysed available accounts of the top 100 private and public UK construction
More informationEurozone. EY Eurozone Forecast September 2013
Eurozone EY Eurozone Forecast September 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Germany
More informationTaxing gains made by nonresidents immovable property and other proposals
22 November 2017 Autumn Budget 2017 Taxing gains made by nonresidents on UK immovable property and other proposals Summary Taxation of gains on UK immovable property Today, as part of the Autumn Budget
More informationKey employee share schemes and securities developments
12 December 2013 Finance Bill 2014 Key employee share schemes and securities developments Draft clauses for Finance Bill 2014 (FB 2014) were published on 10 December 2013. They include a number of important
More informationThe future of assurance EU audit reform what it means for you
The future of assurance EU audit reform what it means for you 1/8 2/8 Viewpoint Isabelle Santenac is EY s Assurance Managing Partner for Financial Services in Europe, Middle East, India and Africa. She
More informationTUC Statement on the HM Treasury Spring Statement : Time for action
TUC Statement on the HM Treasury Spring Statement : Time for action Time for action At the Autumn Budget the Chancellor looked to a future that will be full of change; full of new challenges and above
More informationEurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Finland
More informationConsultation on modified UK patent box
Tax Services 26 October 2015 Consultation on modified UK patent box Executive summary A joint consultation document published by HMRC and HM Treasury on 22 October 2015 sets out the Government s proposals
More informationThe non-dom newsletter
September 2015 Tax Services The non-dom newsletter Introduction Welcome to the first edition of our Non-Dom Newsletter. This newsletter has a single focus: to keep you abreast and advised of the changing
More information1 March 2015 Economic and fiscal outlook Executive summary
1 March 2015 Economic and fiscal outlook Executive summary Overview 1.1 In the relatively short period since our last forecast in December, there have been a number of developments affecting prospects
More informationUK public finances and the financial crisis
UK public finances and the financial crisis Carl Emmerson and Gemma Tetlow Presentation given at workshop on European public finances through the financial crisis, ZEW Centre for European Economic Research,
More informationEurozone. EY Eurozone Forecast December 2013
Eurozone EY Eurozone Forecast December 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Germany Strong
More informationOur inaugural Fiscal risks report. Robert Chote Chairman
Our inaugural Fiscal risks report Robert Chote Chairman 13 July 2017 Background The IMF s 2016 UK Fiscal Transparency Evaluation said that In many cases, the government s control of risks falls short of
More informationCommentary on the Public Sector Finances release: September 2018
Commentary on the Public Sector Finances release: September 2018 19 October 2018 1. The Office for National Statistics and HM Treasury published their Statistical Bulletin on the September 2018 Public
More informationTax pledges in the 2015 election manifestos
Tax Services Tax pledges in the 2015 election manifestos With Thursday s general election still too close to call, a hung Parliament is widely expected and it is not clear which parties would be in a position
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Slovakia Slovenia Spain Outlook for Modest
More informationSpring Statement and associated documents
March 2018 Spring Statement and associated documents In his speech of 13 March, the Chancellor stuck by his plans that major tax or spending changes would now be made only once a year - at the Budget in
More informationEurozone Ernst & Young Eurozone Forecast Spring edition March 2013
Eurozone Ernst & Young Eurozone Forecast Spring edition March 2013 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain
More informationEurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 214 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Slovenia
More informationBFFF Annual Conference
BFFF Annual Conference The Economic Outlook February 22 2017 Roger Martin-Fagg Behavioural Economist THE DEFINITION OF VALUE ADDED SALES REVENUE subtract ALL PAID INVOICES = PROFIT AFTER TAX AND INTEREST
More informationGlobal economy in charts
Global economy in charts Ian Stewart, Debapratim De, Tom Simmons & Peter Ireson Economics & Markets Research, Deloitte, London Summary 1. Global activity easing 2. Slowdown most apparent in euro area 3.
More informationThe outlook for the 2019 Spending Review
Carl Emmerson Presentation given at the Institute for Government/Institute for Fiscal Studies event The 2019 Spring Statement and Spending Review 11 February 2019 The 2019 Spending Review Much we don t
More informationInvestors show more optimism for financial services in Europe. European Attractiveness Survey 2017: financial services view
Investors show more optimism for financial services in Europe European Attractiveness Survey 2017: financial services view Marcel van Loo EMEIA Financial Services, Regional Managing Partner 1 Foreword
More informationFraud risk management. Oil and gas sector
Fraud risk management Oil and gas sector Fraud risk management oil and gas sector Contents Why should you be concerned about fraud risks? 1 Key risks in the oil and gas sector 2 Five key factors your business
More informationSignificant tax changes: UK implications for captive insurers
Tax Services Significant tax changes: UK implications for captive insurers Executive summary This alert sets out how recent developments in the global tax environment may impact UK-connected groups with
More information4 Does trade hold the key to the UK services productivity puzzle? 1
4 Does trade hold the key to the UK services productivity puzzle? 1 Introduction and summary The UK economy is a highly servicesoriented economy. Services make up over three-quarters of GDP and over 80%
More informationThe Reduced Disclosure Framework
The Reduced Disclosure Framework An approach to shareholder communication: Option B Enabling an objection via a response form February 2015 Contents Page Section 1 Introduction to the Reduced Disclosure
More informationUK issues position paper update on corporate tax and the digital economy
14 March 2018 Global Tax Alert UK issues position paper update on corporate tax and the digital economy EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy
More informationEconomic Perspectives
Economic Perspectives What might slower economic growth in Scotland mean for Scotland s income tax revenues? David Eiser Fraser of Allander Institute Abstract Income tax revenues now account for over 40%
More informationNorthern Ireland Quarterly Sectoral Forecasts
2017 Quarter 1 Northern Ireland Quarterly Sectoral Forecasts Forecast summary The Northern Ireland economy enjoyed a solid performance in 2016 with overall growth of 1.5%, the strongest rate of growth
More informationUK Banking & Capital Markets Budget Alert
Summer Budget 2015 UK Banking & Capital Markets Budget Alert Headlines The UK Budget announcements herald a major shift in banking tax policy, with the UK Government attempting to respond to industry concerns
More information9 A fiscal stress test
9 A fiscal stress test Introduction 9.1 The International Monetary Fund (IMF) recommends that fiscal risk analysis should include a fiscal stress test, which examines how the public finances would respond
More informationThe reasons why inflation has moved away from the target and the outlook for inflation.
BANK OF ENGLAND Mark Carney Governor The Rt Hon George Osborne Chancellor of the Exchequer HM Treasury 1 Horse Guards Road London SW1A2HQ 12 May 2016 On 12 April, the Office for National Statistics (ONS)
More informationCapital gains for nonresidents. legislation released
Finance Bill 2015 Capital gains for nonresidents - draft tax legislation released Introduction On 10 December 2014 the UK Government released draft legislation on the extended capital gains tax (CGT) charge
More informationCredit Ratings Advisory Q3 2017
Credit Ratings Advisory Q3 2017 What we do Credit ratings assessment For unrated clients we assess the likely outcome of a credit ratings process to support funding options advice or debt capital raising/refinancing
More informationOffice for Budget Responsibility
Office for Budget Responsibility Economic and fiscal outlook November 2017 Cm 9530 Office for Budget Responsibility: Economic and fiscal outlook Presented to Parliament by the Exchequer Secretary to the
More informationTravel and subsistence survey
Travel and subsistence survey Executive summary As a response to an Office of Tax Simplification report, HM Treasury (HMT) and HMRC are reviewing the legislation and guidance which applies to the taxation
More informationGeneral insurance pricing conduct: getting the price right
General insurance pricing conduct: getting the price right Minds made for shaping financial services July 2018 When the financial services industry works well, it creates growth, prosperity and peace of
More informationDraft Finance (No.2) Bill 2017
13 July 2017 Draft Finance (No. 2) Bill 2017 Draft Finance (No.2) Bill 2017 The Government has announced today that the Finance (No.2) Bill 2017, which brings back measures deferred from Finance Act 2017,
More informationUK publishes draft Finance Bill clauses and other documents
9 July 2018 Global Tax Alert UK publishes draft Finance Bill clauses and other documents NEW! EY Tax News Update: Global Edition EY s new Tax News Update: Global Edition is a free, personalized email subscription
More informationJan F Qvigstad: Outlook for the Norwegian economy
Jan F Qvigstad: Outlook for the Norwegian economy Address by Mr Jan F Qvigstad, Deputy Governor of Norges Bank (Central Bank of Norway), at Sparebank 1 Fredrikstad, 4 November 2009. The text below may
More information2017 Fiduciary management fees survey. February 2018
2017 Fiduciary management fees survey February 2018 Contents Survey highlights 4 Introduction 5 Components of fees in a fiduciary management mandate 7 Fiduciary management fees 8 Investment management
More informationUK Spring Budget 2017 business taxes
9 March 2017 Global Tax Alert UK Spring Budget 2017 business taxes EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationHighlights and key messages for business and public policy
Highlights and key messages for business and public policy Key projections 2017 2018 Real GDP growth 1.5% 1.4% Consumer spending growth 1.6% 1.1% Inflation (CPI) 2.7% 2.7% Source: PwC main scenario projections
More informationWHEN REBALANCING GOES BAD
BRIEFING Tony Dolphin December IPPR WHEN REBALANCING GOES BAD WHY THE CHANCELLOR S DEFICIT REDUCTION PLAN THREATENS THE ECONOMIC RECOVERY Institute for Public Policy Research ABOUT THE AUTHOR Tony Dolphin
More informationMain Economic & Financial Indicators Poland
Main Economic & Financial Indicators Poland. 6 OCTOBER 2015 NAOKO ISHIHARA ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44-(0)20-7577-2179 E naoko.ishihara@uk.mufg.jp The Bank of Tokyo-Mitsubishi UFJ,
More informationNovember 2018 Budget. Overview. Economic Overview. 30 October 2018
30 October 2018 November 2018 Budget Overview Chancellor Philip Hammond delivered his final Budget before the UK is due to leave the EU and ahead of the 2019 Comprehensive Spending Review with a positive
More informationGovernment tax, spending and debt a decade on from the financial crisis
a decade on from the financial crisis Carl Emmerson Presentation to A level students, London, 26 November 2018 http://www.ifs.org.uk/ http://twitter.com/theifs What happened? Financial crisis hits in 2008
More informationMinistry of Finance November Updated Swedish Convergence Programme
Ministry of Finance November 2003 Updated Swedish Convergence Programme Ministry of Finance Updated Swedish Convergence Programme November 2003 2 3 I Introduction In accordance with the Council s regulation
More informationEurozone. EY Eurozone Forecast March 2014
Eurozone EY Eurozone Forecast March 214 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Estonia
More informationRic Battellino: Recent financial developments
Ric Battellino: Recent financial developments Address by Mr Ric Battellino, Deputy Governor of the Reserve Bank of Australia, at the Annual Stockbrokers Conference, Sydney, 26 May 2011. * * * Introduction
More informationREPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 597 SESSION OCTOBER Cross government. Managing budgeting in government
REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 597 SESSION 2012-13 18 OCTOBER 2012 Cross government Managing budgeting in government 4 Key facts Managing budgeting in government Key facts 2,601bn total
More informationThe impact of IFRS 16 on the UK tax position
May 2018 Tax Services The impact of IFRS 16 on the UK tax position Understanding the impact of IFRS 16 International Financial Reporting Standard 16 Leases (IFRS 16) comes into force for annual periods
More informationSpring Budget IFS Director Paul Johnson s opening remarks
Spring Budget 2017 IFS Director Paul Johnson s opening remarks Spring Budgets seem to be going out with something of a whimper. Yesterday s was one of the smallest I can remember in pretty much every dimension
More informationPrivate Client Services
Private Client Services Residential property Charges for non-natural persons March 2013 Residential property: charges for non-natural persons The 2012 Chancellor s Budget contained a number of announcements
More informationCompulsory purchase orders. Resolving disputes
Compulsory purchase orders Resolving disputes Compulsory purchase of property is an essential tool in a modern democratic society. It facilitates planned and orderly development Hand in hand with the power
More informationAutumn 2017 Budget: Options for easing the squeeze
Autumn 2017 Budget: Options for easing the squeeze Carl Emmerson and Thomas Pope Presentation at the Institute of Chartered Accountants in England and Wales London, 30 th October 2017 The March Budget
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Netherlands Portugal Slovakia Slovenia Spain Outlook for
More informationEurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 214 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Slovenia
More informationUpdate on HMRC s consultation on the modernisation of the corporate debt and derivative contract regimes
Tax Services Update on HMRC s consultation on the modernisation of the corporate debt and derivative contract regimes The consultation on reform of the loan relationships and derivative contract rules
More informationEurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Slovakia Slovenia Spain Outlook for exits bailout,
More information