The 2007 pre-budget report

Download or read book The 2007 pre-budget report written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2007-11-26 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report, from the Treasury Committee, considers the state of the United Kingdom economy, the public finances and individual tax measures in the 2007 Pre-Budget Report (Cm. 7227, ISBN 0101722729). The Committee examines the Pre-Budget Report under the following areas: the real economy; the public finances; taxation issues and the role of the Pre-budget report. The Committee has set out 21 conclusions and recommendations, including: that the risk remains that the credit crunch will have greater macroeconomic effect than expected; that the Treasury needs to recast the way in which it presents the risks to the economic forecasts in both Pre-budget and Budget reports; the Committee reiterates an earlier recommendation, that the Government review the golden rule such that it becomes more forward-looking and less dependent upon the dating of the economic cycle; the Committee expressed concern about the reform of the capital gains tax regime and the possible detrimental effects that the withdrawal of taper relief could have on small businesses, employee shareholders and longer-term investment; that it is important that the Pre-Budget retains a focus on consultation on fiscal measures that may be included in the forthcoming budget.