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House of Commons
Session 2002-03
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Treasury Committee Publications

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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