This consultation form a key part of a wider set of reforms announced at Budget 2014. The government is keen to ensure that individuals who want to save are supported in doing so. The nature of retirement is changing as people are living longer and their needs more varied. In this Government's view the State should not be imposing restrictions on individuals who have made tough choices to save for the future. So from next year there will be no restrictions on people's ability to draw down from their defined contribution pension pots after age 55. The tax rules will be drastically simplified to give flexible access to pension savings. Consumers will therefore also need to be well informed to make their choices and the Government will introduce a new duty on pension providers and schemes to deliver a 'guidance guarantee' by April 2015. They will also make available a £20 million development fund to get the initiative up and running
This assessment finds that the UK is a successful union because taxation, spending, monetary policy and financial stability policy are co-ordinated across the whole UK. It means risks are pooled, there is a common insurance against uncertainty and no one area or sector of the larger economy is too exposed. Within a sterling currency union, an independent Scottish state would find it more difficult to adjust to the effects of economic challenges. The continuing UK would become unilaterally exposed to much greater fiscal and financial risk from a separate state. Greater fiscal risk would come from UK taxpayers being asked to support the wider economy of another state and also financial risk were banks from that state to fail. The experience of the euro area in the financial crisis highlighted the challenges of creating a durable and effective currency union, illustrated by the very difficult economic adjustments required by some members and the financial risks that have been accepted by other members and their taxpayers. On the basis of the scale of the challenges, and the Scottish Government's proposals for addressing them, HM Treasury would advise the UK Government against entering into a currency union. There is no evidence that adequate proposals or policy changes to enable the formation of a durable currency union could be devised, agreed and implemented by both governments.
In this paper the Government announces an increase in capital spending plans by £3 billion a year, from 2015, which means an additional £18 billion of investment over the next parliament. The Government is taking a long-term approach to infrastructure, to overcome decades of short-term decision making and uncertainty in funding, financing and failures in delivery. Plans include over £70 billion of investment in transport, over £20 billion in schools and £10 billion in science, housing and flood defences. Specific commitments include funding for HS2, the biggest programme of investment in roads since the 1970s, and superfast broadband provision will be expanded so 95 per cent of UK premises will have access to superfast broadband by 2017.Action is being taken to provide the support needed to enable up to £100 billion of private sector energy investment, including through the further roll-out and extension of the UK guarantees scheme. Lessons on successful project delivery will be learnt from the Olympics and similar examples.
The Financial Services (Banking Reform) Bill aims to establish a more resilient, stable and competitive banking sector; to reduce the severity of a future financial crisis; and to protect taxpayers in the event of such a crisis. It is primarily an enabling Bill, which provides HM Treasury with the requisite powers to implement the policy underlying the Bill through secondary legislation. Three illustrative draft instruments were published in March 2013 in order to aid Parliamentary scrutiny of the Bill, and the Government has continued to develop those instruments. This paper invites comments on a further four statutory instruments: Ring-fenced Bodies and Core Activities Order; Excluded Activities and Prohibitions Order; Banking reform (Loss Absorbency Requirement) Order; and the Fees and Prescribed International Organisations Regulations. Further secondary legislation is planned for pensions and building societies.
The Office for Standards in Education (Ofsted) is a non-ministerial government department accountable to Parliament, which seeks to help improve the quality and standards of education and childcare through independent inspection and regulation. This departmental report covers Ofsted's work during the year 2006-07, as well as giving information on its organisational structure, expenditure and performance against Service Delivery Agreement targets. This is Ofsted's final report, as from April 2007 a new organisation was established called the Office for Standards in Education, Children's Services and Skills (which will also be known as Ofsted). This new body brings together the work of the Adult Learning Inspectorate, the children's services responsibilities of the Commission for Social Care Inspection and the inspection functions of the Children and Family Court Advisory and Support Service from Her Majesty's Inspectorate of Court Administration with the work of the old Ofsted.
This White Paper sets out the Government's proposal to introduce a power for local authorities and the Greater London Authority (GLA) to raise and retain local supplements on the national business rate, having examined carefully the potential benefits and costs, including economic impacts. Building on the extensive public sector debate on reforms to business rates in England, the recommendations of the Lyons Inquiry (ISBN 9780119898545) and the commitment to consider options for business rate supplements in the review of sub-national economic development and regeneration, the Government's proposed model for business rate supplements involves four levels of protection for business: revenue from supplements will only be available for spending on economic development, such as infrastructure. a national upper limit of 2p in the pound will be set on the level of supplements that can be levied. to protect smaller businesses from disproportionate burdens, properties liable for business rates with a rateable value of £50,000 or less will be exempted from paying supplements. where the supplement will support more than a third of the total cost of the project there will additionally be a full 'double-lock' ballot of businesses affected. Revenues from the supplements will be locally raised and retained, with local decision-making on the duration of any supplement and the specific projects it should be spent on. Only the highest tier local authority in ant area should be entitled to levy supplements. These authorities will be able to raise supplements for projects, within the existing statutory framework.
The third sector is defined as non-governmental organisations that are value driven and reinvest their surpluses to further social, environmental, or cultural objectives. They include voluntary and community organisations; social enterprises; and cooperatives and mutuals. The four major areas of common interest between the sector and Government are: enabling greater voice and campaigning; strengthening communities; transforming public services; and encouraging social enterprise. These areas form the basis of the Government's proposed framework for partnership over the next ten years.
HMRC is the UK's tax administration, responsible for administering income tax, corporation tax, VAT, National Insurance contributions, excise dutes, environmental taxes, insurance premium tax, capital gains tax, petroleum revenue tax and stamp duty. It is also responsible for the payment of tax credits, child benefit and child trust fund endowments. Some of the achievements recorded for the first part of 2009-10 include: collection of over £209 billion in revenue; delivery of the biggest change to PAYE system in 20 years with the launch of the new PAYE Service and Work Management System (MPPC); delivery of the largest learning intervention in the UK this year with that new service; delivered 14 full or partial vacations of HMRC locations resulting in savings of £6.8 million; achieving platinum status in the Business in the Community Corporate Responsibility Index and the launching of the Health in Pregnancy Grant
The Budget sets out the Government's plans for taxation, public spending and economic growth for the coming year. Details announced include: an annual growth rate of 2.5 per cent for 2006-07 with a forecast of 2.75 to 3.25 per cent for 2007-08; an inflation rate of two per cent this year; and public sector borrowing on course for a 16 billion surplus over the economic cycle ending in 2010-11, with net borrowing set at 37 billion for this year and 36 billion next year, falling to 23 billion in the year to 2010-11.
Data and facts about the state of the United Kingdom can be found in this comprehensive, up-to-date yearbook. It provides a wide range of information about the nation's spheres of activity, including economic activity, the environment, social and cultural affairs, and more.
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