Analysis Of Budget 2008

The Budget sets out the Government's plans for taxation, public spending and economic growth for the coming year. The Government reports that the economy is stable and resilient, and continuing to grow, and that its strict fiscal rules are being met. Measures include: further financial support for children to move 250,000 out of poverty; an additional one-off payment for over-80s and over-60s households alongside the Winter Fuel Payment; increased support and access to finance for small firms; a £200 million package to support and bring forward by one year the GCSE targets; postponement of the planned fuel duty increase of 2 pence per litre in April 2008 until October 2008; an increase in alcohol duty rates by 6 per cent from 17 March 2008; laying the ground work for the introduction for five-year carbon budgets (the first of which will be included in Budget 2009); further steps to tackle climate change, including reforms to Vehicle Excise Duty, auctioning of 100 per cent of allowances for large electricity producers in Phase III of the EU Emissions Trading Scheme, and that to eliminate single use carrier bags the Government will legislate and impose a charge if retailers do not take voluntary action; further reforms to modernise the tax system, and a number of measures to combat tax fraud and avoidance. (Supporting publications issued alongside the Budget are "The UK economy: analysis of long-term performance and strategic challenges" and "2008 long-term public finance report", HM Treasury - http://www.hm-treasury.gov.uk/budget/budget_08/bud_bud08_index.cfm). The National Audit Office "Audit of assumptions Budget 2008" is also available (HC 345, ISBN 9780102953367).

Contains analyses that are designed to highlight specified subject areas or provide other significant presentations of budget data that place the budget in perspective. Includes economic and accounting analysis; information on Federal receipts and collections; analyses of Federal spending; detailed information on Federal borrowing and debt; baseline or current services estimates; and other technical presentations. Also includes a CD-ROM with tables previously published in the budget documents, along with summaries of new performance assessments and updates on earlier assessments for approximately 600 Federal programs.

At the request of the Senate Committee on Appropriations, the Congressional Budget Office (CBO) has analyzed the President's budget request for fiscal year 2008. The analysis is based on CBO's own economic assumptions and estimating techniques, and incorporates the Joint Committee on Taxation's (JCT's) estimates for provisions that affect the tax code. In addition, it incorporates updated estimates from ICT for the President's health insurance proposal. This report provides more detail and analysis about the President's budgetary proposals and about CBO's updated baseline budget projections than did the preliminary report that CBO released on March 2.