The 2004 Pre-Budget report was published. It presented updated assessments and forecasts of the economy and public finances, reported on how policies were helping to delivery the government's long-term goals, and described the reforms the government was considering ahead of the 2005 Budget.
Source: Pre-Budget Report 2004: Opportunity for All - The strength to take the long-term decisions for Britain, Cm 6408, HM Treasury, TSO (0870 600 5522) | House of Commons Hansard, Debate 2 December 2004, columns 781-804, TSO
Links: Report (pdf) | Report (pdf links) | Hansard | HMT press release | IFS press release (pdf) | TUC press release | PwC press release | CBI press release | Guardian report
Date: 2004-Dec
The Department for Trade and Industry published a five-year plan. The plan focused on how to develop a strong, modern knowledge-based economy, able to meet the challenges posed by rapidly emerging economies and new technologies, and the need to transform the DTI to meet this new challenge.
Source: Creating Wealth from Knowledge, Department of Trade and Industry (0870 150 2500)
Links: Plan (pdf) | DTI press release | PM speech | CBI press release | Guardian report
Date: 2004-Nov
A trade union report said that the case for an economy fuelled by a flexible workforce, that could be hired and fired at will, was based on a selective analysis of the United States economy and a string of myths about successful job markets.
Source: Building a Modern Labour Market, Trades Union Congress (020 7467 1294)
Links: Report (pdf) | TUC press release | Guardian report
Date: 2004-Nov
A report by a committee of peers said that stronger independent assessment was needed of whether fiscal policy was being conducted within the government's stated fiscal framework.
Source: Monetary and Fiscal Policy: Present Successes and Future Problems, Third Report (Session 2003-04), HL 176, House of Lords Economic Affairs Select Committee, TSO (0870 600 5522)
Links: Report (pdf)
Date: 2004-Nov
An article examined the inter-relations between self-identity and organizational change in advanced capitalist societies characterized by deregulation of markets, privatization and globalizing economic relations. The gap between promises by employers to empower people at work and the experience of greater burdens and uncertain prospects had negative consequences for trust and morale.
Source: Janette Webb, 'Organizations, self-identities and the new economy', Sociology, Volume 38 Issue 4
Links: Abstract
Date: 2004-Oct
A think-tank paper said that cutting taxes was not only desirable morally, economically, and in terms of wealth creation: after a period of huge increases in public sector spending, it would also impose an essential discipline to constrain the further growth of the public sector.
Source: Norman Blackwell, Why Britain Can't Afford not to Cut Taxes Now, Centre for Policy Studies (020 7222 4488)
Links: Report (pdf) | CPS press release (pdf)
Date: 2004-Oct
A report looked at evidence for a link between consumer empowerment and economic competitiveness.
Source: Janet Bush, Consumer Empowerment and Competitiveness, National Consumer Council (020 7730 3469)
Links: Report (pdf)
Date: 2004-Oct
A framework set out a revised version of the strategy followed by the Scottish Executive for raising the quality of life of the Scottish people through increasing economic opportunities for all, on a socially and environmentally sustainable basis.
Source: Framework for Economic Development in Scotland, Scottish Executive, TSO (0870 606 5566)
Links: Report | Background paper | SE press release
Date: 2004-Sep
A manifesto for consumers called on the government to tackle social exclusion and consumer disadvantage; put consumers at the heart of public service reform; create the environment for empowering consumers in the market place; and encourage the development of healthier and sustainable choices for consumers.
Source: Consumer Futures: An NCC agenda for government, National Consumer Council (020 7730 3469)
Links: Manifesto (pdf) | NCC press release
Date: 2004-Sep
A report challenged the assumption that promoting economic growth was the government s most important function. It put forward a wide-ranging alternative manifesto calling on the government to help people to be happier and more fulfilled not richer and more depressed.
Source: Nic Marks and Hetan Shah, A Well-being Manifesto for a Flourishing Society, New Economics Foundation (020 7820 6300)
Links: Report (pdf) | NEF press release
Date: 2004-Sep
The Finance Act 2004, implementing the 2004 Budget, was given Royal assent.
Source: Finance Act 2004, TSO (0870 600 5522) | House of Commons Hansard, Debate 7 July 2004, columns 844-976, TSO
Links: Text of Act | Hansard (third reading)
Date: 2004-Jul
A new book examined the impact of labour and product market reforms in the United Kingdom during the 1980s and 1990s on productivity, employment and inequality. It considered how the United Kingdom managed to stave off falling earnings for lower-paid workers; the role of the reforms in increasing income inequality and poverty; and the effect of the reforms on reduced unemployment and the accelerated growth of real wages.
Source: David Card, Richard Blundell and Richard Freeman (eds.), Seeking a Premier Economy: The economic effects of British economic reforms, 1980-2000, University of Chicago Press (01243 779777)
Links: Summary
Date: 2004-Jul
A think-tank report said that many of the government's claims about its handling of the economy were either misleading or wrong. In particular, the claim that the New Deal had helped a million people to find jobs had no basis in fact. But the report said that the British economy had performed 'reasonably well' under Gordon Brown s Chancellorship.
Source: Keith Marsden, Gordon Brown s Boasts: How well has the Chancellor really performed?, Centre for Policy Studies (020 7222 4488)
Links: Report (pdf)
Date: 2004-Jul
The government responded to a report by a committee of peers on aspects of the economics of an ageing population.
Source: Government Response to Aspects of the Economics of an Ageing Population, Second Report (Session 2003-04), HL 129, House of Lords Economic Affairs Select Committee, TSO (0870 600 5522)
Links: Response | Lords report
Date: 2004-Jul
The government responded to a report by a committee of MPs on the 2004 Budget. It said that it would continue to base projections of the public finances on cautious, independently audited assumptions: this included continuing to base fiscal projections on a trend growth assumption that was percentage point lower than the government's neutral view.
Source: Government Response to the Committee's Sixth Report on The 2004 Budget (HC 479), Fourth Special Report (Session 2003-04), HC 654, House of Commons Treasury Select Committee, TSO (0870 600 5522)
Links: Response | MPs report
Date: 2004-Jun
HM Treasury published its annual departmental report for 2003-04, showing progress against its performance targets.
Source: Departmental report 2004, Cm 6222, HM Treasury, TSO (0870 600 5522)
Links: Report (pdf links)
Date: 2004-May
A report by a committee of MPs on the 2004 Budget said that the government remained on track to meet the 'golden rule' for borrowing over the economic cycle: but the margin for error had diminished. Whether increases in expenditure on front-line public services matched those of recent years would depend on the success of the government's efficiency savings programme.
Source: The 2004 Budget, Sixth Report (Session 2003-04), HC 479, House of Commons Treasury Select Committee, TSO (0870 600 5522)
Links: Report
Date: 2004-Apr
A Finance Bill was published (and given a second reading) implementing proposals in the 2004 Budget. An Age-Related Payments Bill implemented a 100 payment to pensioners aged 70 or over in recognition of higher council tax bills.
Source: Finance Bill, HM Treasury, TSO (0870 600 5522) | House of Commons Hansard, Debate 20 April 2004, columns 186-263, TSO | Age-Related Payments Bill, Department for Work and Pensions, TSO
Links: Text of Finance Bill | Explanatory notes (pdf links) | HMT press release | Hansard | Text of ARP Bill | HOC research briefing (pdf)
Date: 2004-Apr
The final report was published of an official review which considered in detail whether official statistics properly reflected the changing economic structure of the United Kingdom. It made recommendations to improve the coverage and quality of economic statistics.
Source: Christopher Allsopp, Review of Statistics for Economic Policymaking, HM Treasury (020 7270 4558)
Links: Report (pdf links) | HMT press release | ONS press release (pdf)
Date: 2004-Mar
A think-tank report explored the relationship between virtue, morality and alternative forms of economic organisation. It argued that a market economy promoted co-operation and restrained selfishness, because it relied on contracting by consenting parties, and because its legal system protected the property rights of the vulnerable, just as it did the property rights of the powerful.
Source: Dennis O'Keeffe (ed.), Economy and Virtue, Institute of Economic Affairs, available from Lavis Marketing (01865 767575)
Links: Report (pdf) | IEA press release
Date: 2004-Mar
Employers said that the cost to business of new regulations had risen by more than 10 billion a year under Labour governments since 1998, a rise of 46 per cent. The government reportedly described the claim as 'deliberately misleading'.
Source: Press release 8 March 2004, British Chambers of Commerce (020 7654 5808)
Links: BCC press release | Guardian report
Date: 2004-Mar
The 2004 Budget statement said that the economy was expected to grow by 3 to 3 per cent in both 2004 and 2005. The public finances were 'sound', and the government was on track to meet its fiscal rules.
Source: Prudence for a Purpose: A Britain of stability and strength - Economic and Fiscal Strategy Report and Financial Statement and Budget Report, HC 301, HM Treasury, TSO (0870 600 5522) | House of Commons Hansard, Debate 17 March 2004, columns 321-336, TSO
Links: Report (pdf links) | HMT press releases | Budget speech | Guardian report
Date: 2004-Mar
A report said that recent monetary policy had helped control inflation which, in turn, had kept unemployment rates low. Wage rises had a greater detrimental impact on employment levels when monetary policies were aimed at stabilising inflation, and unions should change their stance on interest rate control and its perceived negative impact on employment rates.
Source: Christopher Martin and George Bratsiotis, Have Inflation Targets Reduced the Natural Rate of Unemployment?, Economic and Social Research Council (01793 413000)
Links: Report (pdf) | Summary (pdf) | ESRC press release
Date: 2004-Mar
Researchers examined the link between the devolution of power and the effectiveness of economic policy development across the four countries of the United Kingdom. They produced a database of institutional strategies and best practice statements for policymakers.
Source: Mark Goodwin, Martin Jones and Rhys Jones, Constitutional Change and Economic Governance: Territories and institutions, Economic and Social Research Council (01793 413000)
Links: Report (pdf) | Summary (pdf)
Date: 2004-Feb
The opposition Conservative Party set out a strategy for reducing the share of public spending and taxation in national income in the medium term, while avoiding cuts in public services. A think-tank briefing note expressed doubts over whether the strategy was likely to achieve its objectives.
Source: Speech by Oliver Letwin MP (Shadow Chancellor), 16 February 2004 | Robert Chote, Carl Emmerson, Christine Frayne and Sarah Love, The Conservative Party s Medium-Term Expenditure Strategy: Preliminary analysis, Briefing Note 46, Institute for Fiscal Studies (web publication only)
Links: Text of speech | Conservative Party press release | Briefing Note (pdf) | Guardian report
Date: 2004-Feb
A report presented an initial review of the lessons from 'enterprise zones', based on the experiences of occupiers, developers and local authorities. It concluded that the zones had succeeded in stimulating new enterprise and in encouraging the growth of existing enterprises.
Source: Paul Syms and Angus McIntosh, Transferable Lessons from the Enterprise Zones, Office of the Deputy Prime Minister (0870 1226 236)
Links: Report (pdf) | Summary (pdf)
Date: 2004-Jan
A report by a committee of MPs on the 2003 Pre-Budget Report said that the government remained on track to meet the 'golden rule' (whereby public borrowing should not exceed public investment over the economic cycle), but would only do so if its central forecasts for economic growth, tax revenues, spending and the likely end of the economic cycle were met. Tax receipts were weaker than expected despite growth being on target, and research was needed into why this had occurred. The MPs noted that the margins provided against overruns in the coming years in 'annually managed expenditure' (mostly social security payments and debt interest) were unusually low by historical standards.
Source: The 2003 Pre-Budget Report, Third Report (Session 2003-04), HC 136, House of Commons Treasury Select Committee, TSO (0870 600 5522)
Links: Report
Date: 2004-Jan