The government published its Pre-Budget Report for 2005. It halved its economic growth forecast for 2005-06, and said that public deficits would be 17 billion larger over the following five years than had been projected in the 2005 Budget.
Source: Britain Meeting the Global Challenge: Enterprise, fairness and responsibility - Pre-Budget Report, Cm 6701, HM Treasury, TSO (0870 600 5522)
Links: Report | Hansard | HMT press release | Guardian special report | TUC press release
Date: 2005-Dec
A think-tank report said that the government s fiscal rules were beginning to unravel. If the ratio of public sector debt to national income continued to rise without being checked, there was a serious risk of a breach of the sustainable investment rule by the end of the decade.
Source: Ruth Lea, Whatever Happened to the Golden Rule ?: The Chancellor s unravelling policy framework, Centre for Policy Studies (020 7222 4488)
Links: Report
Date: 2005-Dec
A report by the International Monetary Fund praised "remarkable" macroeconomic stability in the United Kingdom.
Source: United Kingdom - 2005 Article IV Consultation: Concluding Statement of the IMF Mission, International Monetary Fund (mailto:publicaffairs@imf.org)
Links: Report | HMT press release | Guardian report
Date: 2005-Dec
The government published (alongside the Pre-Budget Report 2005) a report which analyzed long-term socio-economic and demographic trends, and their potential impact on the public finances. It said that, based on existing policies, the fiscal position was sustainable in the long term, and that the United Kingdom was in a strong position relative to many other developed countries to face the challenges of an ageing society.
Source: Long-Term Public Finance Report: An analysis of fiscal sustainability, HM Treasury (020 7270 4558)
Links: Report
Date: 2005-Dec
The government published (alongside the Pre-Budget Report 2005) a report which examined trends in public finances and fiscal policy in 2003-04 and 2004-05. It analyzed performance against the fiscal rules and fiscal policy objectives, and differences between previous forecasts and fiscal out-turn.
Source: End of Year Fiscal Report, HM Treasury (020 7270 4558)
Links: Report
Date: 2005-Dec
The Department of Trade and Industry began consultation on a strategy for making more than 1 billion of regulatory savings by 2010.
Source: Draft Simplification Plan, Department of Trade and Industry (0870 150 2500)
Links: Consultation document | DTI press release | TUC press release
Date: 2005-Nov
An audit report said that the Office of Fair Trading had established a "growing reputation" for promoting fairer competition.
Source: The Office of Fair Trading: Enforcing competition in markets, HC 593 (Session 2005-06), National Audit Office, TSO (0870 600 5522)
Links: Report | NAO press release
Date: 2005-Nov
A report called for a more consumer-focused approach to judging which government regulations worked, and which did not.
Source: Philip Cullum, Consumers and Regulation, National Consumer Council (020 7730 3469)
Links: Report | NCC press release
Date: 2005-Nov
The Organisation for Economic Co-operation and Development reviewed the performance of the United Kingdom economy. It highlighted issues concerning regional imbalances in growth, public services performance, housing supply, childcare availability, and skills provision.
Source: Economic Survey of the United Kingdom 2005, Organisation for Economic Co-operation and Development (+33 1 4524 8200)
Links: Summary
Date: 2005-Oct
The government began consultation on a Bill to speed up the process of removing regulatory conditions considered to be unnecessarily burdensome.
Source: A Bill for Better Regulation: Consultation document, Cabinet Office (020 7261 8527)
Links: Consultation document (pdf) | Cabinet Office press release
Date: 2005-Jul
A report summarized a series of seminars which examined issues affecting future prosperity in Scotland, in the light of the government?s commitment to securing full employment and rising prosperity in every region and community.
Source: Tony Pilch (ed.), Successful Scotland, Smith Institute (020 7592 3618)
Links: Report (pdf) | Summary
Date: 2005-Jul
A think-tank report said that over-regulation destroyed the wealth creation on which the whole of government depended. It was necessary to ensure that fewer new regulations were created, that existing ones were rationalized, and that enforcement did not become over-zealous.
Source: Tim Ambler and Keith Boyfield, Deregulation, Adam Smith Institute (020 7222 4995)
Links: Report (pdf)
Date: 2005-Jul
A think-tank report said that regulations introduced since 1998 had cost the economy ?39 billion. Increased regulation was causing the United Kingdom to slide down the international competitiveness league.
Source: Graeme Leach, The Red Tape Economy, Civitas (020 7401 5470)
Links: Civitas press release
Date: 2005-Jun
The Department of Trade and Industry published its annual report for 2004-05.
Source: Departmental Report 2005, Cm 6536, Department of Trade and Industry, TSO (0870 600 5522)
Links: Report (pdf) | Report (pdf links)
Date: 2005-Jun
The government published a ten-year strategy for promoting consumer rights. It said that it wanted a regime that would empower and protect consumers; support open, competitive and innovative markets; be as fair to business as it was to consumers; and have the minimum regulation necessary to achieve these goals.
Source: A Fair Deal for All: Extending competitive markets - Empowered consumers, successful business, Department of Trade and Industry (0870 150 2500)
Links: Report (pdf) | DTI press release
Date: 2005-Jun
The Treasury published its annual report for 2004-05.
Source: Departmental Report 2005, Cm 6540, HM Treasury, TSO (0870 600 5522)
Links: Report (pdf)
Date: 2005-Jun
The government announced plans (in the Queen's speech) for a Regulatory Reform Bill. The Bill would make it simpler to remove outdated or unnecessary regulations or legislation.
Source: House of Commons Hansard, Debate 17 May 2005, columns 29-31, TSO (0870 600 5522)
Links: Hansard
Date: 2005-May
The government launched a 'Better Regulation Action Plan' to boost flexibility and enterprise. It proposed a 'risk based' approach, under which there would be no inspection, form filling or information requirements except where a positive justification had been established.
Source: Press release 24 May 2005, HM Treasury (020 7270 4558)
Links: HMT press release | CBI press release | Guardian report
Date: 2005-May
The opposition Conservative Party published its manifesto plans on deregulation. It said that it would reduce the burden of government regulation, and scale back "distorting Whitehall interference".
Source: Action on Deregulation, Conservative Party (020 7222 9000)
Links: Manifesto (pdf)
Date: 2005-Apr
A series of articles discussed the links between political economy and social policy.
Source: Social Policy and Society, Volume 4 Issue 2
Links: Table of contents
Date: 2005-Apr
The Finance Bill was given a third reading and received Royal assent. The Act implemented measures contained in the 2005 Budget.
Source: Finance Act 2005, TSO (0870 600 5522) | House of Commons Hansard, Debate 6 April 2005, columns 1432-1491, TSO
Links: Text of Act | Hansard
Date: 2005-Apr
A report said that the government had failed in 2003-04 to cut the burden of regulation on businesses.
Source: Tim Ambler, Francis Chittenden and Chanyeon Hwang, Regulation: Another form of taxation? - UK regulatory impact assessments in 2003/4, British Chambers of Commerce (020 7654 5808)
Links: Report (pdf) | BCC press release
Date: 2005-Apr
A think-tank pamphlet said that the economy was not performing as well as it was in 1997, before the Labour government came to power. This was because the government's policies had hindered rather than helped business, and had undermined competitiveness.
Source: Ruth Lea, Whatever Happened to the Golden Legacy?: The economic background to the 2005 Budget, Centre for Policy Studies (020 7222 4488)
Links: Pamphlet (pdf)
Date: 2005-Mar
The government responded to a report by a committee of MPs on the 2004 Pre-Budget Report.
Source: Government Response to the Committee's First Report: The 2004 Pre-Budget Report (HC 138), First Special Report (Session 2004-05), HC 483, House of Commons Treasury Select Committee, TSO (0870 600 5522)
Links: Response | MPs report
Date: 2005-Mar
The government presented its 2005 Budget. It said that the economic stability it had achieved provided the platform for building prosperity, advancing enterprise and productivity, and achieving social justice with security and opportunity for all.
Source: Investing for our Future: Fairness and opportunity for Britain s hard-working families, HC 372, HM Treasury, TSO (0870 600 5522) | House of Commons Hansard, Debate 16 March 2005, columns 257-269, TSO | House of Commons Hansard, Debate 17 March 2005, columns 419-492, TSO
Links: Report (pdf) | Report (pdf links) | Audit of Budget assumptions (pdf) | Hansard (Budget speech) | Hansard (Budget debate) | HMT press release | IFS press release (pdf) | Guardian report
Date: 2005-Mar
The Finance Bill 2005 was introduced, implementing measures contained in the 2005 Budget.
Source: Finance Bill 2005, HM Treasury, TSO (0870 600 5522)
Links: Text of Bill | Explanatory notes | HMT press release
Date: 2005-Mar
An official review said that the regulatory system for business was generally complicated, and that good practice was not uniform. A more streamlined structure could reduce the need for inspections by up to a third. It proposed a single body for consumer protection and trading standards.
Source: Philip Hampton, Reducing Administrative Burdens: Effective inspection and enforcement, HM Treasury (020 7270 4558)
Links: Report (pdf) | HMT press release | NCC press release | LGA press release | HSE press release | Guardian report
Date: 2005-Mar
An official taskforce called for the government to cut the administrative costs it imposed on business. It said that this could increase national income by more than 1 per cent over the medium term.
Source: Regulation - Less is More, Better Regulation Task Force/Cabinet Office (020 7276 2142)
Links: Report (pdf) | Summary (pdf) | BRT press release | Guardian report
Date: 2005-Mar
The government responded to a report by a committee of peers on the conduct of monetary and fiscal policy.
Source: Government Response to 'Monetary and Fiscal Policy: Present successes and future problems', First Report (Session 2004-05), HL 43, House of Lords Economic Affairs Select Committee, TSO (0870 600 5522)
Links: Response | Peers report (pdf)
Date: 2005-Feb
A think-tank report said that taxes would have to go up by 11 billion, or government spending would have to fall by a similar amount, if the government were to meet its 'golden rule' of borrowing only to invest over the course of an economic cycle.
Source: Robert Chote, Carl Emmerson, David Miles and Zo Oldfield (eds.), The IFS Green Budget: January 2005, Institute for Fiscal Studies (020 7291 4800)
Links: Report (pdf) | IFS press release | Guardian report
Date: 2005-Jan
A report by a committee of MPs said that the margin of error for meeting the 'golden rule' in the current economic cycle on the Treasury's forecasts had fallen further since the 2004 Budget; it stood at 8 billion, or just 0.1 per cent of national income. There were significant risks to the forecast of tax revenues, and the Treasury needed to monitor developments closely. (Under the 'golden rule', the government should only borrow for investment over the course of each economic cycle.)
Source: The 2004 Pre-Budget Report, First Report (Session 2004-05), HC 138, House of Commons Treasury Select Committee, TSO (0870 600 5522)
Links: Report
Date: 2005-Jan