Clarke steps into the war zone

Article Abstract:

The UK Treasury and the spending deartments are always in disagreement over allocation of funds and the new UK chancellor Kenneth Clarke is already deeply involved in setting the spend ceilings for the next three financial years. Whether he will keep the figures the previous chancellor Norman Lamont announced in autumn 1992 or cut further remains to be seen. The expenditure of the government will be around 286 billion pounds sterling in the current financial year, 50 billion more than is raised by taxes. If and when economic recovery comes, more people will pay tax and less will claim benefits but for the moment there remains this negative gap.

Political aspects, Government spending policy

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Green policies urged to help world's poor

Article Abstract:

The World Bank 1992 World Development Report recommends a 75 billion pounds sterling-a-year programme to improve the environment to raise living standards of the poor in countries such as Indonesia, Sri Lanka and Brazil. It also suggests ending energy subsidies to reduce pollution and government spending, which totals more than 137 billion pounds sterling or 230 billion dollars a year. This is over four times the total official world development aid. Clarification of property rights would conserve resources where nationalisation often causes pollution.

Services, Reports, Developing countries, World Bank, Poor

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Growth prediction halved

Article Abstract:

The Treasury expects the 1992 gross domestic product to be 1% higher than in 1991, less than half the Autumn prediction. World economics had weakness in industrial production. The Red Book shows weaker consumer spending. The Treasury forecast for the public sector borrowing requirement, 13.75 billion pounds sterling, 2.25% of GDP, is to rise to 28 billion pounds sterling in 1992/3, 4.5% of GDP.

Forecasts and trends, Economic development, Economic forecasting

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