UK: TAX RECEIPTS BOOST PUBLIC FINANCES

Article Abstract:

A rise in tax receipts and controlled government spending, helped to boost public finances to a record surplus of GB[pound] 8.04bn in July 2000. The increase could mean that the final figure for the year to April 2001 will beat the government's forecast surplus of GB[pound] 6bn. Analysts are predicting that the Treasury will end up GB[pound] 5bn better off than its original forecast. To date, the cumulative surplus is GB[pound] 19.38bn, compared with a deficit of GB[pound] 63mn for the same period in 1999. The better than expected results could mean that Chancellor Gordon Brown will be able to deliver a large pre-election "war chest."

Taxes

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Treasury orders efficency drive

Article Abstract:

In the summer of 1998 the UK government announced that its spending plans over the 1998-2002 period were to be increased by GB 57bn, however, treasury ministers are concerned that much of this extra money could be wasted and so they are planning to establish service quality standards to ensure that the money is used effectively. Such standards will be laid down in November and are likely to include targets for improving the quality of education and health services. However, some ministers fear that the new targets will give too much power to the Chancellor of the Exchequer.

Comment:

UK: Govt announces that itsspending plans over the 1998-2002 period is to be increased by GB57 bil

Government expenditures, Article

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