UK: TREASURY COMMITTEE REPORTS ON LATEST BUDGET

Article Abstract:

The Chancellor of the Exchequer defended his economic policies contained in his latest Budget after a rebuke from the International Monetary Fund. He claimed a report by the Treasury Committee of MPs vindicated his strategy of not making the Bank of England target a particular level for the exchange rate. The committee felt that the Monetary Policy Committee could take into account the level of the pound when setting interest rates. The report did criticise the Budget for its lack of transparency. It recommended several moves to make it easier to monitor fiscal policy. It remarked on the decision to count new Working Families Tax Credit as lower revenue rather than higher expenditure.

Public affairs, Budget Process, Budgeting

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UK: OECD AND IMF ATTACK ECONOMIC POLICY

Article Abstract:

UK economic policy has been criticised by both the Organisation for Economic Co-operation & Development (OECD) and International Monetary Fund (IMF). The OECD report, which will be published formally in spring 2000, believes that public spending and borrowing rules drawn up by Chancellor, Gordon Brown, are not rigid enough to stop spending from increasing in the run-up to a General Election. The OECD also cited the continual underfunding of the National Health Service (NHS), saying that extra spending is needed. The IMF and OECD both believe that greater transparency should be introduced by Mr Brown with regard to the public finances.

Financial management, National Government Liabilities & Debt, Public Debt, International Monetary Fund, Finance, National debt, Brown, Gordon

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UK: NEW RULING ON PROFIT WARNINGS

Article Abstract:

The Financial Services Authority (FSA) is considering a ban on advance profits briefings by companies to select groups of financial analysts, under rules on information disclosure. However, analysts are concerned that this will lead to more volatility in share prices, since more weight will be given to official results statements, and companies will have fewer opportunities to discuss their situation with analysts.

Government regulation (cont), Standards, Planning, Financial management, Financial Services Authority

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