The UK’s fiscal targets

Since the 1990s UK governments have adopted targets to guide their management of the public finances. Here we look at the UK's fiscal targets, or fiscal rules, and the Treasury's wider policy for managing the public finances.

The UK’s fiscal targets
  • Debate Pack

    Health and Social Care Levy

    On 7 September 2021 the Prime Minister, Boris Johnson, announced plans to provide an additional £12 billion per year for health and social care on average over the next three years, to be funded by a new, UK-wide 1.25 per cent Health and Social Care Levy (the Levy), to be introduced from April 2022. The Health and Social Care Levy Bill 2021-22 [Bill 160 of 2021-22] was introduced on 8 September 2021.

  • Research Briefing

    The Budget and the annual Finance Bill

    This paper discusses the way that Parliament scrutinises the Government's proposals for taxation, set out in the annual Budget statement. It looks at how this procedure may be affected by the timing of a General Election, and the decision in 2017 to move the Budget from the Spring to the Autumn. It also provides some suggestions for further reading.

  • Research Briefing

    Air passenger duty: recent debates & reform

    This paper looks at the recent debate on taxing aviation, in the context of concerns about the structure of air passenger duty (APD), the rates of tax, earlier reforms to APD in the 2014 Budget, and the current Government's consultation on aviation tax launched in March 2021. The development of APD since its introduction is set out in two other Commons Briefing papers (CBP413 & CBP6426).

  • Research Briefing

    Taxation in the construction industry

    For over 30 years businesses in the construction industry have operated a special scheme to account for tax on payments made between contractors and subcontractors. After a long period of consultation, the 'Construction Industry Scheme' was reformed in 2007. This note discusses the background to this reform, and recent reforms to tackle VAT fraud in this sector.

  • Research Briefing

    The 2019 Loan Charge

    In the 2016 Budget the Government announced the introduction of the Loan Charge - a major initiative to tackle the mass marketing of tax avoidance ‘loan schemes’. Since the legislation establishing the Loan Charge was introduced, there have been many concerns as to its design and the financial difficulties facing taxpayers who used these schemes to either settle with HMRC or pay the Charge. In the 2020 Budget the Government confirmed it would implement a series of reforms to the Loan Charge, following the recommendations of an independent review, chaired by Sir Amyas Morse.

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