Office for Budget Responsibility

Office for Budget Responsibility Office for Budget Responsibility The Office for Budget Responsibility (OBR) is an executive non-departmental public body of HM Treasury.[i] It was established in 2010 to provide independent and authoritative analysis on the sustainability of the UK’s public finance.[ii] The Office was placed on a statutory footing through the Budget Responsibility and National Audit Act 2011. This statutory right grants OBR full access to all Government information relevant to its analysis together with the Treasury’s macroeconomic, forecasting and analytical models.[iii] George Osborne’s intention was to restore public faith in official economic and fiscal forecasting when a run of persistently overoptimistic projections for public borrowing under previous governments has undermined the Treasury’s credibility.[iv] Contents: Structure Main Responsibilities Relationship with UK Government Criticism and Controversies Future of OBR Further Reading References Structure The Office consists of a Budget Responsibility Committee (BRC), an Oversight Board, an Advisory Panel of economic and fiscal experts, and 18 permanent civil servants. The BRC is chaired by Robert Chote and include Steve Nickell CBE and Graham Parker CBE. They carry out the core functions within the office and have full discretion over the scope and nature of its judgements on the forecasts. [v] OBR’s Oversight Board saw the inclusion of two non-executive members into office. They monitor and assess the effectiveness of OBR’s operational and governance arrangements.[vi] Main Responsibilities The 4 main tasks outlined in the Parliamentary Legislation: To publish at least two five-year fiscal and economic forecasts each year which includes the likely impact of any tax and spending measures announced by the Chancellor. (Economic and Fiscal Outlook) To assess whether the Government is on course to meeting the fiscal targets that it has set itself and the possible risks that may be involved. (Economic and Fiscal Outlook) To scrutinize and comment publicly on the Treasury’s costing of tax and welfare spending measures. (Forecast Evaluation Report) To analysis and report on the health of the public sector’s balance sheet and the long term sustainability of the public finances on existing policies[vii] (Fiscal Sustainability Report) It differs from other economic forecasters and agencies, because the OBR is more focused on using variables such as nominal GDP and its component in explaining public finances[viii] and it provides ex-ante projections rather than ex-post audits of expenditure. [ix] Relationship with UK Government A Memorandum of Understanding (MoU) establishes a transparent framework for cooperation between the OBR and HM Treasury, the Department of Work and Pensions and HM Revenue and Customs.[x] It sets out the working relationship between each body based on three guiding principles of accountability and transparency, effective co-ordination and regular information exchange.[xi] This memorandum, however, does not constitute a legally binding agreement[xii]. The OBR is funded via Grant-in-Aid from HM Treasury’s supply estimate, which is subject to Parliamentary control. The OBR agreed a four year, flat cash funding allocation of  £1.75 million per year with the Treasury during the 2010 Spending Review.[xiii] Criticism and Controversies Despite the OBR’s stance of full transparency around its analysis and projections[xiv], some have questioned its credibility. When the OBR got embroiled in a complicated row about government employment forecasts, it raised doubts about just how independent it really was.[xv] The creation of the OBR was seen as a modest institutional change since control over fiscal policy remains firmly in the hands of the Chancellor.[xvi] The credibility of the OBR regarding it’s accuracy have also been under attack constantly. When the OBR admitted that its forecast on the economy’s size in 2015 was out by  £65billion[xvii], Treasury Select Committee member Jesse Norman commented on the â€Å"illusion of technocratic expertise† in the OBR and predictions often involve â€Å"a very high level of guesswork†.[xviii] Former Monetary Policy Committee member David Blanchflower have also criticized the OBR’s growth forecasts in the 2012 Budget submission, to be too â€Å"widely optimistic† and citing that the OBR have frequently needed to revise downwards from its initial forecast.[xix] The OBR’s assessment over the estimated policy impact has also, in some instances, undermined currently enacting policies such as those relating to immigration in UK.[xx] Future of OBR OBR has played an increasingly important role in assessing the Government’s performance in other areas. OBR is undertaking additional responsibilities related to the welfare gap, assessing and opining on government’s performance against the cap and whether the relevant spending is forecast to stay within the cap.[xxi] In December 2013, Current Shadow Chancellor Ed Balls announced his belief that OBR should play an important role, not just for the current government but for prospective governments.[xxii] He proposed the OBR to take up the role of assessing Labour’s tax and spend policies before the next General Election in 2015. [xxiii] The role of the OBR has increasingly been compared with similar independent fiscal institutions such as the US Congressional Budget Office (CBO).[xxiv] Colin Talbot, Chair of Public Policy and Management at University of Manchester, believes that by undertaking this additional role, it will potentially make financial debates during elections more factual based. [xxv] Andrew Tyrie, Chairman of the Treasury Select Committee, added that it will â€Å"enhance the quality of debate on tax and spend†.[xxvi] Former Number 10 Policy Unit special adviser Dan Corry, similarly, argues that getting the OBR to cost Labour’s policies ahead of the election wou ld be a step forward for UK democracy.[xxvii] But this will require a change in the governing Charter of Budget Responsibility. [xxviii] However, some people have denounced this proposal stating the fear that OBR may end up being abused and used as a political tool. Word Count: 879 (Excluding Further Readings and References) Further Readings List of other similar fiscal watchdogs: Swedish Fiscal Council Report 2013 The role of Australia’s Parliamentary Budget Office The World’s Oldest Fiscal Watchdog: Netherlands Bureau for Economic Analysis Case Studies of Fiscal Councils – Functions and Impact Other areas which has required OBR expertise 4G spectrum auction UK Swiss tax agreement Anti-avoidance measures References [i] https://www.gov.uk/government/organisations/office-for-budget-responsibility. Retrieved 22 February [ii] Official Office for Budget Responsibility Website [iii] Memorandum of Understanding between Office for Budget Responsibility, HM Treasury, Department for Work and Pensions and HM Revenue Customs, April 2011 [iv] The new forecaster in chief, The Economist, 9 September 2010. Retrieved 22 February 2014 [v] Examination of the forecasts prepared by the interim Office for Budget Responsibility for the emergency Budget 2010, 22 June 2010. Retrieved 22 February 2014 [vi] Office for Budget Responsibility’s Annual report and accounts 2011-2012, 19 June 2012 [vii] Memorandum of Understanding, April 2011 [viii] Office for Budget Responsibility’s Economic and fiscal outlook, March 2012 [ix] Independent Fiscal Institutions: Developing Good Practices by George Kopits [x] Memorandum of Understanding, April 2011 [xi] Memorandum of Understanding, April 2011 [xii] Memorandum of Understanding, April 2011 [xiii] Letter from Robert Chote to Lord Myners â€Å"Re: Costs and staff arrangements at the Office for Budget Responsibility†, October 2011 [xiv] Office for Budget Responsibility’s Annual report and accounts 2011-2012, 19 June 2012 [xv] The new forecaster in chief, The Economist, 9 September 2010. Retrieved 22 February 2014 [xvi] â€Å"The new forecaster in chief†, The Economist, 9 September 2010. Retrieved 22 February 2014 [xvii] Wintour, Patrick (6 December 2011), â€Å"OBR attacked by MPs over economic forecasts†. Guardian (UK). Retrieved 22 February [xviii] Wintour, Patrick (6 December 2011), â€Å"OBR attacked by MPs over economic forecasts†. Guardian (UK). Retrieved 22 February [xix] Blanchflower, David (22 March 2012), â€Å"David Blanchflower: The OBR’s credibility is in tatters†. The Independent (UK). Retrieved 22 February [xx] Kirkup, James (14 January 2014), â€Å"Immigration has a positive impact, says Office for Budget Responsibility head†. The Daily Telegraph, Retrieved 22 February [xxi] Letter from George Osborne to Robert Chote, 3 December 2013 [xxii] Letter from Ed Balls to Robert Chote, 22 September 2013 [xxiii] Johnstone, Richard (23 September 2013), â€Å"Labour proposes OBR scrutiny of spending plans†, Public Finance, Retrieved 22 February [xxiv] Von Trapp, Lisa (7 June 2011), The Role of Independent Fiscal Institutions, Budgeting and Public Expenditures Organization for Economic Cooperation and Development [xxv] Talbot, Colin (24 September 2013), â€Å"Balls, Budget and OBR-plus†, Public Finance, Retrieved 22 February [xxvi] Watt, Nicholas (15 October 2013), â€Å"Andrew Tyrie confirms support of Ed Balls’ plan for monitoring spending†, Guardian (UK). Retrieved 22 February [xxvii] Corry, Dan (26 September 2013), â€Å"OBR audit: don’t expect miracles†, Public Finance, Retrieved 22 February [xxviii] Letter from Robert to Ed Balls, 23rd September 2013

A Brief Summary of Russia’s History Essay

Russian history is filled with an immense amount of events. Many great and horrible rulers have also ruled over this piece of land. For example, Ivan the Terrible/Great was one of the first well-known and beloved tsars of Russia because he was the first to conquer the Mongolians in 1500. This feat earned him the rule and name as the great ruler of Russia. Over time, another great ruler such as Peter the Great would come. However in 1917, Lenin rose in the Russian revolution and ended the tsar’s rule. In 1922, the fall of the tsars led to the rise of a new government, the U.  S. S. R. Although it was meant to improve the economy, it did not do much and eventually felled in 1991. After many years of difficulty, they are currently on their way back to modernization with the election of President Vladimir Putin. Russia’s history consists of four parts and the longest and most eventful is its history of expansion. This time period lasted from the medieval ages all the way to 1917. However, Russians did not always have a rule on their land. Before the 1500s, the Mongols ruled a small piece of land that was known as Russia. The Mongolian soldiers were known quite fiercely for the battle skills and kept a tight hold on this land that they kept for manservants. This went on until the 1500s when the Grand Prince Ivan of Moscow (later known as Ivan the Terrible/Great) defeated and conquered the Mongols. Under his rule, Russia expanded immensely and even continued through his successors. Peter the Great also made a big impact despite his well-known and influential ancestor. Many things happened under his rule including expansion. Not only did he create a Navy (which did not exist in Russia at the time), he also moved the capital from Moscow all the way to St. Petersburg. He was also greatly known for his three goals that are to expand, Europeanize Russia, and for the czars to have absolute power. Throughout his lifetime, Peter the Great will make tremendous additions to Russia. After his death, there comes great czars and empresses who will expand even further like Empress Catherine the Great and Empress Elizabeth Petrovna. However, Nicholas the Second was the last tsar due to the rise of Lenin and the Russian Revolution.

Similarities And Differences Between Willy Loman And Death...

The Fences written by August Wilson and Death of a Salesman was written by Arthur Miller are two plays that can be considered different in terms of their plot. Both plays have two very different cultural backgrounds. The background affects each protagonist therefore differently. However, there are also similarities beyond the plot. Despite the different backgrounds of each protagonist or main characters, they are both trying to achieve their dreams. They both fail ironically in similar ways .Willy Loman in the death of a salesman and Troy Maxson are both hardworking men trying very hard to help their families . They strive very hard to be successful, yet they die in the end feeling they did not earn the respect they deserved. Willy†¦show more content†¦Troy really believes despite being recruited it will still get him nowhere, he is convinced that he will be eventually dropped, will be disappointed and does not want him to end up like him-. He had decided a long time ag o without his son’s knowledge that he will not be involved in any sports, he told his wife. The central theme of a father and son relationship is similar in both plays. William and Troy both have specific dreams for their sons. William wants his son Biff to be a football star he is interested in the money he can make instead of good grades. Troy on the other hand wants his son Cory to concentrate on his academics instead of pursuing his dream of being a football player. He is afraid Cory will not appreciate the ethics of hard work when money is thrown at him. He wants Cory to work at an AP store, Willy Loman starts on a mission of self destruction and looks for pleasure in the arms of another woman the affair is similar to that of Troy Maxson in the play Fences where his affair produces a child. Willy Loman, the man who believes in honesty now is trying very hard to keep his affair a secret, when his son Biff found out about the affair he lost all respect for his father Troy Maxson also had an affair which produces a child. Both Children loose complete respect for their fat hers In both play both wives Linda Loman and Rose Maxson express deep feelings of love towards their husbands, they both go through hardships with their husbandsShow MoreRelated Comparing the Tragedies of Hamlet, Oedipus the King, and Death of a Salesman1023 Words   |  5 Pagesof Hamlet, Oedipus the King, and Death of a Salesman The tragedies Hamlet, Oedipus the King, and Death of a Salesman have strikingly different plots and characters; however, each play shares common elements in its resolution. The events in the plays’ closings derive from a tragic flaw possessed by the protagonist in each play. The downfall of each protagonist is caused by his inability to effectively cope with his tragic flaw. The various similarities in the closing of each play includeRead MoreComparing Shakespeare s Oedipus The King And Death Of A Salesman 1738 Words   |  7 Pagesas a serious drama typically describing a conflict between the protagonist and a superior force, such as destiny, and having a sorrowful or disastrous conclusion that elicits pity or terror. Two such examples of literary tragedies are â€Å"Oedipus the King† by Sophocles and â€Å"Death of a Salesman† by Arthur Miller. Although written over 2000 years apart, there are many similarities between the two literary works, but with varying degrees of differences as well. Some of the key areas to be examined whenRead MoreComparing The Death Of A Salesman And A Raisin The Sun1710 Words   |  7 Pagessupport your family is something that has always been tremendously significant in the American culture. The Death of a Salesman and A Raisin the Sun are two tales about this struggle. 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Death of a Salesman is a play that takes place in the 1950s. The story is about a salesman named Willy Loman, and his family. At this point in his life, Willy is struggling to make ends meet. He is being underpaid to the point where he needs to ask his neighbor for money every week, he is strugglingRead MoreBetrayal in Death of a Sla esman and Stone Angel1075 Words   |  5 Pageslead to personal destruction. â€Å"Stone Angel† by Margaret Lawrence and â€Å"Death of a Salesman† by Arthur Miller, are two works of literature that put that very statement into context. Although, the theme of betrayal is evident in both pieces, the protagonists of the different plots – Hagar Shipley and Willy Loman – experience betrayal in two very different fashions. Hagar Shipley is destroyed by her loss of independence and Willy Loman is forced into taking drastic and unnecessary actions. 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The American Dream is the idea that, through hard work and perseverance, the sky is the limit in terms of financial success and a reliable future. While everyone has a different interpretation of the American Dream, some people use it as an excuse to justify

Crime And Its Effect On Society - 1982 Words

Individuals carry out wrongdoing since they see the advantages; Crimes that have been perpetrated are more often than not for individual additions or delight whether that is taking, false exercises, and assault. However fundamentally investigating Crime and its qualities, criminologist would concur that there s significantly more to wrongdoing. Everybody cherishes a decent deal. For a few individuals, nonetheless, the journey to secure more for less incorporates the desire to get something to no end, which at the amazing, transforms into burglary. Not everybody, be that as it may, takes since they require the products. A wrongdoing happens when somebody violates the law by a clear demonstration, exclusion or disregard that can bring†¦show more content†¦Explanations behind carrying out a wrongdoing incorporate eagerness, outrage, enviously, requital, or pride. A few individuals choose to carry out a wrongdoing and deliberately arrangement everything ahead of time to expand pick up and diminish hazard. These individuals are settling on decisions about their conduct; a few much consider an existence of wrongdoing superior to a general occupation trusting wrongdoing acquires more noteworthy prizes, deference, and energy at any rate until they are gotten. Others get an adrenaline surge when effectively doing a perilous wrongdoing. Others perpetrate wrongdoings on motivation, out of anger or dread. The yearning for material addition prompts property wrongdoings, for example, thefts, robberies, salaried violations, and auto burglaries. The yearning for control, requital, or force prompts fierce violations, for example, murders, attacks, and assaults. These vicious violations for the most part happen on motivation or the last minute when feelings run high. Property violations are generally arranged ahead of time. The motivation behind discipline is to debilitate a man from carrying out a wrongdoing. Discipline should make criminal conduct not so much appealing but rather more unsafe. Detainment and loss of wage is a noteworthy hardship to numerous individuals. Another method for affecting decision is to make wrongdoing more troublesome or to decrease