The 2007 pre-budget report : second report of session 2007-08, Vol. 1: Report, together with formal minutes

The "2007 Pre-Budget Report (HC 54-I)" considers the state of the United Kingdom economy, the public finances, and individual tax measures set out in the "2007 Pre-Budget Report" ("Meeting the Aspirations of the British People: 2007 Pre-Budget Report and Comprehensive Spending Review (Cm. 7227)" - ISBN 0101722729, available below). The Committee examines the Pre-Budget Report under the following areas: the real economy; the public finances; and taxation issues and the role of the Pre-budget report.The Committee has set out 21 conclusions and recommendations, including: the risk remains that the credit crunch will have greater macroeconomic effect than expected; the Treasury needs to recast the way in which it presents the risks to the economic forecasts in both Pre-budget and Budget reports; the Committee reiterates an earlier recommendation that the Government review the golden rule such that it becomes more forward-looking and less dependent upon the dating of the economic cycle; the Committee expressed concern about the reform of the capital gains tax regime and the possible detrimental effects that the withdrawal of taper relief could have on small businesses, employee shareholders, and longer-term investment; and it is important that the Pre-Budget retains a focus on consultation on fiscal measures that may be included in the forthcoming budget.