134 research outputs found
The 10% tax rate: where next?
In Budget 2007, the Government announced the abolition of the 10% starting rate of income tax alongside a wider set of reforms to personal taxes and tax credits to take effect during the period April 2008 to April 2010. Further changes to tax credits and state benefits were announced in PBR 2007 and Budget 2008, some to take effect in 2008-09, some in 2009-10 and others in 2010-11.
During April 2008, the Government said that it was looking at ways of compensating the net losers from these changes (in practice, those for whom the losses from the abolition of the 10% band exceeded the gains from the other measures). On 13 May it announced a £600 rise in the income tax personal allowance for 2008-09, with a corresponding cut in the higher-rate threshold.
In the light of these changes, this note looks at:
* To what extent the rise in the personal allowance, and other measures in Budget 2007, PBR 2007 and Budget 2008, compensate those who lost out from the abolition of the 10% rate of income tax;
* To what extent the Government's pre-announced changes to personal taxes, tax credits and benefits for 2010-11 provide compensation for these losers over the medium term;
* What options the Government has for 2009-10 and beyond
The UK public finances: ready for recession?
Summary
Neither the current Labour government nor the previous Conservative one can
look back over their respective terms of office as periods of great success in
fiscal management. Both started by strengthening their underlying budget
balances for three years after taking office, but both then allowed them to drift
steadily back into the red. This meant that they were already borrowing
significant amounts when the onset of recession required them to borrow more.
Labour is entering this recession with a similar structural budget deficit to the
one that it inherited from the Conservatives, but with a smaller underlying debt.
It remains to be seen whether the structural budget deficit will deteriorate as far
under Labour as it did under the Conservatives, but debt is very likely to rise
above the peak it recorded under the Conservatives (even without the impact of
recent bank nationalisations and recapitalisations).
Labour recorded a similar structural budget deficit in the year before this
recession to that which the Conservatives recorded in the year before the last.
However, the structural deficit appears to have deteriorated more sharply in the
early phase of the downturn than it did under the Conservatives and as a result
is set to be higher in the first year of recession than it was under the
Conservatives. This largely reflects the particular impact of the credit crunch
and falls in the stock market and housing market, rather than budget decisions.
Labour is also going into the recession with a significantly higher level of debt
than the Conservatives did.
Turning to the international context, we are entering the current recession with
one of the largest structural budget deficits in the industrial world and a debt
level that may be among the smallest in the G7 but which is larger than that of
most industrial countries. We have done less to reduce our structural budget
deficit and less to reduce our debt than most other industrial countries since
Labour came to office
Budget 2009: tightening the squeeze?
The outlook for the public finances appears significantly weaker than the Treasury predicted in the November 2008 Pre-Budget Report (PBR). This will have an important bearing on the two key tax and spending decisions that Chancellor Alistair Darling will have to take in his Budget statement on 22 April: whether to announce an additional short-term stimulus to help support the economy and whether to announce an additional long- term tightening to help repair the public finances.
This Briefing Note sets out illustrative projections for the outlook for government borrowing and debt over the next few years. It then assesses by how much this or a future government might need to cut existing public spending plans and/or increase taxes to ensure that the outlook for public sector borrowing was no worse than that laid out in the PBR.
The analysis in this Briefing Note builds on the detailed forecasts in the January 2009 IFS Green Budget. It does not re-estimate the Green Budget forecasts, but instead makes some broad-brush adjustments to them to reflect new information and analysis available since the PBR
Britain's fiscal squeeze: the choices ahead
The economic and financial crisis that has unfolded over the last two years has caused a dramatic deterioration in the UK's public finances, with public sector borrowing set to peak this year at a level not seen since the Second World War and public sector indebtedness set to climb to levels not seen since the late 1960s.
With the next general election less than a year away, the Government and the main opposition parties alike will be under pressure to offer more detailed proposals to repair the public finances. This note discusses some of the key questions all the parties will have to grapple with
PETROLEUM, SAFETY AND ENVIROMENT
ABSTRACTThe Risks Analysis consists of the systematic exam of an industrial installation (project or existent) to identify the present risks in the system and to form opinion about potentially dangerous occurrences and its possible consequences. There are two types of risks analysis: the qualitative analysis and the quantitative. The qualitative analysis studies all the possible existent risks of the place, and it relates these risks in agreement with the probability of such accidents happen and with the coming consequences of such accidents. The risks that present high probability of happening and that cause great damages to the structure or the people are analyzed, then, in a quantitative way.Two sceneries were specified for the use of quantitative techniques. The studied sceneries are related with the existent risks in the storage of gasoline in drums stored in the Laboratory of Analysis of Fuels of UFPR / ANP. The models associated to the sceneries in studies were obtained of the literature. The studied sceneries were Fire on pools and Unconfined Explosion. For each studied scenery it was possible to evaluate the consequences of material, humans and environmental damages associated to the accidents. The results show that in case of the fire in pool, for a distance of 61.35 m and 42.8 m starting from the center of the flame, burns happen in third degree and first degree, respectively, in people that are not protected and, for the unconfined explosion the results show that for a distance of 15.43 m of the center of the explosion a person has 90% of chance of having tympanum rupture, and for a distance of 9.5 m of the center of the explosion a person has 99% of chance of dying
Radius constraints from high-speed photometry of 20 low-mass white dwarf binaries
We carry out high-speed photometry on 20 of the shortest-period, detached
white dwarf binaries known and discover systems with eclipses, ellipsoidal
variations (due to tidal deformations of the visible white dwarf), and Doppler
beaming. All of the binaries contain low-mass white dwarfs with orbital periods
less than 4 hr. Our observations identify the first eight tidally distorted
white dwarfs, four of which are reported for the first time here, which we use
to put empirical constraints on the mass-radius relationship for extremely
low-mass (<0.30 Msun) white dwarfs. We also detect Doppler beaming in several
of these binaries, which confirms the high-amplitude radial-velocity
variability. All of these systems are strong sources of gravitational
radiation, and long-term monitoring of those that display ellipsoidal
variations can be used to detect spin-up of the tidal bulge due to orbital
decay.Comment: 14 pages, 5 figures, accepted for publication in The Astrophysical
Journa
VLA radio observations of AR Scorpii
Aims
AR Scorpii is unique amongst known white dwarf binaries in showing powerful pulsations extending to radio frequencies. Here we aim to investigate the multi-frequency radio emission of AR Sco in detail, in order to constrain its origin and emission mechanisms. Methods. We present interferometric radio frequency imaging of AR Sco at 1.5, 5 and 9 GHz, analysing the total flux and polarization behaviour of this source at high time resolution (10, 3 and 3 s), across a full 3.6 hr orbital period in each band.
Results
We find strong modulation of the radio flux on the orbital period and the orbital sideband of the white dwarf’s spin period (also known as the "beat" period). This indicates that, like the optical flux, the radio flux arises predominantly from on or near the inner surface of the M-dwarf companion star. The beat-phase pulsations of AR Sco decrease in strength with decreasing frequency. They are strongest at 9 GHz and at an orbital phase ∼0.5. Unlike the optical emission from this source, radio emission from AR Sco shows weak linear polarization but very strong circular polarization, reaching ∼30% at an orbital phase ∼0.8. We infer the probable existence of a non-relativistic cyclotron emission component, which dominates at low radio frequencies. Given the required magnetic fields, this also likely arises from on or near the M-dwarf
- …