SELECT COMMITTEE on ECONOMIC AFFAIRS the Devolution of Public Finances in the United Kingdom Oral and Written Evidence Contents

Total Page:16

File Type:pdf, Size:1020Kb

SELECT COMMITTEE on ECONOMIC AFFAIRS the Devolution of Public Finances in the United Kingdom Oral and Written Evidence Contents SELECT COMMITTEE ON ECONOMIC AFFAIRS The devolution of public finances in the United Kingdom Oral and written evidence Contents Sir Danny Alexander – Oral evidence (QQ 89-97) (DFPOE0008) ............................................ 4 Dr Angus Armstrong, NIESR; Professor David Heald, University of Aberdeen Business School; Professor Alan Trench, University of Ulster; Professor Jim Gallagher, University of Glasgow – Oral evidence (QQ 1 – 13) (DPFOE0001) ....................................................................................... 19 Charlotte Barbour, Institute of Chartered Accountants of Scotland (ICAS); Professor Gerald Holtham, Chair of the Holtham Commission; Tom Crotty, INEOS – Oral evidence (QQ 77-88) (DFPOE0007) ............................................................................................................... 20 Bevan Foundation – Written evidence (DPF0007) ..................................................................... 21 Constitution Reform Group – Written evidence (DPF0018) .................................................. 25 Dan Corry (Chief Executive, New Philanthropy Capital) and Dr Peter Kenway (Director, New Policy Institute) – Written evidence (DPF0013) ............................................................... 29 Carlo Cottarelli, former Director, Fiscal Affairs Department, International Monetary Fund (IMF) – Oral evidence (QQ 108-116) (DPFOE0009) ................................................................. 30 Tom Crotty, INEOS; Professor Gerald Holtham, Chair of the Holtham Commission; Charlotte Barbour, Institute of Chartered Accountants of Scotland (ICAS) – Oral evidence (QQ 77-88) (DFPOE0007) .............................................................................................. 45 Dr James Cuthbert – Written evidence (DPF0004) ................................................................... 46 Dr James Cuthbert – Supplementary written evidence (DPF0021) ........................................ 52 Dr James Cuthbert and Mrs Margaret Cuthbert – Written evidence (DPF0014) ............... 61 Dr James Cuthbert and Mrs Margaret Cuthbert – Oral evidence (QQ 38-46) (DPFOE0004) ....................................................................................................................................... 64 Mrs Margaret Cuthbert and Dr James Cuthbert – Written evidence (DPF0014) ............... 78 Mrs Margaret Cuthbert and Dr James Cuthbert – Oral evidence (QQ 38-46) (DPFOE0004) ....................................................................................................................................... 79 The Rt. Hon. Alistair Darling – Oral evidence (QQ 28-37) (DPFOE0003) .......................... 80 Professor Jim Gallagher CB FRSE, Nuffield College, Oxford, University of Glasgow – Written evidence (DPF0001) ........................................................................................................... 95 Professor Jim Gallagher, University of Glasgow; Professor David Heald, University of Aberdeen Business School; Professor Alan Trench, University of Ulster; Dr Angus Armstrong, NIESR – Oral evidence (QQ 1 – 13) (DPFOE0001) ....................................................................... 99 Professor David Heald, University of Aberdeen Business School; Professor Alan Trench, University of Ulster; Professor Jim Gallagher, University of Glasgow; Dr Angus Armstrong, NIESR – Oral evidence (QQ 1 – 13) (DPFOE0001) ..................................................................... 100 Her Majesty’s Revenue and Customs (HMRC) – Written evidence (DPF0024) ....................... 128 Her Majesty’s Treasury (HMT) – Written evidence (DPF0015) ............................................ 131 Professor Gerald Holtham – Written evidence (DPF0003) ................................................... 141 Professor Gerald Holtham, Chair of the Holtham Commission; Tom Crotty, INEOS; Charlotte Barbour, Institute of Chartered Accountants of Scotland (ICAS) – Oral evidence (QQ 77-88) (DFPOE0007) ............................................................................................ 147 INEOS; Professor Gerald Holtham, Chair of the Holtham Commission; Charlotte Barbour, Institute of Chartered Accountants of Scotland (ICAS) – Oral evidence (QQ 77- 88) (DFPOE0007).............................................................................................................................. 172 Institute of Chartered Accountants of Scotland (ICAS) – Written evidence (DPF0010) 173 Institute of Chartered Accountants of Scotland (ICAS); Professor Gerald Holtham, Chair of the Holtham Commission; Tom Crotty, INEOS – Oral evidence (QQ 77-88) (DFPOE0007) ..................................................................................................................................... 200 Institute of Economic Affairs – Written evidence (DPF0006) ................................................ 201 Peter Jones – Written evidence (DPF0020) ............................................................................... 239 Peter Jones and Lesley Riddoch– Oral evidence (QQ 47-55) (DPF0005) ........................... 259 Professor John Kay, London School of Economics (LSE); The Weir Group PLC; Professor Noel Lloyd CBE, Silk Commission – Oral evidence (QQ 98-107) (DPFOE0008)............. 260 Dr Peter Kenway (Director, New Policy Institute) and Dan Corry (Chief Executive, New Philanthropy Capital) – Written evidence (DPF0013) .............................................................. 261 Professor Noel Lloyd CBE, Silk Commission; The Weir Group PLC; Professor John Kay, London School of Economics (LSE) – Oral evidence (QQ 98-107) (DPFOE0008) ........... 265 Professor Ronald MacDonald BA MA (Econ) PhD OBE – Written evidence (DPF0022) 266 Professor Ronald MacDonald, University of Glasgow; Professor Adam Tomkins, University of Glasgow; Professor John McLaren, University of Glasgow – Oral evidence (14-27) (DPFOE0002) ...................................................................................................................... 273 Professor John McLaren – Written evidence (DPF0019) ........................................................ 292 Professor John McLaren, University of Glasgow; Professor Ronald MacDonald, University of Glasgow; Professor Adam Tomkins, University of Glasgow – Oral evidence (14-27) (DPFOE0002) ..................................................................................................................................... 295 Professor Iain McLean – Oral evidence (QQ 67-76) (DFPOE0006) ..................................... 296 David Phillips, Institute for Fiscal Studies (IFS) – Oral evidence (QQ 56-66) (DPFOE0006) ............................................................................................................................................................... 310 Plaid Cymru – The Party of Wales – Written evidence (DPF0008) ..................................... 326 PricewaterhouseCoopers LLP – Written evidence (DPF0023) ............................................. 331 Nicholas Ramsay – Written evidence (DPF0005) ..................................................................... 360 Scottish Government – Written evidence (DPF0016) .................................................................. 363 Lesley Riddoch and Peter Jones – Oral evidence (QQ 47-55) (DPF0005) .......................... 371 Socialist Health Association Cymru Wales – Written evidence (DPF0017) ....................... 380 Professor Adam Tomkins, University of Glasgow; Professor Ronald MacDonald, University of Glasgow; Professor John McLaren, University of Glasgow – Oral evidence (14-27) (DPFOE0002) ...................................................................................................................... 383 Professor Alan Trench (University of Ulster) – Written evidence (DPF002) .................... 384 Professor Alan Trench, University of Ulster; Professor David Heald, University of Aberdeen Business School; Professor Jim Gallagher, University of Glasgow; Dr Angus Armstrong, NIESR – Oral evidence (QQ 1 – 13) (DPFOE0001) .................................................................................. 390 The Weir Group PLC – Written evidence (DPF0012) ............................................................ 391 The Weir Group PLC; Professor John Kay, London School of Economics (LSE); Professor Noel Lloyd CBE, Silk Commission – Oral evidence (QQ 98-107) (DPFOE0008)............. 394 Welsh Government – Written evidence (DPF0011) ................................................................ 409 Welsh Liberal Democrats – Written evidence (DPF0009) ..................................................... 416 Sir Danny Alexander – Oral evidence (QQ 89-97) (DFPOE0008) Sir Danny Alexander – Oral evidence (QQ 89-97) (DFPOE0008) Evidence Session No. 8 Heard in Public Questions 89 - 97 TUESDAY 20 OCTOBER 2015 Members present Lord Hollick (Chairman) Baroness Blackstone Lord Forsyth of Drumlean Lord Griffiths of Fforestfach Lord Kerr of Kinlochard Lord Layard Lord May of Oxford Lord Monks Lord Sharkey Lord Teverson Lord Turnbull Baroness Wheatcroft ________________ Examination of Witness Sir Danny Alexander Q89 The Chairman: Sir Danny, thank you very much for joining us this afternoon. Thank you also for accommodating the slight change in the timing. We have a visitor this afternoon in the shape of the President of China. Sir Danny Alexander: Let me apologise for my voice. I was at Twickenham on Sunday and have not recovered from
Recommended publications
  • Prof. Andrea Boitani Born in Rome on 7Th November 1955 Email: [email protected]
    Prof. Andrea Boitani born in Rome on 7th November 1955 email: [email protected] Academic Work Andrea Boitani is a Professor of Economics at the Catholic University of Milan, Faculty of Banking, Finance and Insurance Sciences. He attended the Liceo Torquato Tasso in Rome (final grade 60/60), and subsequently graduated with full marks from “La Sapienza” University of Rome, under the supervision of Federico Caffè. He earned a Master of Philosophy with Honours from the University of Cambridge (UK). He was awarded the “Stringher – Mortara” Scholarship by Banca d’Italia (1980), the “Luciano Iona” Scholarship by Istituto Bancario San Paolo in Turin (1982), and the “Ente Einaudi” Scholarship by Banca d’Italia (1984). He was a Researcher at the Catholic University of Milan (1985-92), and subsequently an Associate Professor at Perugia University (1992-95) and at “La Sapienza” University of Rome (1995-97), and held teaching positions at the University of Bergamo, the Polytechnic University of Milan (Master), Scuola Superiore dell’Economia e della Finanza (Advanced School for Economics and Finance). He is co-director of the Master in management of local public transport companies at “La Sapienza” University of Rome, a member of the Master in Regulatory Economics Scientific Committee at “Tor Vergata” University of Rome, and he was a member of the Management Committee of the Graduate School in the Economics and Finance of Public Administration, Catholic University of Milan, from 2005 to 2012. He currently teaches Economics II (undergraduate), Economia Monetaria and Monetary Economics (graduate). He is a member of the Scientific Committee of the Observatory on Public Accounts (directed by Carlo Cottarelli) at the Catholic University of Milan, and a member of the Monetary Observatory Scientific Committee at the Organisation for the development of Bank and Equity Market Studies.
    [Show full text]
  • Italian Populists Launch Bid to Resurrect Government Coalition It Would Be an Olive Branch to President Sergio Mattarella
    Friday 11 International Friday, June 1, 2018 Italian populists launch bid to resurrect government coalition It would be an olive branch to President Sergio Mattarella ROME: Italy’s populist parties launched a last- mist Carlo Cottarelli to form a caretaker gov- ditch bid yesterday to resurrect a coalition gov- ernment, but now says he is assessing Di Maio’s ernment that collapsed as the president vetoed offer of a compromise with “great interest”. The their controversial pick for economy minister. League has been beating the drum for new Luigi Di Maio, head of the anti-establishment elections, but its leader Matteo Salvini said Five Star Movement, said Wednesday he was Wednesday he had “never closed the door” on prepared to offer a compromise candidate in hammering out a government. Salvini, 45, and the place of economist Paolo Savona, who has the 31-year-old Di Maio were to meet later called for Italy to drop the euro. Thursday in Rome. It would be an olive branch to President Ser- Cottarelli meanwhile has a caretaker team gio Mattarella, who at the weekend ruled out ready to step in should the Five Star-League approving the coalition’s cabinet lineup if it in- negotiations fail-but the lineup is doomed to cluded Savona-prompting Di Maio to demand lose a confidence vote in the populist-domi- the president’s impeachment. Nearly three nated parliament, meaning that elections would months of political turmoil following an incon- likely be held after August. The timing of polls clusive election in the eurozone’s third biggest is already the subject of heated debate, with the economy have rattled financial markets, al- centre-left Democratic Party saying they should though they rebounded slightly on Wednesday be held in July while the League says they and Thursday.
    [Show full text]
  • Role and Powers of the Prime Minister
    House of Commons Political and Constitutional Reform Committee Role and powers of the Prime Minister First Report of Session 2014–15 Report, together with formal minutes relating to the report Ordered by the House of Commons to be printed 19 June 2014 HC 351 Published on 24 June 2014 by authority of the House of Commons London: The Stationery Office Limited £0.00 The Political and Constitutional Reform Committee The Political and Constitutional Reform Committee is appointed by the House of Commons to consider political and constitutional reform. Current membership Mr Graham Allen MP (Labour, Nottingham North) (Chair) Mr Jeremy Browne MP (Liberal Democrat, Taunton Deane) Mr Christopher Chope MP (Conservative, Christchurch) Tracey Crouch MP (Conservative, Chatham and Aylesford) Mark Durkan MP (Social Democratic & Labour Party, Foyle) Paul Flynn MP (Labour, Newport West) Fabian Hamilton MP (Labour, Leeds North East) David Morris MP (Conservative, Morecambe and Lunesdale) Robert Neill MP (Conservative, Bromley and Chislehurst) Chris Ruane MP (Labour, Vale of Clwyd) Mr Andrew Turner MP (Conservative, Isle of Wight) The following Members were also members of the Committee during the Parliament: Sheila Gilmore MP (Labour, Edinburgh East) Andrew Griffiths MP (Conservative, Burton) Simon Hart MP (Conservative, Camarthen West and South Pembrokeshire) Tristram Hunt MP (Labour, Stoke on Trent Central) Mrs Eleanor Laing MP (Conservative, Epping Forest) Stephen Williams MP (Liberal Democrat, Bristol West) Yasmin Qureshi MP (Labour, Bolton South East) Powers The Committee’s powers are set out in House of Commons Standing Orders, principally in Temporary Standing Order (Political and Constitutional Reform Committee). These are available on the Internet via http://www.publications.parliament.uk/pa/cm/cmstords.htm Publication Committee reports are published on the Committee’s website at http://www.parliament.uk/business/committees/committees-a-z/commons- select/political-and-constitutional-reform-committee/publications/ and by The Stationary Office by Order of the House.
    [Show full text]
  • Finance Committee the Land Transaction Tax (Transitional Provisions) (Wales) Regulations 2018
    Finance Committee The Land Transaction Tax (Transitional Provisions) (Wales) Regulations 2018 This Statutory Instrument is being considered by the Finance Committee under Standing Order 27.8A. Background and Purpose 01. These Regulations make transitional provisions in respect of the introduction of land transaction tax (“LTT”) in Wales by the Land Transaction Tax and Anti- avoidance of Devolved Taxes (Wales) Act 2017 (“the LTTA Act”). The provisions ensure that transactions which take place on or after 1 April 2018 receive treatment which is consistent, meaning that transactions are not taxed twice under LTT and Stamp Duty Land Tax (“SDLT”), or not taxed at all. 02. The Regulations also ensure that arrangements commenced prior to 1 April 2018 and for which certain reliefs (which exist in both regimes) were claimed will continue to be relieved under LTT (subject to certain conditions being met). Further, the Regulations will also provide for transitional rules for the purposes of determining whether a transaction completed on or before 26 November 2018 is a higher rates residential property transaction where a person‘s main residence is being replaced. Procedure 03. Affirmative resolution. Merits Scrutiny 04. No points are identified for reporting in respect of this instrument. Policy objectives 05. Statement of policy intent 06. To support the Committee’s scrutiny of the Land Transaction Tax and Anti- avoidance of Devolved Taxes (LTTA) (Wales) Bill, the Welsh Government provided information on the policy intent for the delegated powers within the Bill. Regulations 1-2 07. Provides that the regulations come into force on the day Land Transaction Tax (LTT) commences and defines terminology.
    [Show full text]
  • Government of Change’
    Policy Polarisation in Italy: The Short and Conflictual Life of the ‘Government of Change’ (2018-2019) ACCEPTED FOR PUBLICATION IN SOUTH EUROPEAN SOCIETY AND POLITICS Nicolò Conti, Unitelma Sapienza University of Rome, [email protected] Andrea Pedrazzani, Department of Social and Political Science, University of Milan, [email protected] (corresponding author) Federico Russo, Department of History, Society and Human Studies of the University of Salento, [email protected] Abstract This paper uses the concept of policy polarisation to understand the short and conflictual life of the Conte I cabinet which remained in office in Italy from June 2018 to September 2019. We show how policy polarisation in parliament and between coalition parties shaped the formation and termination of the so-called ‘government of change’. When investigating the implementation of the government agenda, we also assess the role of the coalition contract as an (ineffective) institutional solution to problems stemming from policy divisions between the Five Star Movement and the Lega. We argue that, despite some policy accomplishments of the government, the Five Star Movement-Lega coalition appears more as a temporary experiment, whose legacy may not represent a new course of action. Keywords: Government coalition, Government agenda, Populism, Coalition agreement, Party manifestos, Parliamentary questions, Five Star Movement, Lega 1 Policy polarisation is a crucial factor influencing the entire life cycle of governments in contemporary democracies. It is not only a key aspect of party competition during the electoral campaign (Downs 1957; Sartori 1976). As the comparative literature has pointed out, polarisation which sets the two sides of the party system at polar opposites can also increase the complexity of the bargaining environment after the elections, thus delaying the formation of governments and affecting the type of cabinets eventually formed.
    [Show full text]
  • Open PDF 153KB
    Select Committee on Public Services Oral evidence: “Levelling up” and public services Wednesday 10 March 2021 3 pm Watch the meeting Members present: Baroness Armstrong of Hill Top (The Chair); Lord Bichard; Lord Bourne of Aberystwyth; Lord Filkin; Lord Hogan-Howe; Lord Hunt of Kings Heath; Baroness Pinnock; Baroness Pitkeathley; Baroness Tyler of Enfield; Baroness Wyld; Lord Young of Cookham. Evidence Session No. 3 Virtual Proceeding Questions 17 - 21 Witnesses I: Matt Whittaker, Chief Executive Officer, Pro Bono Economics; Sir Stephen Bubb, Acting Director, Oxford Institute of Charity; Dan Corry, New Philanthropy Capital. 1. 1 Examination of witnesses Matt Whittaker, Sir Stephen Bubb and Dan Corry. Q17 The Chair: Good afternoon, everyone, and welcome to another session on levelling up and the role of public services and civil society in the whole levelling-up agenda. It is a short, sharp inquiry, and we hope that we will learn what people think so that we can say to the Government, “This is what you need to address in levelling up”. We have two very different panels this afternoon. The first reflects the voluntary sector and what is going on there about this topic; the second reflects the local government sector and what it thinks about this agenda. We thought we could do this quite quickly and quite sharply, but the interest in this agenda and other levelling-up issues have become much more prominent since we started. All of that is really interesting to us. The first panel for the first hour is with Matt Whittaker, who is chief executive officer of Pro Bono Economics, Dan Corry, who is chief executive of New Philanthropy Capital, and Sir Stephen Bubb, who is now acting director of the Oxford Institute of Charity, although a lot of us have known him in previous iterations, particularly when he was chief executive of ACEVO.
    [Show full text]
  • ON the HORIZON Mining Sector's Guide to Relevant Upcoming Legal, Commercial and Regulatory Changes and Developments January 2017
    ON THE HORIZON Mining sector's guide to relevant upcoming legal, commercial and regulatory changes and developments January 2017 WHAT IS "ON THE HORIZON"? ■ A legal risk management tool tailored to your business. ■ Selected future legal, regulatory and commercial developments affecting the UK. ■ A quick guide to help you decide whether you need to know more. For further information, please use the links or contact one of our lawyers below. If you have any questions about this horizon scanning service, please email [email protected]. Petra Billing Roger Collier Office Managing Partner - Real Estate Partner - Real Estate T +44 207 7966 047 T +44 121 2625 661 [email protected] [email protected] Mining Sector - On the Horizon | 1 CONTENTS Planning conditions - consultation .......................................................................................................................................... 3 Compulsory purchase consultation ......................................................................................................................................... 3 Environmental justice in Scotland consultation ....................................................................................................................... 4 Aggregates levy in Scotland ................................................................................................................................................... 4 Fracking in Scotland ..............................................................................................................................................................
    [Show full text]
  • Impact Assessment
    Title: Impact Assessment (IA) Wales Bill IA No: N/A Date: 10/06/2014 Lead department or agency: Stage: Final Wales Office Source of intervention: Domestic Other departments or agencies: Type of measure: Primary legislation HM Treasury and HM Revenue and Customs Contact for enquiries: Stuart Doubleday 0207 270 0579 Summary: Intervention and Options RPC Opinion: Not Applicable Cost of Preferred (or more likely) Option Total Net Present Business Net Net cost to business per In scope of One-In, Measure qualifies as Value Present Value year (EANCB on 2009 prices) Two-Out? No NA What is the problem under consideration? Why is government intervention necessary? The Wales Bill provides the legislative framework to support the implementation of the recommendations made in the Commission on Devolution in Wales's (Silk Commission) Part I report, published in November 2012 and the green paper on future electoral arrangements for the National Assembly for Wales ("the Assembly") published in May 2012. What are the policy objectives and the intended effects? The Bill would move the Assembly to five year fixed terms with the aim of making it less likely that Assembly elections would coincide with UK parliamentary elections, and introduce additional electoral provisions to make Assembly elections fairer. The Bill devolves tax and borrowing powers to the Assembly and the Welsh Ministers, giving the Welsh Government more tools to promote economic growth and grow the Welsh economy, and making the devolved institutions more accountable by making them accountable for raising some of the money they spend. What policy options have been considered, including any alternatives to regulation? Please justify preferred option (further details in Evidence Base) The provisions relating to elections to the Assembly were subject to a public consultation between May and August 2012.
    [Show full text]
  • Scottish Studies
    SCOTTISH 2015 STUDIES THE UNIVERSITY of EDINBURGH SCOTTISH STUDIES Saltire Society Literary Awards Winners 4 Edinburgh Classic Editions 31 Key Titles 6 The New History of Scotland 34 Environment 13 The History of Gaelic Scotland 35 Culture and Society 14 Debates & Documents in Scottish History 36 Military History 19 Scottish Historical Review Monographs 37 History 20 Regesta Regum Scottorum 39 Nation and Identity 23 Journals 40 Scottish Literature 26 Index 42 Scottish Philosophy 29 Placing your order Please email our sales department: [email protected] All prices advertised are correct at the time of printing but are subject to change without notice. Orders are fulfilled by Macmillan Distribution in the UK and Oxford University Press USA in the Americas. Contact details for sales representatives, distributors or agents in your country or area can be found on our website at: www.euppublishing.com Mailing list Join our mailing list to receive our catalogues, email bulletins and journal ToC alerts. Create your account and manage your mailing preferences at www.euppublishing.com/action/registration Ebooks Books marked ebook are available as ebooks. Our ebooks are available for individuals to buy from the Kindle and Nook stores and are available to libraries from a number of aggregators and platforms. See the full list at: www.euppublishing.com/page/infoZone/librarians/e-books Textbooks Books marked textbook are available to lecturers on inspection. Request your copy using the order form at the back, or email [email protected] with the
    [Show full text]
  • Country and Regional Public Sector Finances: Methodology Guide
    Country and regional public sector finances: methodology guide A guide to the methodologies used to produce the experimental country and regional public sector finances statistics. Contact: Release date: Next release: Oliver Mann 21 May 2021 To be announced [email protected]. uk +44 (0)1633 456599 Table of contents 1. Introduction 2. Experimental Statistics 3. Public sector and public sector finances statistics 4. Devolution 5. Country and regional public sector finances apportionment methods 6. Income Tax 7. National Insurance Contributions 8. Corporation Tax (onshore) 9. Corporation Tax (offshore) and Petroleum Revenue Tax 10. Value Added Tax 11. Capital Gains Tax 12. Fuel Duties 13. Stamp Tax on shares 14. Tobacco Duties 15. Beer Duties 16. Cider Duties 17. Wine Duties Page 1 of 41 18. Spirits Duty 19. Vehicle Excise Duty 20. Air Passenger Duty 21. Insurance Premium Tax 22. Climate Change Levy 23. Environmental levies 24. Betting and gaming duties 25. Landfill Tax, Scottish Landfill Tax and Landfill Disposals Tax 26. Aggregates Levy 27. Bank Levy 28. Stamp Duty Land Tax, Land and Buildings Transaction Tax, and Land Transaction Tax 29. Inheritance Tax 30. Council Tax and Northern Ireland District Domestic Rates 31. Non-domestic Rates and Northern Ireland Regional Domestic Rates 32. Gross operating surplus 33. Interest and dividends 34. Rent and other current transfers 35. Other taxes 36. Expenditure methodology 37. Annex A : Main terms Page 2 of 41 1 . Introduction Statistics on public finances, such as public sector revenue, expenditure and debt, are used by the government, media and wider user community to monitor progress against fiscal targets.
    [Show full text]
  • Your Monthly E-Bulletin
    YOUR MONTHLY E-BULLETIN Issue 66; February 2019 LATEST CONSORTIUM NEWS Brexit and Working with LLG As you may know from e-mails recently sent out, the Ministry for Housing, Communities and Local Government (MHCLG) has requested LLG’s input into the impact of Brexit on Local Government providing a welcome opportunity to influence and scope the outcomes for local government once Brexit takes place. Thank you so much to those who have expressed an interest in helping LLG with this work from the NW region which should benefit all member organisations! Watch out for more news on this as the detail emerges. LGA and possible Local Authorities and Fire Service Legal Framework The Consortium is aware of correspondence from the LGA received later on last year concerning the possibility of a national framework to access external legal support. The Chair of your Management Board is in contact with the LGA about their proposals and is keeping up to date with the LGA intentions as they emerge. Information as to how such a framework would impact upon the work of the Consortium will be released as soon as more is known. Consortium FREE Training Programme 2018/2019 You can book yourselves, colleagues or clients on to our FREE courses through the website at www.nwlegalconsortium.com With this latest programme we have aligned all course start times as 10am to avoid confusion and assist all delegates in making their travel arrangements. Please note that 10am is the actual start of the training session. Coming up you’ve got: On 27th February we have our next
    [Show full text]
  • How Worried Should We Be About an Italian Debt Crisis? Di Olivier Blanchard, Silvia Merler E Jeromin Zettelmeyer
    PIIE.COM – 24 MAGGIO 2018 How Worried Should We Be about an Italian Debt Crisis? di Olivier Blanchard, Silvia Merler e Jeromin Zettelmeyer Earlier PIIE research examined whether rising interest rates might unleash a debt crisis in Italy. The answer was "no," under two conditions: First, that rising interest rates reflected economic recovery; and second, that the Italian government would be prepared to cooperate with European authorities—the European Union, the European Stability Mechanism (ESM) and the European Central Bank (ECB)—to manage a loss of market confidence. Ten months later, these conditions no longer hold. Political backlash to slow growth and immigration has produced the least cooperative government imaginable, a coalition between the left-populist Five Star Movement (M5S) and the right-populist Lega. And borrowing costs have started to rise in reaction. Does this mean that a crisis is imminent? If so, how bad would it be? HOW BAD WOULD A DEBT CRISIS BE? The second question is easier to answer than the first. A crisis could be horrific, for two reasons. First, none of the powerful stabilization instruments that the euro area has developed over the years could be deployed to rescue Italy. Following crisis-related downgrades, Italy would no longer be eligible for the ECB’s quantitative easing bond-purchasing program. The ECB would stop accepting Italian bonds as collateral. Access to emergency support programs—the ESM, and through it, the Outright Monetary Transactions (OMT) program— would be conditional on fiscal adjustment, the opposite of what Italy's new government has promised. Unless the government were to change course, it would be forced to exit the euro, even if this is not its current plan.
    [Show full text]