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former Prime Minister Harold Macmillan (then Lord Stockton) put it, were ignored as the bonanza for the Treasury continued: coal, gas, steel, forestry, electricity, water and (the ill-fated) railways. By the mid-1990s, virtually all the enterprises nationalised after the war were back in private hands, at huge financial benefit to the Exchequer. While criticisms continued, the consensus on both sides of the political divide was that the return to the private sector had reduced costs to the taxpayer, raised money for the public purse, improved efficiency and helped
to the crisis that emerged in 1909, the year when the book was published. After Lloyd George, the Liberal chancellor of the exchequer, had proposed a budget including progressive taxation and benefits for the poor and elderly (the so-called People’s Budget), the Conservatives used their majority in the House of Lords to block it (Murray 1973 ). One of Hobson’s arguments in The Crisis of Liberalism was that such deadlocks could be resolved by reference to the people instead of through a general election. In his own words: The formal legislative power left
MPs that while Scottish and Welsh MPs can vote on matters relating to England, English MPs are not able to repay the compliment. House of Commons Commission . Set up in 1978, this body gave the House more political and financial control over its own administration and personnel. National Audit Office (NAO) and Public Accounts Commission . The NAO replaced the Exchequer and Audit Department of the Comptroller and Auditor General – the official entrusted with the task of ensuring government funds have been disbursed as intended. Now the Comptroller and Auditor
then, the gap has become wider, though with some amelioration at the very bottom through the efforts of Labour’s Gordon Brown, who devised redistributive budgets in his decade as Chancellor of the Exchequer; Figure 4.2 illustrates (see also Figure 4.3 ). The Joseph Rowntree Foundation published a report in July 2007 which revealed that the gap between rich and poor was wider than at any time over the previous forty years. Richard Lapthorne of Cable and Wireless was given remuneration of £11 million over three years; Stuart Rose, chief executive officer of Marks
regret the promise of a referendum he made three years ago’ (11 March 2016: 28). This seemed like an over-reaction at the time. The opinion polls suggested a continuing trend towards Remain – though the margin rarely exceeded 4 per cent. The erosion of the Remain campaign It is hard to pinpoint the critical event and changes with anything like mathematical accuracy. Referendums are rarely decided by cataclysmic events but rather by gradual erosion. When George Osborne, the chancellor of the exchequer, duly presented his budget on 16 March, it seemed like a
contributing to how it operates in good faith. In theory, collective bargaining has been argued to be an extremely practical form of industrial democracy (Clegg, 1972 ), with variable coverage in different countries and across different workplace enterprises (Grady and Simms, 2018 ). The positive impacts from bargaining is visible when trade unions influenced government policy during the initial response to COVID-19. In the UK, for example, the TUC directly influenced the Chancellor of the Exchequer to introduce a 80 per cent pay subsidy to protect furloughed workers
channelled into the main government account. If the Consolidated Fund has a surplus then it is transferred to the NLF to reduce the government’s borrowing requirements. Similarly, a deficit on the consolidated fund is financed by a transfer from the NLF. This arrangement of accounting is called the ‘Exchequer pyramid’. The DMO’s market objective is to offset the
120 million square yards, mainly due to foreign tariff barriers and intensified global competition. 14 The tweeds makers in the Colne Valley and Guiseley held their ground by producing ‘cheaper cloths which look smart’. 15 In 1924, the Chancellor of the Exchequer, Winston Churchill, announced his decision to return to the gold standard. This monetary policy, which went into effect in 1925, strengthened sterling but put British goods at a disadvantage in world markets. It was now even easier for low-wage economies to send their cloth to Britain and even more
transactional reasons. Norman Lamont, Chancellor of the Exchequer at the time of the UK’s exit from the European Exchange Rate Mechanism (ERM) in 1992 suggested that the EU–Canada Comprehensive Economic and Trade Agreement (CETA) (or ‘Canada+’), which was ratified in 2015, would be a good model for the UK after Brexit. He said a post-Brexit UK would have the same World Trade Organization (WTO) means of trading with the EU as the United States or Australia (BBC News Politics, 2016b ). But Canada+ was especially attractive to Brexiteers who, with the small exception of Labour
governor and three deputy governors plus nine non-executive directors appointed by the crown from a wide range of interests. Note that the non-executive directors provide the majority. The chair and deputy chair are selected by the Chancellor of the Exchequer from the non-executive members. The deputy governors are appointed for five years and the directors for three years, with the