The Parliamentary Budget Office (PBO) has published a briefing paper on Budgetary Issues in the Finance Bill 2022. The paper provides an analysis of measures contained in the Finance Bill 2022 that the PBO believes could have a budgetary impact, and includes an overview of these measures, including information on possible cost, policy background and policy impact.
Where possible, the PBO has endeavoured to provide information on the cost or yield of a measure or a policy change as estimated by the Department of Finance. However, the PBO believes the transparency of budgetary costings could be improved by the publication alongside the budget of a separate document dedicated to policy costings and would welcome
- more detailed information on the analysis underpinning the budgetary costings,
- the publication of multi-annual costings rather than costings on a first- and full-year basis only, and
- tax policy costings including, where practicable, the consideration of behavioural impacts, interaction effects with other measures and the broader macroeconomic impacts as part of the costings process.
The Finance Bill is due for consideration at Committee Stage the week commencing Monday 7th November. The briefing paper is based on the Bill as published and does not account for forthcoming amendments.