Oecd Economic Surveys

This 2007 edition of OECD's periodic economic survey of the British economy finds that the UK has embraced globalisation and has been rewarded with strong growth and performance, but that the near-term outlook is more uncertain, given recent financial market turbulence. Among other issues, it looks at key challenges including globalisation, raising educational achievement, improving work prospects for the least skilled, the productivity gap, and tax competition.

Executive Summary Assessment and Recommendations Chapter 1. Making the Most of Globalisation -Recent Macroeconomic Performance and Outlook -Fiscal Policy -Globalisation has Contributed to Strong Productivity Growth -Significant Challenges Remain -Annex 1.A1. Progress in Structural Reform Chapter 2. Raising Educational Achievement within a Tighter Budget Constraint -Globalisation is Raising the Level of Skills Demanded in Advanced Economies -Education Participation Rates are Low but Picking Up -Education is an Important Tool for Spreading the Gains from Globalisation -Government Policy Initiatives Have Focused on Sharpening Incentives and Higher Overall Spending -Higher Spending on Education Does Not Automatically Improve Outcomes -The Government Has Made an Effort to Increase Spending where the Return is Greatest -Local Authorities Have Flattened the Distribution of Education Spending -Other Analysis Also Suggests Room to Improve Education Spending Efficiency Chapter 3. Improving Work Prospects for the Least Skilled -Recent Labour Market Developments -Policies to Improve Labour Market Outcomes for the Least Skilled -Active Labour Market Policies -Annex 3.A1. Migration Data Chapter 4. Addressing the Productivity Gap -Labour Productivity Growth has Slowed Down Slightly -Restrictive Planning Regulations Hinder Productivity Growth by Limiting New Firm Entry -Low Overall Product Market Restrictions but Growing Tax Complexities and Red Tape -Is Investment in R&D and Adult Learning too Lowoe Chapter 5. Tax Competition -The UK Corporate Tax System in International Comparison -How to Stay Competitive and Still Raise Revenue -Summing Up Glossary