1-1 of 1 results for subject:Inflation
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Type
House
Session
2005-06 (1)
Year
Department
Member
Primary member
Answering member
Legislative stage
Legislation
Subject
More
Formula grant (1)
Publisher
To ask the Deputy Prime Minister what account he took of the annual percentage change in the Retail Price Index over the 10 years to 2007–08 when setting formula grant levels.
To ask the Deputy Prime Minister what account he took of the annual percentage change in the Retail Price Index over the 10 years to 2007–08 when setting formula grant levels.
Asked by
Peter Luff
(Conservative)
Answered by
Phil Woolas
(Labour)
Answering body
Office of the Deputy Prime Minister
Type
Written questions
Status
Answered
Tabled on
20 December 2005
For answer on
9 January 2006
Answered on
9 January 2006
In 1998–99, Central Support Protection Grant was introduced for the first time. This grant protected authorities from cash decreases in their formula grant for the first time. In 2001–02, Floor Damping was introduced for authorities with education and social service responsibility. The following year, i.e. 2002–03, this was introduced for all authorities.Under the floor damping regime, the floor is self-financing within each of the authority groups covered by the scheme. This means that it is not possible to set the floor above the level of the average grant increase for that group on a like-for-like basis. When setting the level of the floor Ministers take into account a number of factors including the level of inflation expected for the period covered by the grant, the average grant increase for the group, and the scaling factor imposed on authorities above the floor. The measure of inflation used in deciding at what level the floor should be set is the GDP deflator, as this measure is forecast by Treasury, and hence is available for the period covered by the grant.
Subjects
Inflation; Local government finance; Formula grant
Date
9 January 2006
Reference
40270; 441 c270W
House
House of Commons