Abstract
This year's public expenditure White Paper is larger, more detailed, and more expensive than any previously.1 Volume 1 is a slim overview of government spending; volume 2 gives each department's spending in more detail, as well as some information on the services provided. The White Paper is thus the equivalent of a company annual report, with all the nation as shareholders. How do the prospects look? The spring budget is the endpoint of a series of close negotiations between the Treasury and government departments during the previous 12 months. An autumn statement (in November) gives the broad results of the annual review of public spending, and the expenditure White Paper (nowadays issued in January) defines the plans for the forthcoming financial year and projections for the future. Revisions of spending and indications of revenue from taxation and borrowing are finally incorporated in the budget.
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