Ahead of the referendum on Brexit, the OECD was anticipating a significant decrease in economic growth if the decision to leave the EU were taken (Kierzenkowski et al., 2016). As the UK economy has started to slow down, OECD projections remain remarkably valid so far.
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Selected findings for the United Kingdom from the report "Preventing Ageing Unequally"
Economic performance was solid until the end of 2016, stimulated by a strong business friendly environment, very supportive and reactive monetary policy, and a flexible approach in meeting fiscal goals.
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Selected findings for the United Kingdom from the report "The Pursuit of Gender Equality: An Uphill Battle"
Under Action 14, countries have committed to implement a minimum standard to strengthen the effectiveness and efficiency of the mutual agreement procedure (MAP). The MAP is included in Article 25 of the OECD Model Tax Convention and commits countries to endeavour to resolve disputes related to the interpretation and application of tax treaties. The Action 14 Minimum Standard has been translated into specific terms of reference and a methodology for the peer review and monitoring process. The minimum standard is complemented by a set of best practices.
The peer review process is conducted in two stages. Stage 1 assesses countries against the terms of reference of the minimum standard according to an agreed schedule of review. Stage 2 focuses on monitoring the follow-up of any recommendations resulting from jurisdictions' stage 1 peer review report. This report reflects the outcome of the stage 1 peer review of the implementation of the Action 14 Minimum Standard by the United Kingdom, which is accompanied by a document addressing the implementation of best practices.
The modern structure of the UK economy is largely based on knowledge, ideas and innovation and its well integrated global value chains. These factors help boost the country’s economic growth, but at the same time they make it highly susceptible to the risk of trade in counterfeit goods. This risk negatively affects UK rights holders, the UK government, and the reputation of UK firms. This report measures the direct, economic effects of counterfeiting on consumers, retail and manufacturing industry and governments in the United Kingdom. It does so from two perspectives: the impact on these three groups of imports of fake products into the UK, and the impact of the global trade in fake products on UK intellectual property rights holders.
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The UK headline labour market indicators compare well with OECD averages. At the end of 2016, the UK unemployment rate stood at 4.8% against the OECD average of 6.2%, and the UK employment rate at 65.5% was more than 4 percentage points above the OECD average.
The tax burden on labour income is expressed by the tax wedge, which is a measure of the net tax burden on labour income borne by the employee and the employer.
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The United Kingdom had the 27th lowest tax wedge among the 35 OECD member countries in 2016. The country occupied the same position in 2015. The average single worker in the United Kingdom faced a tax wedge of 30.8% in 2016 compared with the OECD average of 36.0%.
These country specific notes provide figures and commentary from the Taxation and Skills publication that examines how tax policy can encourage skills development in OECD countries.