95-860: The Stern Review on the Economics of Climate Change is a 700-page report released for the Government of the United Kingdom on 30 October 2006 by economist Nicholas Stern , chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics (LSE) and also chair of the Centre for Climate Change Economics and Policy (CCCEP) at Leeds University and LSE. The report discusses
190-713: A President of the Trades Union Congress , who carries out the office for the remainder of the year and then presides over the following year's conference. The TUC is not affiliated with the Labour Party . At election time the TUC cannot endorse a particular party by name. However it can point to policies that it believes would be positive for workers' rights , or to social cohesion and community welfare. It can also politically campaign against policies that it believes would be injurious to workers. The TUC also runs
285-468: A social discount rate based on the "Ramsey" formula, which includes a term for inherent discounting, also called the pure rate of time preference (PTP-rate): where s is the social discount rate, γ the PTP-rate, η the marginal elasticity of utility , and g the rate of growth of per-capita consumption (Dietz, 2008, p. 10). Stern accepts the case for discounting, but argues that applying
380-468: A PTP-rate of anything much more than zero to social policy choice is ethically inappropriate. His view is supported by a number of economists, including Geoffrey Heal , Thomas Sterner, William Cline , and Brad DeLong . Cline wrote a book on global warming, published in 1992, where he made similar ethical choices to Stern for discounting. DeLong, echoing Frank Ramsey and Tjalling Koopmans , wrote "My view—which I admit may well be wrong—of this knotty problem
475-407: A UK think-tank on international development, argued that the key proposals in relation to how to use forests to tackle climate change may prove difficult to implement: Radical ideas are needed not only at the level of understandings but also of forward strategies. The Stern Review is much stronger on the former than the latter, and leaves a lot of questions unanswered on implementation, particularly
570-574: A greater or lesser degree (for instance Chancellor of the Duchy of Lancaster or Lord Privy Seal ). The government is sometimes referred to by the metonym " Westminster " or " Whitehall ", as many of its offices are situated there. These metonyms are used especially by members of the Scottish Government , Welsh Government and Northern Ireland Executive to differentiate their government from His Majesty's Government. The United Kingdom
665-482: A member of either House of Parliament. In practice, however, the convention is that ministers must be members of either the House of Commons or the House of Lords to be accountable to Parliament. From time to time, prime ministers appoint non-parliamentarians as ministers. In recent years such ministers have been appointed to the House of Lords. The government is required by convention and for practical reasons to maintain
760-712: A mixed reaction to the Stern Review from economists. Several economists have been critical of the Review, for example, a paper by Byatt et al. (2006) describes the Review as "deeply flawed". Some economists (such as Brad DeLong and John Quiggin ) have supported the Review. Others have criticised aspects of Review's analysis, but argued that some of its conclusions might still be justified based on other grounds, e.g., see papers by Martin Weitzman (2007) and Dieter Helm (2008). The executive summary states: On 19 July 2005
855-623: A motion "calling for a special conference to establish a voice for working people within parliament. Within the year the conference had been held and the Labour Representation Committee established (the forerunner of the Labour Party)." The major TUC affiliated unions still make up the great bulk of the British Labour Party affiliated membership, but there is no formal/organisational link between
950-412: A new House of Commons, unless the prime minister advises the monarch to dissolve Parliament , in which case an election may be held sooner. After an election, the monarch selects as prime minister the leader of the party most likely to command the confidence of the House of Commons, usually by possessing a majority of MPs. Under the uncodified British constitution , executive authority lies with
1045-532: A new system. The Parliamentary Committee became the General Council, representing thirty groups of workers. The General Secretary of the Trades Union Congress became chief permanent officer of the TUC, and a major figure in the British trade union movement. The system was successfully implemented by Fred Bramley and Walter Citrine . By 1927 the TUC had the making of a trade union bureaucracy similar to
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#17327765180001140-468: A single discount rate, but applied a stochastic approach whereby the discount rate varied with the expected outcomes, reflecting the interaction between growth and the elasticity of marginal utility, in line with Frank Ramsey's growth model. The Stern Review's average discount rate for climate change damages is approximately 1.4%, which, at the time of the Review, was lower than that used in most previous economic studies on climate change. Accounting for risk in
1235-604: A substantial grant from the government, the Sovereign Support Grant , and Queen Elizabeth II's inheritance from her mother, Queen Elizabeth The Queen Mother , was exempt from inheritance tax . In addition to legislative powers, His Majesty's Government has substantial influence over local authorities and other bodies set up by it, through financial powers and grants. Many functions carried out by local authorities, such as paying out housing benefits and council tax benefits, are funded or substantially part-funded by
1330-528: A wider range of risks and impacts could increase this to 20% of GDP or more, also indefinitely. Stern believes that 5–6 degrees of temperature increase is "a real possibility". The Review proposes that one per cent of global GDP per annum is required to be invested to avoid the worst effects of climate change. In June 2008, Stern increased the estimate for the annual cost of achieving stabilisation between 500 and 550 ppm CO 2 e to 2% of GDP to account for faster than expected climate change. There has been
1425-464: A year if we do nothing. And if you think warming will only cost the global economy 2% of GDP every year, [...] then Stern's investment advice is [sheer] lunacy. In the BBC radio programme The Investigation, a number of economists and scientists argued that Stern assumptions in the Review are far more pessimistic than those made by most experts in the field, and that the Review's conclusions are at odds with
1520-482: Is "urgently needed". Charlie Kronick of Greenpeace said "Now the government must act and, among other things, invest in efficient decentralised power stations and tackle the growth of aviation." Asset managers F&C look to the business opportunities and say "this is an unprecedented opportunity to generate real value for our clients". Brendan Barber, General Secretary of the Trades Union Congress ,
1615-424: Is a constitutional monarchy in which the reigning monarch (that is, the king or queen who is the head of state at any given time) does not make any open political decisions. All political decisions are taken by the government and Parliament. This constitutional state of affairs is the result of a long history of constraining and reducing the political power of the monarch, beginning with Magna Carta in 1215. Since
1710-563: Is not an option, "we must act now". Simon Retallack of the UK think tank IPPR said "This [Review] removes the last refuge of the 'do-nothing' approach on climate change, particularly in the US." Tom Delay of The Carbon Trust said "The Review offers a huge business opportunity." Richard Lambert, Director General of the Confederation of British Industry , said that a global system of carbon trading
1805-603: Is not vital. A government is not required to resign even if it loses the confidence of the Lords and is defeated in key votes in that House. The House of Commons is thus the responsible house . The prime minister is held to account during Prime Minister's Questions (PMQs) which provides an opportunity for MPs from all parties to question the PM on any subject. There are also departmental questions when ministers answer questions relating to their specific departmental brief. Unlike PMQs, both
1900-487: Is now Princess Street and was then David Street; the building is at no. 103). The fact that the TUC was formed by Northern Trades Councils was not coincidental. One of the issues which prompted this initiative was the perception that the London Trades Council (formed in 1860 and including, because of its location, many of the most prominent union leaders of the day) was taking a dominant role in speaking for
1995-403: Is that we are impatient in the sense of valuing the present and near-future much more than we value the distant future, but that we shouldn't do so." Hal Varian stated that the choice of discount rate was an inherently ethical judgement for which there was no definitive answer. William Nordhaus , of Yale University , who has done several studies on the economics of global warming , criticised
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#17327765180002090-709: Is the TUC's current General Secretary, serving from January 2023. The TUC's decision-making body is the Annual Congress, which takes place in September. Between congresses decisions are made by the General Council , which meets every two months. An Executive Committee is elected by the Council from its members. Affiliated unions can send delegates to Congress with the number of delegates they can send proportionate to their size. Each year Congress elects
2185-417: Is ultimately only likely to make the world worse off. Reason magazine 's science correspondent Ronald Bailey describes the "destructive character" of the Stern Review's policy proposals, saying that "Surely it is reasonable to argue that if one wants to help future generations deal with climate change, the best policies would be those that encouraged economic growth. This would endow future generations with
2280-473: Is weak indeed. Nordhaus has been very critical of the Ramsey zero pure time preference on the basis of utilitarian ethical stance. He takes a strictly market based view of intergenerational projects arguing that the social rate of time preference reflects the rate of return observed in the marketplace. Nordhaus also raised his view that the present generation will have to forgo a large amount of consumption now for
2375-475: Is what they call the "sustainabilitarian" approach, which seeks to maximise present consumption subject to the constraint that future generations enjoy a quality of life at least as good as that enjoyed by the current generation. They support the discount factors used in the Stern analysis, particularly the view that discounting should reflect only the probability that the world will end at a given future date, and not
2470-549: The Chancellor of the Exchequer , Gordon Brown announced that he had asked Sir Nicholas Stern to lead a major review of the economics of climate change, to understand more comprehensively the nature of the economic challenges and how they can be met, in the UK and globally. The Stern Review was prepared by a team of economists at HM Treasury ; independent academics were involved as consultants only. The scientific content of
2565-483: The Greater London Authority disputed. Similarly, the monarch is immune from criminal prosecution and may only be sued with his permission (this is known as sovereign immunity ). The sovereign, by law, is not required to pay income tax, but Queen Elizabeth II voluntarily paid it from 1993 until the end of her reign in 2022, and also paid local rates voluntarily. However, the monarchy also received
2660-464: The Kyoto Protocol . Much of this funding was directed at the non-renewable coal industry. British Prime Minister, Tony Blair , stated that the Review demonstrated that scientific evidence of global warming was "overwhelming" and its consequences "disastrous" if the world failed to act. The UK Treasury, which commissioned the report, simultaneously published a document of favourable comments on
2755-615: The Modern Records Centre at the University of Warwick Library. The archive contains files from about 1920 up to 2000 consisting of correspondence, internal and external documents, minutes, reports, printed material and press statements. The TUC campaigns on a wide range of issues relating to the experience of people at work. The TUC succeeded in forcing Sports Direct to undergo an independent review into their treatment of workers in September 2016. In October 2016,
2850-425: The effect of global warming on the world economy . Although not the first economic report on climate change, it is significant as the largest and most widely known and discussed report of its kind. The Review states that climate change is the greatest and widest-ranging market failure ever seen, presenting a unique challenge for economics. The Review provides prescriptions including environmental taxes to minimise
2945-402: The scientific consensus on climate change on which the Stern Review is based. She says that "authorities on climate science say that the climate system is far too complex for modest reductions in one of the thousands of factors involved in climate change (i.e., carbon emissions) to have a predictable effect in magnitude, or even direction." Lea questions the long-term economic projections made in
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3040-564: The substitution effect offsets the income effect . In contrast to those who argued that the Stern Review was too pessimistic or ' alarmist ', others argued that it did not go far enough. John Bellamy Foster , Brett Clark and Richard York in The Ecological Rift (2010) give considerable attention to the Stern Review, noting that the targets of 550 ppm imply a global temperature increase of at least 3 °C "well beyond what climate science consider dangerous, and which would bring
3135-408: The weighted average cost of capital for private investment; see the extensive review by Frederick et al. (2002) According to Quiggin, the difference between the two is determined by the equity premium . Quiggin says that there is no generally accepted theory accounting for the observed magnitude of the equity premium and hence no easy way of determining which approach, if either, should be regarded as
3230-797: The "General Staff of the Labour Movement" it incorporated the Trades Councils who had given birth to it, eventually becoming the body which authorised these local arms of the TUC to speak on behalf of the wider Trade Union Movement at local and County level. Also, as the TUC became increasingly bureaucratised, the Trades Councils (often led by militant and communist-influenced lay activists) found themselves being subject to political restrictions and purges (particularly during various anti-communist witch-hunts) and to having their role downplayed and marginalised. In some areas (especially in London and
3325-623: The "impatience" of an infinitely lived representative consumer.) Uncertainty about future consumption may be addressed either through adjustments to the discount rate or by replacing uncertain flows of consumption with certainty equivalent flows. Stern adopted the latter approach, but was criticised by Tol and Yohe (2006) for double counting , a claim rejected by the Stern Review team (Dietz et al. , 2007, pp. 138–139). Whilst critical of Stern's discounting, Martin Weitzman has argued that standard discounting procedures are inherently incapable of dealing with extreme, low-probability events, such as
3420-421: The 1970s over and above changes in wealth, inflation and population growth/movement. [...] If this trend continued or intensified with rising global temperatures, losses from extreme weather could reach 0.5%–1% of world GDP by the middle of the century." According to Muir-Wood "said his research showed no such thing and accused Stern of "going far beyond what was an acceptable extrapolation of the evidence". One of
3515-573: The British Chambers of Commerce have pointed to the dangers to business of additional taxation. Jerry Taylor of the Cato Institute , a United States libertarian think-tank , criticised Stern's conclusion, taking a calculation by himself: Stern's investment advice makes sense only if you think that warming will hammer GDP by 10% a year. You don't gain much at all from emission cuts, however, if you think GDP will only drop by 5%
3610-511: The Crown, who may use them without having to obtain the consent of Parliament. The prime minister also has weekly meetings with the monarch. What is said in these meetings is strictly private; however, they generally involve government and political matters which the monarch has a "right and a duty" to comment on. Such comments are non-binding however and the King must ultimately abide by decisions of
3705-573: The European Parliament are immune from prosecution in EU states under any circumstance. As a consequence, neither EU bodies nor diplomats have to pay taxes, since it would not be possible to prosecute them for tax evasion. When the UK was a member of the EU, this caused a dispute when the US ambassador to the UK claimed that London's congestion charge was a tax, and not a charge (despite the name), and therefore he did not have to pay it—a claim
3800-558: The Review for its use of a low discount rate: The Review' s unambiguous conclusions about the need for extreme immediate action will not survive the substitution of assumptions that are more consistent with today's marketplace real interest rates and savings rates. Hence, the central questions about global-warming policy—how much, how fast, and how costly—remain open. The Review informs but does not answer these fundamental questions. The difference between Stern's estimates and those of Nordhaus can largely (though not entirely) be explained by
3895-482: The Review is to justify increased tax on fuels. Yohe and Tol (2007) described Lea's article as a climate sceptics "scattershot approach" aiming to confuse the public by questioning the causal role of CO 2 , by emphasising the complexity of making economic predictions and by attributing a motive for Stern's conclusions. Miles Templeman , Director-General of the Institute of Directors , said: "Without countries like
Stern Review - Misplaced Pages Continue
3990-579: The Review was reviewed by experts from the Walker Institute. The Stern review was not released for regular peer-review, since the UK Government doesn't undertake peer review on commissioned reviews. Papers were published and presentations held, that outlined the approach in the months preceding the release. The Stern Review attracted positive attention from several sectors. Pia Hansen, a European Commission Spokeswoman, said doing nothing
4085-401: The Review, commenting that economic forecasts for just two or three years ahead are usually wrong. Lea goes on to describe the problem of drawing conclusions from combining scientific and economic models as "monumentally complex", and doubts whether the international co-operation on climate change, as argued for in the Review, is really possible. In conclusion, Lea says that the real motive behind
4180-522: The Review. Environmental writer Bjørn Lomborg criticised the Stern Review in OpinionJournal : Mr. Stern's core argument that the price of inaction would be extraordinary and the cost of action modest [...] falls apart when one actually reads the 700-page tome. Despite using many good references, the Stern Review on the Economics of Climate Change is selective and its conclusion flawed. Its fear-mongering arguments have been sensationalized, which
4275-405: The Review. Those quoted include: Several academic economists are also quoted praising the Review (see Response of economists ). The Stern Review has received various critical responses. Some economists have argued that the Review overestimates the present value of the costs of climate change, and underestimates the costs of emission reduction. Other critics have argued that the economic cost of
4370-783: The South East) the Regional Councils of the TUC (dominated by paid officials of the unions) effectively took over the role of the County Associations of Trades Councils and these paid officials replaced elected lay-members as the spokespersons for the Trade Union Movement at County and Regional level. By the end of the 20th century local Trades Councils and County Associations of Trades Councils had become so ineffective and weak that many had simply faded into effective dissolution. The 1899 Congress saw
4465-540: The Stern(2007) review overlook this topic altogether." This criticism was rejected by the authors. They noted that by recommending a comprehensive global carbon price (see Summary above) the Stern Review proposed the most powerful mechanism for staunching the rebound effect . A carbon price imposes a wedge between the supply price received by producers and demand price paid by consumers thereby prompting substitution away from carbon-intensive activities. This insures that
4560-416: The TUC and the party. The Scottish Trades Union Congress , which was formed in 1897, is a separate and autonomous organisation. The Parliamentary Committee grew slowly, confining itself to legal matters, and ignored industrial disputes. In 1916 Harry Gosling proposed that organised labour needed an administrative machine. Following the railway strike of 1919, Ernest Bevin and G. D. H. Cole proposed
4655-599: The TUC's campaign against the Trade Union Act 2016 won 'Best Public Affairs Campaign' at the PR Week Awards. In August 2022, the TUC declared its support for a £15 an hour minimum wage, which it says should be implemented "as soon as possible". The TUC was founded in the 1860s. The United Kingdom Alliance of Organised Trades , founded in Sheffield , Yorkshire, in 1866, was the immediate forerunner of
4750-613: The TUC, although efforts to expand local unions into regional or national organisations date back at least forty years earlier; in 1822, John Gast formed a "Committee of the Useful Classes", sometimes described as an early national trades council. The first TUC meeting was held in 1868 when the Manchester and Salford Trades Council convened the founding meeting in the Manchester Mechanics' Institute (on what
4845-675: The Tolpuddle Martyrs Museum and annual Tolpuddle Martyrs' Festival and Rally commemorating the Tolpuddle Martyrs and their impact on trade unionism. The TUC Library preserves documents related to labour history in Britain and other countries, especially Europe and the Commonwealth . It was established in 1922 and now focuses on expanding the online and digital collections. The TUC archives are held at
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#17327765180004940-496: The Trade Union Movement as a whole. The second TUC meeting took place in 1869 at the Oddfellows Hall, Temple Street, Birmingham where delegates discussed the eight-hour working day, election of working people to Parliament and the issue of free education. Arising out of the 1897 Congress, a decision was taken to form a more centralised trade union structure that would enable a more militant approach to be taken to fighting
5035-498: The US, China or India, making decisive commitments, UK competitiveness will undoubtedly suffer if we act alone. This would be bad for business, bad for the economy and ultimately bad for our climate." Prof. Bill McGuire of Benfield UCL Hazard Research Centre said that Stern may have greatly underestimated the effects of global warming . David Brown and Leo Peskett of the Overseas Development Institute ,
5130-516: The United Kingdom , officially His Majesty's Government , abbreviated to HM Government , is the central executive authority of the United Kingdom of Great Britain and Northern Ireland . The government is led by the prime minister (currently Keir Starmer since 5 July 2024) who selects all the other ministers . The country has had a Labour government since 2024. The prime minister Keir Starmer and his most senior ministers belong to
5225-548: The approach to pure time discounting that we have adopted. It is not particularly unusual. John Roemer , Humberto Llavador and Joaquim Silvestre have argued that an analysis of the problem must consider both the ethical and economic issues associated with discounting. They have made the claim that high rates of discounting as the ones proposed by Nordhaus are only consistent with the infinitely-lived-representative-agent approach to economic modelling. Intergenerational justice would require more realistic assumption: one particular view
5320-919: The appropriate market comparator. HM Treasury have issued a document where several economists are quoted praising the Stern Review, including Robert Solow , James Mirrlees , Amartya Sen , Joseph Stiglitz , and Jeffrey Sachs . Sachs and Stiglitz have also written favourable articles on the Review. Government of the United Kingdom King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee The government of
5415-496: The benefit of future generations who will be much richer than the present generation. Dasgupta argues that there is some confusion in the Stern review about the underlying rationale for the selection of the Ramsey parameters. He states that the review mixes both market returns on investment with parameters selected on ethical grounds. The discount rate chosen by Stern is close to the real interest rate for government bonds . The higher rates preferred by Stern's critics are closer to
5510-440: The cabinet ministers for the department and junior ministers within the department may answer on behalf of the government, depending on the topic of the question. During debates on legislation proposed by the government, ministers—usually with departmental responsibility for the bill —will lead the debate for the government and respond to points made by MPs or Lords. Committees of both the House of Commons and House of Lords hold
5605-620: The capitalism economy. Consequently, in order to keep the treadmill of accumulation going the world needs to risk environmental Armageddon" (p. 156). According to the Sunday Times article "Climate change study was 'misused ' ", the Stern report 'misused' disaster analysts research by Robert Muir-Wood, head of research at Risk Management Solutions, a US-based consultancy. The Stern report, citing Muir-Wood, said: "New analysis based on insurance industry data has shown that weather-related catastrophe losses have increased by 2% each year since
5700-462: The case for a higher elasticity, but noted that this would call for much more extensive redistribution of income within the current generation (Dietz et al. 2007. pp. 135–137). As far as discounting is concerned, the effects of improved technology work through increased consumption and do not need to be treated separately. However, specification of an optimal response to climate change will depend on assumptions about improvements in technology and
5795-503: The central government. Trades Union Congress Social democracy Socialism Communism Northern Ireland Scotland Wales Other The Trades Union Congress ( TUC ) is a national trade union centre , a federation of trade unions that collectively represent most unionised workers in England and Wales . There are 48 affiliated unions with a total of about 5.5 million members. Paul Nowak
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#17327765180005890-411: The charity commissions) are legally more or less independent of the government, and government powers are legally limited to those retained by the Crown under common law or granted and limited by act of Parliament. Both substantive and procedural limitations are enforceable in the courts by judicial review . Nevertheless, magistrates and mayors can still be arrested and put on trial for corruption, and
5985-659: The civil service. During the First World War, the Trades Union Congress generally supported the aims of the British Empire. However, in 1915, national conference voted against the introduction of military conscription. The TUC played a major role in the General Strike of 1926 , and became increasingly affiliated with the Labour Party in the 1930s, securing seven of the thirteen available seats on
6080-436: The confidence of the House of Commons. It requires the support of the House of Commons for the maintenance of supply (by voting through the government's budgets) and to pass primary legislation . By convention, if a government loses the confidence of the House of Commons it must either resign or a general election is held. The support of the Lords, while useful to the government in getting its legislation passed without delay,
6175-417: The difference in the PTP-rate. Previous studies by Nordhaus and others have adopted PTP-rates of up to 3 per cent, implying that (other things being equal) an environmental cost or benefit occurring 25 years in the future is worth about half as much as the same benefit today. Richard Tol argues that in estimating discounting rates and the consequent social cost of carbon , the assumptions that must be made about
6270-604: The downstream practicalities of bringing avoided deforestation into climate mitigation efforts. Soon after publication of the Stern Review, former Chancellor of the Exchequer Nigel Lawson gave a lecture at the Centre for Policy Studies , briefly criticising the Review and warning of what he called "eco-fundamentalism". In 2008, Lawson gave evidence before the House of Commons Treasury Select committee , criticising
6365-597: The earth's average global temperature to a height last seen in the middle Pliocene around 3 million years ago" (p. 154). They posit that the basis for such high targets is "economics, pure and simple" (p. 155), that is, stronger emissions cuts were seen by the Stern Review authors as "prohibitive, destabilizing capitalism itself" (p. 155). "All of this signals that any reduction in CO2 equivalent emissions beyond around 1 per cent per year would make it virtually impossible to maintain strong economic growth—the bottom line of
6460-496: The economic and social disruptions. The Stern Review's main conclusion is that the benefits of strong, early action on climate change far outweigh the costs of not acting. The Review points to the potential impacts of climate change on water resources, food production, health, and the environment. According to the Review, without action, the overall costs of climate change will be equivalent to losing at least 5% of global gross domestic product (GDP) each year, now and forever. Including
6555-580: The employer and even achieving the socialist transformation of society. The result was the General Federation of Trade Unions which was formed in 1899. For some years it was unclear which body (the GFTU or the TUC) would emerge as the national trade union centre for the UK and for a while both were recognised as such by different fraternal organisations in other countries. However, it was soon agreed among
6650-409: The exchequer to be a member of the House of Lords was Lord Denman , who served for one month in 1834. The British monarch is the head of state and the sovereign , but not the head of government . The monarch takes little direct part in governing the country and remains neutral in political affairs. However, the authority of the state that is vested in the sovereign, known as the Crown , remains
6745-489: The extent to which such improvements will be induced by policies that increase the cost of emissions. Both supporters and opponents of Stern's discount rate have used comparisons with market rates of return on capital to justify their position. Robert Mendelsohn of Yale University is a critic of the Review and has said: [...] investments in mitigation that cannot even earn a positive rate of return will be worth far less to future generations than those same dollars invested in
6840-532: The government has powers to insert commissioners into a local authority to oversee its work, and to issue directives that must be obeyed by the local authority if the local authority is not abiding by its statutory obligations. By contrast, as in European Union (EU) member states, EU officials cannot be prosecuted for any actions carried out in pursuit of their official duties, and foreign country diplomats (though not their employees) and foreign members of
6935-766: The government on the statement. When the government instead chooses to make announcements first outside Parliament, it is often the subject of significant criticism from MPs and the speaker of the House of Commons . The prime minister is based at 10 Downing Street in Westminster , London. Cabinet meetings also take place here. Most government departments have their headquarters nearby in Whitehall . The government's powers include general executive and statutory powers , delegated legislation , and numerous powers of appointment and patronage. However, some powerful officials and bodies, (e.g. HM judges, local authorities , and
7030-485: The government to account, scrutinise its work and examine in detail proposals for legislation. Ministers appear before committees to give evidence and answer questions. Government ministers are also required by convention and the Ministerial Code , when Parliament is sitting, to make major statements regarding government policy or issues of national importance to Parliament. This allows MPs or Lords to question
7125-519: The government. Royal prerogative powers include, but are not limited to, the following: While no formal documents set out the prerogatives, the government published the above list in October 2003 to increase transparency, as some of the powers exercised in the name of the monarch are part of the royal prerogative . However, the complete extent of the royal prerogative powers has never been fully set out, as many of them originated in ancient custom and
7220-431: The issues debated among economists was the discount rate used in the Review. Discounting is used by economists to compare economic impacts occurring at different times. Discounting was used by Stern in his calculation of the possible economic damages of future climate change. Marginal climate change damages were calculated for a "business-as-usual" greenhouse gas (GHG) emissions pathway. Residual climate change damages (at
7315-606: The local trade union activists. The TUC leadership subsequently tried to distort the result of the survey to justify its own opposition toward unauthorised marches. In 1945, the World Trade Union Conference took place in February at County Hall, London , before the first World Trade Union Congress was convened in Paris, October of the same year. In 1958, the TUC's current headquarters, Congress House ,
7410-468: The mainstream view (Cox and Vadon, 2007). In his paper on the Jevons' Paradox , which states that improvements in energy-efficiency of technologies can potentially increase greenhouse gas emission, Steve Sorrel concludes with "A prerequisite for all the above is a recognition that rebound effects matter and need to be taken seriously. Something is surely amiss when such in-depth and comprehensive studies as
7505-410: The major unions that the TUC should take the leading role and that this would be the central body of the organised Labour Movement in the UK. The GFTU continued in existence and remains to this day as a federation of (smaller, often craft-based) trade unions providing common services and facilities to its members (especially education and training services). As the TUC expanded and formalised its role as
7600-431: The margin) were also calculated for other emissions pathways, especially one peaking at 450 ppm CO 2 e GHG concentration. There are four main reasons commonly proposed by economists for placing a lower value on consumption occurring in the future rather than in the present: Using a high discount rate decreases the assessed benefit of actions designed to reduce greenhouse gas emissions. The Stern Review did not use
7695-444: The market. Placing climate change before investments in other important nonmarket services such as conservation, health, education, security, and transportation also cannot be justified in the name of future generations. From the perspective of future generations, it is in their interest that all investments earn the same rate of return. The ethical justification for intentionally overspending on selective projects with low rates of return
7790-437: The newly created National Council of Labour in 1934. The TUC pressured the Labour Party into rejecting Ramsay MacDonald 's National Government formed to implement spending cuts, and no major trade unions joined his breakaway National Labour Organisation . A TUC survey of local trades councils who were approached by unemployed marchers for support in 1936 shows widespread support for unemployed workers' protest marches among
7885-433: The period of absolute monarchy , or were modified by later constitutional practice. As of 2019, there are around 120 government ministers supported by 560,000 civil servants and other staff working in the 24 ministerial departments and their executive agencies . There are also an additional 20 non-ministerial departments with a range of further responsibilities. In theory, a government minister does not have to be
7980-479: The proposals put forward by Stern would be severe, or that the scientific consensus view on global warming, on which Stern relied, is incorrect. By contrast, some argue that the Review emission reduction targets are too weak, and that the climate change damage estimates in the Review are too small. In an article in the Daily Telegraph (2006), Ruth Lea, Director of the Centre for Policy Studies , questions
8075-528: The public as a competition, which David Du R Aberdeen won. From 1979 to the end of the 20th century, the TUC's membership declined from about 12 million to about 6.6 million. This took place during and after the Premiership of Margaret Thatcher , among other contributing factors. Frances O'Grady became elected to be the leader of the TUC in 2012. The TUC endorsed a remain vote at the 2016 European Union membership referendum , and O'Grady participated in
8170-558: The remote future are so uncertain that they are essentially arbitrary. Consequently, the assumptions made dominate the results and with a low discount rate the social cost of carbon is also arbitrary. In an appearance before the House of Commons Treasury Select Committee (2008), Stern was asked about the discount rate used in the Review: Stern: [...] We are in pretty good company here in that [the distinguished economists] Solow, Sen, Keynes, Ramsey and all kinds of people have adopted
8265-460: The risk of catastrophic climate change. With increasing average consumption in future, the marginal utility of consumption will decline. The elasticity of the marginal utility of consumption (part of the social discount rate) may be interpreted as a measure of aversion to inequality. Partha Dasgupta has criticised the Stern Review for parametric choices that, he argues, are inadequately sensitive to inequality. In subsequent debate, Stern has conceded
8360-433: The source of executive power exercised by the government. In addition to explicit statutory authority , the Crown also possesses a body of powers in certain matters collectively known as the royal prerogative . These powers range from the authority to issue or withdraw passports to declarations of war. By long-standing convention, most of these powers are delegated from the sovereign to various ministers or other officers of
8455-666: The sovereign, although this authority is exercised only after receiving the advice of the Privy Council . The prime minister, the House of Lords, the Leader of the Opposition, and the police and military high command serve as members and advisers of the monarch on the Privy Council. In most cases the cabinet exercise power directly as leaders of the government departments , though some Cabinet positions are sinecures to
8550-400: The start of Edward VII 's reign in 1901, by convention, the prime minister has been an elected member of Parliament (MP) and thus answerable to the House of Commons, although there were two weeks in 1963 when Alec Douglas-Home was first a member of the House of Lords and then of neither house. A similar convention applies to the position of chancellor of the exchequer . The last chancellor of
8645-413: The stochastic framework, however, means the expected mean or certainty equivalent discount rate will be below the discount rate for the mean expected outcome (Dietz, 2008, p. 11). In other words, accounting for risk means a greater weight is applied to worst case outcomes, as per the insurance market. Debate over the Stern Review initially focused on the first of these points. In the Review, Stern used
8740-530: The supreme decision-making committee, known as the Cabinet . Ministers of the Crown are responsible to the House in which they sit; they make statements in that House and take questions from members of that House. For most senior ministers this is usually the elected House of Commons rather than the House of Lords . The government is dependent on Parliament to make primary legislation , and general elections are held every five years (at most) to elect
8835-430: The wealth and superior technologies that could be used to handle whatever comes at them including climate change. [...] So hurrying the process of switching from carbon-based fuels along by boosting energy costs means that humanity will have to delay buying other good things such as clean water, better sanitation, more and better food, and more education." Commenting on the Review's suggested increases in environmental tax,
8930-530: Was built. It was proposed at the 1944 Congress in Blackpool as a tribute to the lives of trade unionists that were lost in World War II . The idea was quickly expanded on to include conference and meeting facilities now known as Congress Centre. The building was also seen as an opportunity to raise interest in arts and culture, architecture in particular and the chance to design the building was left open to
9025-687: Was optimistic about the opportunities for industry to meet demands created by investment in technology to combat climate change. The Prince of Wales' Corporate Leaders Group on Climate Change, formed by 14 of UK's leading companies shared this hope. Chairman of Shell UK, James Smith, expressed the hope of the group that business and Government would discuss how Britain could obtain "first mover advantage" in what he described as "massive new global market". On 1 November 2006, Australian Prime Minister John Howard responded by announcing that A$ 60 million would be allotted to projects to help cut greenhouse gas emissions while reiterating that Australia would not ratify
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