OECD: Economic Survey United Kindom, March 2011
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Contents

summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Assessment and recommendations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Chapter 1. Supporting the recovery and rebalancing the economy. . . . . . . . . . . . . . . . 21
Getting back to balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Understanding the weaknesses of previous fiscal rules could help create
a robust framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Structural reforms should support growth and rebalancing . . . . . . . . . . . . . . . . . . . 37
The UK banking sector was severely affected by the crisis and further reforms
are essential. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
The domestic financial regulatory and supervisory framework needs
to be strengthened further . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Implementation issues and further reforms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Annex 1.A1. Progress in structural reform . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Chapter 2. Improving the functioning of the housing market . . . . . . . . . . . . . . . . . . . . 53
Recent developments in the housing market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Improving the efficiency and resilience of the housing market . . . . . . . . . . . . . . . . 63
Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

Chapter 3. Reforming education in England . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
International test scores suggest that educational outcomes have not improved. 86
Better targeted pre-schooling can support social mobility and increase
educational efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
Primary and secondary education in England, the United Kingdom and the OECD . . 93
Efficiency in primary and secondary education is low and has fallen . . . . . . . . . . 97
The extensive focus on grades in the school system is a cause of concern . . . . . . 100
More attention to composition and quality of inputs could improve outcomes . . 102
Inefficient deprivation funding leads to underachievement among
disadvantaged students . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105
Strong reliance on admission based on residency hampers user choice. . . . . . . . . 106
Supply must be more flexible if substantial user choice is to be exercised. . . . . . . 107
Participation in upper secondary education is low . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Higher caps on tuition fees should provide room for increasing the number
of study places . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
Annex 3.A1. Determinants of PISA scores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
Annex 3.A2. Estimation of wellbeing determinants . . . . . . . . . . . . . . . . . . . . . . . . . . 126

Chapter 4. Climate-change policy in the United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . 129
Rising to the climate challenge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
Recent progress on emissions has been significant but a step change is needed
to achieve ambitious targets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
Major policy instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
Adaptation to climate change. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152
Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161