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Policy design approaches currently pay insufficient attention to feedback that occurs during the design process. Addressing this endogenous policy design feedback gap is pressing as policymakers can adopt 'low-fidelity' design approaches featuring compressed and iterative feedback-rich design cycles. We argue that within-design feedback can be oriented to the components of policy designs (instruments and objectives) and serve to reinforce or undermine them during the design process. We develop four types of low-fidelity design contingent upon the quality of feedback available to designers and their ability to integrate it into policy design processes: confident iteration and stress testing, advocacy and hacking, tinkering and shots in the dark, or coping. We illustrate the utility of the approach and variation in the types, use, and impacts of within-design feedback and low-fidelity policy design through an examination of the UK's Universal Credit policy. [ABSTRACT FROM AUTHOR]

While the underlying causal linkage between trade credit and corporate growth has mainly been explored, the primary factors that channel the relationship are limited. This article hypothesises a nonlinear relationship between trade credit and corporate growth due to the existing theoretical arguments on the benefit and cost of using suppliers' credit by corporations to enhance growth. Based on a panel of 23,023 non‐financial companies from the United Kingdom over a 10‐year period, evidence from this study reveals a nonlinear (concave) relation between trade credit and corporate growth: positive for low trade credit received and negative for high credit received. We also find trade credit to be sensitive to financial crisis, financial constraints and growth strategy. The predictability is stronger during a financial crisis, among financially constrained corporations and corporations pursuing an aggressive growth strategy. We also find growth to be higher in firms that move closer to achieving an optimal credit level. This relationship holds for both the above‐ and below‐optimal deviations. These findings have implications for a more balanced and nuanced view of trade credit management. [ABSTRACT FROM AUTHOR]

The article compares the monetary policy of the U.S. and Great Britain. The author discusses the simplification of the monetary policy in Great Britain as well as the flexibility in the implementation of monetary policy in Great Britain. He explains that cars and consumer durables have been heavily affected by varying consumer credit control. He states that there needs to be a greater emphasis on monetary policy in Great Britain. The abandonment of consumer credit controls in the U.S. is also discussed.

Resulting from instability in the UK financial climate in recent times, consumers have increasingly turned to alternative credit sources such as payday loans, logbook loans (car title loans) and pawning. Recognising this increasingly important trend in UK society, this study explores how UK consumers manage and select alternative credit sources, through a Consumer Culture Theory lens. Primary data were sourced through a multi-stage interview process with ten consumers of alternative credit providers. Findings were subjected to a rigorous six-stage thematic analysis, which enabled generation of a three-ring orbit model showing how the consumers migrated between categories of credit sources. Furthermore, it was found that other concepts could be traced on to the orbit model, such as access to other credit sources, time pressures, perceived risk and emotional state. It is expected that the findings from this study will benefit lenders, policy makers and regulatory bodies from greater insights into understanding of the emotional state of their customers and the particularly the pressures they may be experiencing when taking last resort credit sources. [ABSTRACT FROM AUTHOR]

In this paper we provide empirical evidence concerning the nature of loan commitment contracts as reflected by individual loan contract parameters in influencing the size of bank commitments. Specifically, we consider how the quantitative allocation of credit, the loan amount, is affected or altered by changes to other components of the total loan package. By doing so we shed some more light on the types of real world trade-offs that credit constrained firms might face when approaching banks for funds, using the UK governments loan guarantee programme. Our results point at the importance of relationship lending in the UK. [ABSTRACT FROM AUTHOR]

One of the most important determinants of the efficiency of tax revenue collection is the business cycle. Due to liquidity problems of entrepreneurs, increased tax evasion rates, decline in taxpayers' income and consumption an economic crisis may lead to substantial increase in tax arrears. In the European Union members states tax arrears pose more or less a problem for governments and tax authorities. According to the data presented by the Greek Ministry of Finance taxpayers' debt in Greece at the end of 2014 reached nearly 70 bln EUR. While the share of undisputed tax arrears in tax revenue collection equalled for this country in 2010 nearly 90.0% in such member states as Austria, Germany, Denmark it did not exceed 2.5%. The article overviews the main indicators of the performance of tax debt collection in the European Union member states. The basic aim of this article is however to compare the stock and structure of tax debt and the efficiency of tax debt collection in Germany, Poland and the United Kingdom. [ABSTRACT FROM AUTHOR]

Purpose: This paper explores the reasons for the apparent failure of many UK firms to achieve the competitive advantages indicated in largely positivist literature through the management of their trade credit positions. Design/methodology/approach: The paper utilises data from a set of semi-structured interviews with trade credit managers in firms and is the first substantial qualitative study of the intra-firm aspects of trade credit management in the UK. Through this approach, we explore the reasons why the theoretical promise of trade credit may or may not be realised. Findings: The principal findings relate to the importance of three organisational attributes (skills/awareness, communication and structural position of the activity in the firm). That is, trade credit management should be regarded as a relational activity and not merely a narrow technical function. The paper finds that there is no generic formulation of these attributes that can deliver on the promise of trade credit identified in the extant literature. Rather, individual firms must adapt themselves to suit their circumstances. Practical implications: This paper will be of interest to and is relevant for companies, accounting professionals and policy makers. Trade credit represents a significant area of commercial risk and the problems experienced with its effective management have previously proved somewhat intractable. Originality/value: This paper reports on the first substantial piece of UK work to look at the actualities of how trade credit is managed within firms and what the implications of this are. [ABSTRACT FROM AUTHOR]

Abstract: As an island nation the Republic of Ireland’s ports and harbours are key to the economic wellbeing of the country as they are the primary transport link to the United Kingdom, mainland Europe and beyond. This paper examines the main aspects of the Irish dredging industry with comparison to international practice and standards, including the source of the dredge material and volumes generated annually, the dredging plant employed and the management processes currently practised. Relevant European and Irish legislation governing dredging, disposal at sea and waste licensing are presented. The potential impacts of disposal at sea are discussed with the implications for the Irish dredging industry of recently introduced European Directives assessed. Beneficial use rates for dredge material and the techniques implemented in Ireland are examined and compared with international practice. Recent notable beneficial use projects for dredge material and proposed innovative dredge material management techniques for specific dredging projects in Ireland are presented. Proposals to encourage greater beneficial use of dredge material and minimise disposal at sea for Ireland are presented including the introduction of environmental credits, tax breaks and a grant system for pilot schemes. An alternative disposal at sea charge fee structure is also recommended to encourage alternative dredge material management practices. Ireland’s management of contaminated sediment is also presented with recent projects described highlighting the current practice of primarily exporting contaminated sediment to mainland Europe. Alternative methods of treatment of contaminated sediment are assessed in an Irish context. Future issues and challenges facing the Irish dredging industry are assessed and a critical analysis of the current approaches to dredge material management is presented. [Copyright &y& Elsevier]

The article explores the life and career of economist Oswald Stoll with an emphasis on his approach to finance and his influence on economic policy-making in Great Britain. The author reflects on Stoll's background as a businessman and belief that the level of credit a business receives should depend on demand. Stoll's role in managerial innovations in the entertainment industry is considered. Other topics include government assistance for British films, productive collateral for bank loans, and root causes for involuntary unemployment.

This article considers the possibilities for widespread use of municipal bonds to finance public sector infrastructure, with particular reference to Scotland. Provided the various control measures recommended in this article are in place, there can be few objections either in principle or practice and they would be a highly desirable secure form of debt, so helping ease the current credit crunch. [ABSTRACT FROM AUTHOR]

This paper investigates how to achieve flexibility in fiscal policy without sacrificing credibility or independence in monetary policy. The idea is to create a framework that generates fewer conflicts between policies but greater discipline within them. We assume an independent central bank and restraints on national fiscal policies. Using a theoretical model, we examine the consequences of assigning leadership to fiscal policies in order to exploit the implicit (but rule based) coordination available under standard transmission mechanisms and to allow priorities and targets to differ between policy makers. This works best when leadership takes the form of a debt rule (with hard or soft targets) to precommit fiscal policies over the longer term; but monetary independence to guarantee the credibility and discipline in the short term policies. Compared to the uncoordinated policies operating in Europe, inflation biases and debt/deficit ratios are both lower for no loss in output volatility. That matches the experience of the UK, an economy whose empirical reaction functions show fiscal leadership. On a wider sample of Organization for Economic Cooperation and Development countries, the gains from debt targeting are estimated at 2–4% of gross domestic product. [ABSTRACT FROM AUTHOR]

Trade credit finance and credit management are gradually gaining the research attention an area of such importance merits. One area, still far from resolved, is why trade credit is extended by non-financial firms to customers. This paper seeks to identify the generic forces behind the trade credit offer and to explore the empirical support for 20 propositions on credit motives derived from the literature and the implications of such motives to credit policies. The paper reports findings from a survey of senior finance officers involved in credit management in large UK companies. It assesses the degree to which theoretical explanations for granting trade credit are experienced in practice and whether observed differences attaching to credit motives among firms are associated with variations in credit policies and debtor days. The study found strong empirical support for seven propositions linked to competitiveness, pricing, investment and financing, and weaker support for a number of other theoretically-derived motives for trade credit extension. Factor analysis suggested a more insightful approach to classifying trade credit motives, covering investment in customers, customer's operating and financial benefits, supplier's marketing/operational benefits and market pressure to conform. In addition, two factors—customer relations and pricing flexibility— were extracted as motives for varying credit terms. Consistent with our hypothesis average debtor days were found to be significantly higher for those firms emphasising the financing, investment, and pricing flexibility propositions. These findings, and implications for future research, are explored. [ABSTRACT FROM AUTHOR]

A central element in developing credit management policy involves design choices on the extent to which credit activities are best managed internally or through specialist market intermediaries. This paper draws on the findings of a survey on the credit management practices and policies of large UK companies to: (1) Examine the type of firm most likely to enter into specialist external credit management structural arrangements; and (2) Identify contextual and credit policy choices influencing the credit period taken and late payment of debts. The study found that specialist intermediaries are not particularly common in large firms. The paper also identifies a number of contextual and policy variables that help explain variation in debtor days and late payment by customers. [ABSTRACT FROM AUTHOR]

Provides information on a study which examined the credit management and late payment practices of small manufacturing firms in Great Britain. Overview on related studies; Data and method; Impediments to improving business performance; Characteristics of creditor and debtor; Conclusion.

This note presents an estimate of a demand function for broad money (£M3) for the UK, 1964ii-1985iv. It shows no sign of structural instability due to Competition and Credit Control, and forecasts well for twenty quarters post-sample (1981i- 1 985iv). A key innovation is the allowance made for financial innovation by including the interest rate available on new, high-interest chequing accounts in the equation. [ABSTRACT FROM AUTHOR]

This paper develops a model of UK bank behaviour under the Competition and Credit Control (CCC) conventions which allows for both types of risk and yet is sufficiently tractable to be fitted empirically. Following previous UK studies we suppose that banks are risk averse, maximising expected utility over a discrete decision period, and assume that the distribution of asset returns is independent of that of cash and reserve losses. In addition we assume that if the precautionary balances chosen by the bank initially are insufficient to cope with outflows of funds during the decision period without infringing the CCC conventions, then the bank will face transactions or penalty costs. This assumption distinguishes our model from those used in previous UK studies and gives it its precautionary aspects.[1] The basic model is set out in Section I of the paper. It is noted that reserve assets, cash and short term money market items have similar speculative risk characteristics, so that the banks' problem can be separated into precautionary and speculative sub-problems, the first involving holdings of cash and reserve assets, the second involving the remaining portfolio items. The resulting relationships are discussed in Section II. These may be estimated using simultaneous non-linear equation methods. The results are discussed in Section III. [ABSTRACT FROM AUTHOR]

In the first section of this article a research project, designed to explore the use of and attitudes towards banks by weekly, cash-paid, workers, is presented. In the second section, an attempt is made to summarize the views of workers, employers, government and banks with regard to payments by cash and bank credit transfer, together with the possibilities for revising payment methods in Great Britain. Particular attention is given to the role which is being played by the clearing banks in encouraging bank credit transfers and in persuading those in lower socio-economic classes, including those presently paid weekly in cash, to open bank accounts. Among those paid weekly there remains a marked reluctance to accept payment other than by cash and such a payment method is a strong incentive to hold a cash orientated view. This cash orientation is coupled with, traditionally, short financial horizons and the immediacy of financial need whereby a large proportion of income is often accounted for as soon as it is received to pay the rent, buy food and other such items. It is found that even those with a current bank account made most of their payments for goods and services by cash rather than by cheque or any other means. In general, attitudes towards a change to payment monthly and bank credit transfer would seem to be unfavourable.

The article focuses on the new approach forwarded in structuring the degree of Master of Business Administration (MBA). MBA is regarded as the principal post graduation qualification in business. Although the existing structure had served the MBA well over a period of many years and had generally elicited favorable comment from participants and sponsoring organizations, it was nevertheless felt that a number of issues had to be addressed in designing the MBA to meet the needs of managers in the future. Central features of the new approach involve providing credit based structure to provide both flexibility and an orderly approach to the development of the curriculum. A credit is defined as approximately 12-class contact hours or its equivalent. A radical new feature is that MBA credits can be generated through participation in certain post-experience courses that may be organized through the business school or in-house courses organized by companies as part of their management development activities.

The author assesses the impact of the credit crisis on older people in Great Britain. He believes that an important issue for older people who are pensioners is the non-remittance of benefits and allowances due them. He opines that around two-thirds of pensioners are reducing the amount that they spend on gas and electricity with around 50% intending to make economies with regard to their heating this winter.

Provides an overview of the Consumer Credit White Paper which focuses on the initiatives launched to deal with consumer credit violations in Great Britain. Social significance of the initiatives; Provisions of the Consumer Credit Advertising Regulations; Issues tackled in the white paper; Problems surrounding consumer credit.