@ WinSolve code for OBR/HMT macroeconomic model 2017 { Format for Equation comments (with column markers): 1 4 61 71 80 *C --------> <-------- <---- <------ *C Total interest payments of HH (&NPISH) ROYU TA37,EA NV1005 DESCRIPTION IDENTIFIER SOURCE UPDATE SOURCE codes for tables: BB Blue Book PB Pink Book EA Economic Accounts FS Financial Statistics ET Economic Trends MD Monthly Digest of Statistics AA Annual Abstract of Statistics QA Quart. Natl Accounts 1st release LM Labour Market Stats 1st release BP Balance of Payments 1st release TD UK Trade 1st release PF Public Sector Finances 1st release CS Capital Stocks } {======== Model setup =========================================================} { *W Denotes a Working variable *P Denotes a model Parameter *M Denotes Multiplicative adjustments *A Denotes Additive adjustments *I Denotes an identity equation } *W Q1 = seas(1) ; { 1,0 seasonal dummies } *W Q2 = seas(2) ; *W Q3 = seas(3) ; *W Q4 = seas(4) ; *C £ price of brent (PBRENT/RXD) in base year (2009) ---- =HMT SF1011 OILBASE = ( (obs(PBRENT,200901)/obs(RXD,200901)) + (obs(PBRENT,200902)/obs(RXD,200902)) + (obs(PBRENT,200903)/obs(RXD,200903)) + (obs(PBRENT,200904)/obs(RXD,200904)) )/4 ; {======== Group 01: Consumption ===============================================} *C HH (&NPISH) final consumption expenditure ABJR+HAYO T2.5,ET TK0915 dlog(C) = - 0.070154*log(C(-1)) + 0.0702145*log(RHHDI(-1)) + 0.1334284*dlog(RHHDI) + 0.0882528*dlog(RHHDI(-1)) + 0.1333691*(dlog(GPW)-dlog(PCE)) - 0.0100777*diff(UNUKP) - 0.0013761*diff(R(-1)); *C Nominal HH (&NPISH) final consumption expenditure RPQM T2.5,ET NV0206 C£ = C*PCE/100 ; *C HH final consumption expenditure: durable goods (CVM) UTID TA7,EA DG1009 *W CDUC = PCDUR*( (((1 + R/100)^0.25) - 1) + ((1.25^0.25)-1) - diff(PCDUR)/PCDUR ) ; *W RPCDUR = (PCDUR/PCE) ; dlog(CDUR) = dlog(C) - 0.6408491*(dlog(PCDUR) - dlog(PCE)) + 0.0378296*dlog(PD) + 0.4517152*dlog(RHHDI) + 0.3438288*dlog(RHHDI(-1)) - 0.0421498*log(CDUR(-1)/C(-1)) -0.0145656*log(CDUC(-1)/100) + 0.0313983*log(NFWPE(-1)/(PCE(-1)/100)) - 0.6203775 + 0.0636941*(ifeq(200904) - ifeq(201001)); *C HH final consumption expenditure: durable goods (£m) UTIB TA7,EA NV1106 CDUR£ = (PCDUR/100)*CDUR ; *C Property transactions FTAQ T5.5, ET LN0914 dlog(PD) = dlog(GPW) - dlog(APH) - 0.1278181*log(PD(-1)/(GPW(-1)/APH(-1))) + 1.54494*(dlog(APH) - dlog(PCE)) + 0.2058841*(ifeq(199203) - ifeq(199204)) + 0.340128*ifeq(200401) + 0.1437075*(ifeq(200904) - ifeq(201001)) + 0.2732277*(ifeq(201601) - ifeq(201602)) + 0.2217687 ; {======== Group 02: Inventories ===============================================} *C Inventory levels ---- TA9,EA NV0206 INV = INV(-1) + DINV ; *C Change in inventories CAFU TA2,EA NV0206 DINV = DINV(-1) ; *C Book Value of inventories HMT TA9,EA NV0206 BV = BV(-1) + DINV£ ; *C Stock appreciation DLRA+EQCB TC,BB NV0206 SA = BV(-1)*(PINV/PINV(-1)-1) ; *C Change in inventories CAEX TA2,EA NV0206 DINV£ = DINV*PDINV/100 ; *C Change in inventories of HH and NPISH RPZX TA41,EA TP0813 DINVHH = 0.07*DINV£ ; *C Change in inventories of Central Govt. ANMY PSAT2,PF NV0707 DINVCG = DINVCG(-1) ; *C Alignemnt adjustment applied to change in inventories DMUM T1.1.2, EA LT0116 ALAD = ALAD(-1) ; {======== Group 03: Investment ================================================} *C Rate of annual writing down allowance for industrial buildings HMRC DS0312 SIB = SIB(-1) ; *C Rate of initial-year allowances for industrial buildings HMRC DS0312 IIB = IIB(-1) ; *C Rate of annual writing down allowance for plant HMRC DS0312 SP = SP(-1) ; *C Rate of first-year allowances for plant HMRC DS0312 FP = FP(-1) ; *C Rate of annual writing down allowance for vehicles HMRC DS0312 SV = SV(-1) ; *C Discount factor HMT ----- DS0312 DISCO = DISCO(-1) ; {PRESENT VALUE OF DEPRECIATION ALLOWANCES} *C Present value of depreciation allowances for buildings HMT ----- DS0312 DB= ifle(201101)*1/(1+DISCO)*(IIB+(SIB/DISCO)*(1-(1+DISCO)^((-1)*(1-IIB) /(SIB+0.1*ifge(201102))))) ; *C Present value of depreciation allowances for plant HMT ----- DS0312 DP=1/(1+DISCO)*((DISCO*FP+SP)/(DISCO+SP)) ; *C Present value of depreciation allowances for vehicles HMT ----- DS0312 DV=SV/(DISCO+SV) ; {TAX-ADJUSTMENT FACTORS} *P WB = 0.31 ; {Investment share buildings} *P WP = 0.54 ; {Investment share plant} *P WV = 0.14 ; {Investment share vehicles} *C Tax-adjustment factor for buildings HMT ----- DS0312 TAFB = (1-TCPRO*DB)/(1-TCPRO) ; *C Tax-adjustment factor for plant HMT ----- DS0312 TAFP = (1-TCPRO*DP)/(1-TCPRO) ; *C Tax-adjustment factor for vehicles HMT ----- DS0312 TAFV=(1-TCPRO*DV)/(1-TCPRO) ; *C Tax-adjustment factor for private sector HMT ----- DS0312 TAF=WB*TAFB+WP*TAFP+WV*TAFV ; {CALCULATION OF COST OF FINANCE} *P WG = 0.03 ; {Annual dividend growth} *C Weight on debt finance DS0312 DEBTW = DEBTW(-1) ; *C Dividend yield of UK non-financials NETZ/NLBU (A5GA) DS0312 NDIV = NDIV(-1) ; *C Cost of debt finance CDEBT = CDEBT(-1) + diff(RIC) ; *C Cost of equity finance CEQUITY = NDIV*(1+WG) + 100*WG ; *C Real weighted average cost of finance RWACC = DEBTW*CDEBT + (1-DEBTW)*CEQUITY ; {UNADJUSTED COST OF CAPITAL} *C Rate of depreciation DELTA=DELTA(-1) ; *P Real depreciation ratio RDELTA=0.022 ; *C Unadjusted real cost of capital COCU = PIBUS/PGDP*obs(PGDP,197001)/obs(PIBUS,197001)*(DELTA+RWACC) ; *C TAX-ADJUSTED REAL COST OF CAPITAL HMT ----- DS0312 COC=TAF*COCU ; *C Optimal capital KSTAR = exp(log(MSGVA) - 0.4*log(COC) + 2.434202655) ; {2.43... scales KSTAR to KMSXH in 2006} *C Market sector capital excluding housing KMSXH = (IBUSX/1000) + KMSXH(-1)*(1-RDELTA) ; *C Gap between capital stock and optimal level of capital KGAP = log(KMSXH*1000)-log(KSTAR) ; *C Tobin Q adjusted by PIBUS TQ = -(NWIC/1000)/(KMSXH*(PKMSXHB/100)) ; * Price of market sector capital exclusing housing PKMSXHB = PIBUS ; *C Business investment NPEL T2.7,ET DS0712 IBUS = IBUSX + 17394*ifeq(200502) ; *C Business investment ex. BNFL transfer to CG GAN8 DS0712 *C Business investment ex. BNFL transfer to CG GAN8 TK0915 dlog(IBUSX) = 0.1992007*dlog(IBUSX(-3)) + 1.00573*dlog(MSGVA(-1)) - 0.0012369*CBIUD - 0.0418036*(log(IBUSX(-1)) - log(KMSXH(-2)*1000)+ KGAP(-2)) + 0.0544706*ifeq(199801) + 0.0597525*ifeq(200502) - 0.0884031 ; *C Business investment ex.BNFL Tobin's Q version GAN8 TK0915 dlog(IBUSX) = 0.2149573*dlog(IBUSX(-3)) + 0.6636472*dlog(MSGVA(-2)) - 0.0014605*CBIUD - 0.1299996*(log(IBUSX(-1)) - 0.908621*log(MSGVA(-1)) - 0.290334*TQ(-2)) + 0.0549089*ifeq(199801) + 0.0642351*ifeq(200502) - 0.0996079 ; *C CBI factors reducing investment- uncertainty over demand CBI ---- DS0712 CBIUD = - 163.937*dlog(MSGVA(-1)) + 0.4375033*CBIUD(-1) + 0.2909636*CBIUD(-2) + 14.67938 ; *C General Government GFCF RPZG(RNCZ+RNSM) TA8,EA NV0206 GGI£ = CGI£ + LAI£ ; *C General Government gross fixed capital formation DLWF TA8,EA NV0206 GGI = 100*GGI£/GGIDEF ; *C General Government GFCF inc. BNFL transfer to CG DS2308 GGIX = GGI + 17394*ifeq(200502) ; *C General Government investment deflator 100*(RPZG/DLWF) TA8,EA NV0206 ratio(GGIDEF) = ratio(PIF) ; *C Private sector investment in dwellings L636 TA8,EA DS0713 dlog(IH) = - 0.2628721*log(IH(-1)) + 0.0214637*log(APH(-1)/PCE(-1)) -0.001359*(RS(-1) - 400*dlog(APH(-1))) + 0.076166*log(PD(-1)*0.845) - 0.1372628*dlog(IH(-1)) + 2.066232 - 0.0214637*log(obs(APH, 200201)/100) ; *C Public Corporation investment in dwellings L634 TA8,EA NB0106 ratio(PCIH) = ratio(IH) ; *C Net acquisitions of valuables NPJR TA2,EA NV0106 VAL = VAL(-1) ; *C Net acquisitions of valuables NPJQ TA2,EA NV0106 VAL£ = VAL*PIF/100 ; *C HH Net acquisitions of valuables RPZY TA41,EA NV0106 VALHH = 0.25*VAL£ ; *C PC investment in existing buildings & transfer costs L635 TA8,EA NV0308 PCLEB = PCLEB(-1) ; *C Private sector transfer costs on non-produced non-fin. assets L637 TA8,EA TA0914 IPRL = IPRL(-1) ; *C Total gross fixed capital formation (CVM) NPQT TA8,EA NV0106 IF = IBUS + GGI + PCIH + PCLEB + IH + IPRL ; *C Total gross fixed capital formation (£m) NPQS TA8,EA NV0106 IF£ = IF*PIF/100 ; *C HH net acquisitions of non-produced non-fin. assets RPZU TA41,EA NV0106 NPAHH = NPAHH(-1) ; *C Private sector investment in dwellings deflator L62T/L636 TA8,EA TA0914 PIH = PIH(-1)*((APH/APH(-1))^0.5)*((CPI/CPI(-1))^0.5); *C Private sector transfer costs on non-produced non-fin. assets deflator L62U/L637 TA8,EA TA0914 ratio(PIPRL) = ratio(CPI) ; *C Private sector investment in dwellings (CP) L62T TA8,EA TA0914 IH£ = IH*PIH/100 ; *C Number of households ---- DCLG TA0914 HH = HH(-1); *C Housing stock ---- OBR TP0115 HSALL = HSALL(-1) ; *C Private sector transfer costs on non-produced non-fin. assets, cp L62U TA8,EA TA0914 IPRL£ = IPRL*PIPRL/100 ; *C Gross fixed capital formation by HH&NPISH RPZW TA41,EA AT1011 *W PIPC = PIF*0.9828 ; IHH£ = 0.9896*IH£ + 0.7182*IPRL£ + 0.0899*(PIBUS/100)*IBUS ; *C Business investment deflator ---- HMT AT1011 PIBUS = 100*(IF£ - IH£ - IPRL£ - (PIPC/100)*(PCIH + PCLEB) - GGI£)/IBUS ; 'See N/WINXSOLVE/HMTMODEL/GROUP03/IHH£_ICC£_IPC£.xls *C Gross fixed capital formation by PNFCs ROAW TA22,EA AT1011 ICC£ = 0.0104*IH£ + 0.2818*IPRL£ + 0.8449*(PIBUS/100)*IBUS ; *C GFCF & net acquisition of land: PCs ANNQ PSAT2,PF AT1011 IPC£ = (PIPC/100)*(PCIH + PCLEB) + 0.0230*(PIBUS/100)*IBUS ; *C Gross fixed capital formation by FINCOs RPYQ TA26,EA AT1011 IFC£ = IF£ - IHH£ - ICC£ - LAI£ - CGI£ - IPC£ ; {======== Group 04: The Labour Market =========================================} *C General Government Employment G6NW DH0813 EGG = EGG(-1) ; *C Central Government employment G6NQ T4,LM DH0813 ratio(ECG) = ratio(EGG) ; *C Local Authority employment G6NT T4,LM DH0813 ratio(ELA) = ratio(EGG) ; *C Private sector employment (WFJ) ---- =HMT NV0206 dlog(EPS) = + log((ET - ECG - ELA)/ (ET(-1) -ECG(-1) -ELA(-1))) ; *C Market sector employment (LFS) MGRZ-G6NQ-G6NT-MGRT-MGRW T1,LM AS0814 dlog(EMS) = - 0.0113474 + 0.4369834*dlog(EMS(-1)) + 0.1932386*dlog(EMS(-2)) + 0.1713792*dlog(MSGVA(-1)) - 0.0062207*(log(EMS(-1)/MSGVA(-1)) + 0.4*(log(PSAVEI(-1)/PMSGVA(-1)))) - 0.0103188*ifeq(201004) ; *C Employed labour force (WFJ) ---- =HMT NV0206 ET = ET(-1)*ratio(ETLFS) ; *C Work related govt training programmes LOJU T5,LM NV0206 WRGTP = WRGTP(-1)*ratio(ET) ; *C Employed labour force (WFJ) DYDC T5,LM NV0206 WFJ = ET + WRGTP ; *C Total LFS employment inc. self-employed MGRZ T1,LM NV0807 ETLFS = 1000*(HWA/AVH) ; *C Employers & self-employed (WFJ) DYZN T5,LM NV0206 ratio(ES) = ratio(ET) ; *C Employers & self-employed (LFS) MGRQ T3,LM ratio(ESLFS) = ratio(ES) ; *C ONS 2010 population projection: children (<16) =ONS DH0813 GAD1 = GAD1(-1) ; *C ONS 2010 population projection: working-age =ONS DH0813 GAD2 = GAD2(-1) ; *C ONS 2010 population projection: state pension age =ONS DH0813 GAD3 = GAD3(-1) ; *C ONS 2010 population projection: total =ONS DH0813 GAD = GAD1 + GAD2 + GAD3 ; *C Population of 16+ (LFS) MGSL T1,LM ratio(POP16) = (GAD2+GAD3)/(GAD2(-1)+GAD3(-1)) ; *C Population all ages EBAQ P,QA KS1216 POPAL = POPAL(-1) ; *C LFS unemployment (ILO) MGSC T1,LM NV0206 ULFS = ((POP16*PART16/100)-ETLFS) ; *C LFS unemployment rate MGSX T1,LM NV0206 LFSUR = 100*ULFS/(ETLFS+ULFS) ; *C Claimant count unemployment BCJD T1A,LM NV1108 dlog(U) = 0.5716587*dlog(U(-1)) - 1.361356*dlog(GDPM) - 1.385637*dlog(GDPM(-1)) - 0.9276604*dlog(GDPM(-2)) - 0.012263*log(U(-1)) - 0.025383*log(GDPM(-1)) + 0.0137341*ifge(198301)*ifle(198304) - 0.009931*ifge(198601)*ifle(198604) - 0.0225585*ifge(199601)*ifle(199604) - 0.0114154*ifge(197902)*ifle(198001) + 0.4250975 ; *C Claimant count unemployment rate BCJE T1A,LM NV0206 UNUKP = 100*U/(U + WFJ) ; *C Total hours worked YBUS NV0807 H16 = H16(-1) ; *C Total hours worked NV0807 HWA = H16 ; *C Non-oil productivity per hour ---- =HMT NV0807 PRODH = NNSGVA/HWA ; *C Average weekly hours, all workers YBUV T7,LM NV1006 AVH = AVH(-1) ; *C 16+ activity rate MGWG T7,LM NV0807 PART16 = 100*(ULFS+ETLFS)/POP16 ; {PART16 fixed over forecast} *C 16+ employment rate MGSR T7,LM NV0807 ER = 100*ETLFS/POP16 ; {======== Group 05: Exports of goods & services ===============================} *C Real MTIC related exports BQKQ-BQHR RA0107 XMTIC = XMTIC(-1) ; *C Nominal MTIC related exports IKBH-IKBB-BQHP RA0107 XMTIC£ = XMTIC£(-1); *C Exports of non-oil goods ex. MTIC, CVM BQHR-BOXX T1&3,TD OJ0914 dlog(XNOX) = 1.003237 *dlog(MKTGS) - 0.115595*dlog(XNOX(-1)) - 0.142497*(ifeq(200603)) + 0.076753*(ifeq(198901)) - 0.167738*(log(XNOX(-1)) - 0.905364*log(MKTGS(-1)) + 1.066889*log(RPRICE(-1)) + 0.301139*(ifge(200703))) + 1.937008 ; *C Relative export prices CTPC SB0914 dlog(RPRICE) = dlog(PXNOX) + dlog(RXD) - 0.9351684*dlog(WPG) ; *C Exports of services, CVM IKBE,EA T10 OJ0914 dlog(XS) = 0.284672 *dlog(MKTGS(-1)) - 0.262193 *dlog(XS(-1)) + 0.103782 *dlog(OTLROW(-4)) + 0.092613 *dlog(WEQPR) +0.020526 *(diff(RS)-diff(R)) - 0.083197 *(ifeq(199101)) - 0.065216 *(ifeq(200103)) + 0.090743 *(ifeq(200203)) - 0.085737 *(ifeq(201102)) -0.097614 *(log(XS(-1)) - 0.930963*log(MKTGS(-1)) + 0.087344*log(PXS(-1)*RXD(-1)/MAJCP(-1))) + 0.589808 ; *C Total exports, CVM ex MTIC BQHR+IKBE TA2,EA NV0206 XX = XNOX + XS + XOIL ; *C Total exports, CVM IKBK TA2,EA AT0110 X = XNOX + XS + XOIL + XMTIC ; *C Total exports, current prices IKBH TA2,EA AT0110 X£ = (PXNOX/100)*XNOX + (PXS/100)*XS + (PXOIL/100)*XOIL + XMTIC£ ; *C Consumer prices in the US, Canada, Japan and the euro area ---- =OBR DS0713 MAJCP = MAJCP(-1) ; *C GDP in the US, Canada, Japan and the euro area ---- =OBR DS0713 MAJGDP = MAJGDP(-1) ; *C UK export markets for goods & services ---- =OBR DS0713 MKTGS = MKTGS(-1) ; *C EU trade with the rest of the world ---- HMT RA0108 EUXT = EUXT(-1) ; {======== Group 06: Imports of goods & services ===============================} *C Trend specialisation in world trade & ind. production ---- =OBR NV0206 SPECX = SPECX(-1) ; *C Real MTIC related imports BQKO-BQHS T13.1,TD RA0107 MMTIC = XMTIC ; *C Nominal MTIC related imports IKBI-IKBC-BQHQ T13.1,TD RA0107 MMTIC£ = XMTIC£ ; *C Household consumption weighted by its import content ---- =OBR LT0116 MC = 0.239*C ; *C Government consumption weighted by its import content ---- =OBR LT0116 MCGG = 0.176*CGG ; *C GFCF weighted by its import content ---- =OBR LT0116 MIF = 0.286*IF ; *C Inventories (excl. alignment adjustment) weighted by its import content ---- =OBR LT0116 MDINV = 0.691*(DINV - ALAD) ; *C Services exports weighted by its import content ---- =OBR LT0116 MXS = 0.168*XS ; *C Goods exports weighted by its import content ---- =OBR LT0116 MXG = 0.366*(XOIL + XNOX + XMTIC) ; *C Import-weighted domestic demand ---- =OBR LT0116 MTFE = MC + MCGG + MIF + MDINV + MXS + MXG ; *C Import intensity ---- =OBR LT0116 MINTY = 100*(M - MMTIC)/MTFE ; *C index of final demand weighted by import intensity (goods) HMT DS0911 MGTFE = 0.154*C + 0.075*CGG + 0.239*IF + 0.406*DINV + 0.311*XNOX + 0.060*XS ; *C Deflator for goods import-weighted TFE PMGREL = PMNOX/(0.154*PCE + 0.075*GGFCD + 0.239*PIF + 0.406*PINV + 0.311*PXNOX + 0.060*PXS) ; *C Imports of non-oil goods CVM ex. MTIC BQHS-BPIX 13.1,TD OJ0914 dlog(MNOX) = 1.084616*dlog(MGTFE) - 0.346403*dlog(PMGREL) - 0.200653*(log(MNOX(-1)) - 1.308875*log(MGTFE(-1)) + 0.127261*log(PMGREL(-1)) - 0.203025*log(SPECX(-1))) - 0.737664 -0.099888*(ifeq(198003)) + 0.060448*(ifeq(198103)-ifeq(198104)) -0.049334*(ifeq(198201)) ; *C index of final demand weighted by import intensity (services) HMT DS0911 MSTFE = 0.058*C + 0.034*CGG + 0.051*IF + 0.054*DINV + 0.028*XNOX + 0.086*XS ; *C Deflator for services import-weighted TFE HMT DS0911 PMSREL = PMS/(0.058*PCE + 0.034*GGFCD + 0.051*PIF + 0.054*PINV + 0.028*PXNOX + 0.086*PXS) ; *C Imports of services, CVM IKBF TA10,EA HMT OJ0914 dlog(MS) = 0.819114*dlog(MSTFE) + 0.389511*dlog(MSTFE(-1)) - 0.525436*dlog(MSTFE(-2)) + 0.288639*dlog(MSTFE(-3)) - 0.477411*dlog(PMSREL) - 0.292804*dlog(PMSREL(-1)) - 0.271392*dlog(MS(-1)) - 0.171294*(log(MS(-1)) - 1.079017*log(MSTFE(-1)) - 0.662445*log(SPECX(-1)) + 0.112661*((ifge(200701))*SPECX) + 0.874335*log(PMSREL(-1))- 0.126418*(ifge(200701)-ifge(201301))) - 0.031665 ; *C Total imports, CVM ex. MTIC BQHS+IKBF T13.1,TD AT0110 MX = MNOX + MS + MOIL ; *C Total imports, CVM IKBL TA2,EA AT0110 M = MNOX + MS + MOIL + MMTIC ; *C Total imports at current prices IKBI T1,TD AT0110 M£ = MNOX*(PMNOX/100) + MS*(PMS/100) + MOIL*(PMOIL/100) + MMTIC£ ; {======== Group 07: Prices and Wages ==========================================} *C Private sector average earnings index (inc. bonus) KAC4 T46,ET DH0814 dlog(PSAVEI) = - 0.0282 + 0.575*dlog(PMSGVA) + 0.250*dlog(PMSGVA(-1)) + 0.105*dlog(PMSGVA(-2)) + (1 - 0.575 - 0.250 - 0.105)*dlog(PMSGVA(-3)) - 0.0096*(LFSUR - LFSUR(-1)) + 0.264*(dlog(MSGVA)- dlog(EMS)) + 0.282*(dlog(CPI)-dlog(PMSGVA)) - 0.04328*(log(PSAVEI(-1)) - log(MSGVA(-1)/EMS(-1)) - log(PMSGVA(-1)) + log(1 + (EMPSC(-1)/WFP(-1))) + 0.0137*LFSUR(-1)) ; *C CG average earnings index (2000=100) NMAI/C9K9(Q) HMT NV0706 ERCG = ERCG(-1) ; *C LA average earnings index (2000=100) NMJF/C9KA(Q) HMT NV0706 ERLA = ERLA(-1) ; *C Time varying coefficient for wages & salaries ---- HMT LN0414 ADJW = ADJW(-1) ; *C Real product wage per employee ---- OBR TP0115 RPW = (FYEMP/PGVA)/(ETLFS-ESLFS) ; *C Real consumption wage per employee ---- OBR TP0115 RCW = (FYEMP/PCE)/(ETLFS-ESLFS) ; *C Private Sector Unit Labour Costs (base year=100) ---- HMT NV0706 ULCPS = 0.17910*(PSAVEI*(52/4)*(1 + (EMPSC + NIS)/WFP)*EMS/GVA) ; *C Market Sector Unit Labour Costs (2009=100) ---- HMT AT0412 *C Mkt Sector GVA ex self-employed sector *W MSGVA£EMP = MSGVA£ - MI ; *C Mkt Sector employee income *W FYEMPMS = FYEMP - CGWS - LAWS ; ULCMS = 100*1.6715*FYEMPMS*(1 + (MI/MSGVA£EMP) )/MSGVA ; {=====Base year values for cost index calculations==============} *C Private Sector unit labour costs in base year (2009) ---- =HMT AT0712 ULCPSBASE = (obs(ULCPS,200901) + obs(ULCPS,200902) + obs(ULCPS,200903) + obs(ULCPS,200904))/4 ; *C Market Sector unit labour costs in base year (2009) ---- =HMT AT0712 ULCMSBASE = (obs(ULCMS,200901) + obs(ULCMS,200902) + obs(ULCMS,200903) + obs(ULCMS,200904))/4 ; *C Goods import prices in base year (2009) ---- =HMT AT0712 PMNOXBASE = (obs(PMNOX,200901) + obs(PMNOX,200902) + obs(PMNOX,200903) + obs(PMNOX,200904))/4 ; *C Services import prices in base year (2009) ---- =HMT AT0712 PMSBASE = (obs(PMS,200901) + obs(PMS,200902) + obs(PMS,200903) + obs(PMS,200904))/4 ; *C Unit taxes less subs on products in base year (2009) ---- =HMT AT0712 TXRATEBASE = ((obs(BPA£,200901)/obs(GVA,200901)) + (obs(BPA£,200902)/ obs(GVA,200902)) + (obs(BPA£,200903)/obs(GVA,200903)) + (obs(BPA£,200904)/obs(GVA,200904)))/4 ; *C Producer Price Index in base year (2009) ---- =HMT AT0712 PPIYBASE = (obs(PPIY,200901) + obs(PPIY,200902) + obs(PPIY,200903) + obs(PPIY,200904))/4 ; *C CPI ex rents in base year (2009) ---- =HMT AT0712 CPIXBASE = (obs(CPIX,200901) + obs(CPIX,200902) + obs(CPIX,200903) + obs(CPIX,200904))/4 ; {====== Cost indices ==========} *C Index of costs: wholesale domestic manufacturing (2009=100) ---- =HMT AT0312 MCOST = 36.83*(ULCMS/ULCMSBASE) + 24.64*(PMNOX/PMNOXBASE) + 4.04*(PMS/PMSBASE) + 4.85*((PBRENT/RXD)/OILBASE) + 1.01*((BPA£/GVA)/TXRATEBASE) + 24.72*(SCOST/100) + 0.47*(CCOST/100) + 3.43*(UTCOST/100) ; *C Index of costs: Mkt Sector services output (2009=100) ---- =HMT AT0412 SCOST = 70.54*(ULCMS/ULCMSBASE) + 6.93*(PMNOX/PMNOXBASE) + 6.41*(PMS/PMSBASE) + 0.09*((PBRENT/RXD)/OILBASE) + 3.52*((BPA£/GVA)/TXRATEBASE) + 9.78*(PPIY/PPIYBASE) + 1.64*(CCOST/100) + 1.09*(UTCOST/100) ; *C Index of costs: construction output ---- =HMT AT0412 CCOST = 40.25*(ULCMS/ULCMSBASE) + 2.80*(PMNOX/PMNOXBASE) + 0.90*(PMS/PMSBASE) + 0.03*((PBRENT/RXD)/OILBASE) + 0.51*((BPA£/GVA)/TXRATEBASE) + 27.06*(PPIY/PPIYBASE) + 28.13*(SCOST/100) + 0.34*(UTCOST/100) ; *C Index of costs: utilities output ---- =HMT AT0412 UTCOST = 14.85*(ULCMS/ULCMSBASE) + 3.04*(PMNOX/PMNOXBASE) + 0.51*(PMS/PMSBASE) + 51.52*((PBRENT/RXD)/OILBASE) + 2.90*((BPA£/GVA)/TXRATEBASE) + 8.24*(PPIY/PPIYBASE) + 16.00*(SCOST/100) + 2.95*(CCOST/100) ; *C Index of retail costs ---- =HMT AT0312 RPCOST = 13.18*(PMNOX/PMNOXBASE) + 4.07*(PMS/PMSBASE) + 11.56*((BPA£/GVA)/TXRATEBASE) + 7.07*(PPIY/PPIYBASE) + 59.96*(SCOST/100) + 0.92*(CCOST/100) + 3.24*(UTCOST/100) ; *C Index of costs: GFCF ---- =HMT AT0412 ICOST = 18.40*(PMNOX/PMNOXBASE) + 0.41*(PMS/PMSBASE) + 0.19*((PBRENT/RXD)/OILBASE) + 5.63*((BPA£/MSGVA)/TXRATEBASE) + 8.18*(PPIY/PPIYBASE) + 20.76*(SCOST/100) + 46.42*(CCOST/100) ; *C Index of costs: Goods Exports ---- =HMT AT0113 XGCOST = 15.77*(PMNOX/PMNOXBASE) + 2.92*((BPA£/MSGVA)/TXRATEBASE) + 68.46*(PPIY/PPIYBASE) + 12.80*(SCOST/100) + 0.05*(UTCOST/100) ; *C Index of costs: Services Exports ---- =HMT AT0113 XSCOST = 7.22*(PMS/PMSBASE) + 5.99*((BPA£/MSGVA)/TXRATEBASE) + 9.29*(PPIY/PPIYBASE) + 75.39*(SCOST/100) + 1.90*(CCOST/100) + 0.21*(UTCOST/100) ; {====== Margins ==========} *C Manufacturing wholesale margins (2009 = 100) ---- =HMT AT0412 MKGW = MKGW(-1) ; *C Service and retail margins (2009 = 100) ---- =HMT AT0412 MKR = MKR(-1) ; {====== Inflation indices ==========} *C Producer output Price Index ex. taxes JVZ8 ----- AT0712 PPIY = (MCOST/100)*(MKGW/100)*PPIYBASE ; *C CPI index ex rent ---- HMT AT0712 CPIX = (RPCOST/100)*(MKR/100)*CPIXBASE ; *C World Price of Goods ---- HMT NV0706 WPG = WPG(-1) ; *C World Price of Basic Materials ---- HMT NV0706 WPBM = WPBM(-1) ; {====== Retail price indices ==========} *C Housing: Council tax & rates RPI DOBR T18.2,MD NV0706 PCT = PCT(-1) ; *C LA gross rent per house per week ---- HMT NV0706 HRRPW = HRRPW(-1) ; *C Housing: Rent RPI DOBP T18.2,MD RM0113 *M PRENT = PRENT(-1)*(0.62*((WFP/(ETLFS-ESLFS))/((WFP(-1)/(ETLFS(-1)-ESLFS(-1)))))+(0.15*(HRRPW/HRRPW(-1))) + (0.23*(PRP/PRP(-1)))) ; *C Private Registered Provider rents per house per week T703,T704 =DCLG RM0113 PRP = PRP(-1) ; ' Weights for RPI components B60217 *P W1 = 0.083 ; {Rent: CZXD} *P W4 = 0.028 ; {MIPS: CZXE} ' Weights for CPI components *P W5 = 0.178 ; {OOH: L5PA} ' January base year indices for RPI components *P I4 = 225.2 ; {MIPS: DOBQ} ' January base year indices for consumer prices *P I7 = 265.5 ; {RPI: CHAW} *P I9 = 265.8 ; {RPIX: CHMK} ' December base year indices for consumer prices *P I10 = 101.9 ; {CPI: D7BT} *P I11 = 102.2 ; {CPIH: L522} *P I12 = 103.6 ; {OOH: L5P5} *C Consumer prices index including owner occupiers housing L522 SB0914 CPIH = CPIH(-1)*(CPI^(1-W5)*OOH^W5)/(CPI(-1)^(1-W5)*OOH(-1)^W5) ; *C Owner occupied housing (imputed rents for CPIH) RM0812 OOH = OOH(-1) ; *C Housing: Rent CPI D7CE SB0914 *M CPIRENT = CPIRENT(-1)*(0.62*((WFP/(ETLFS-ESLFS))/(WFP(-1)/(ETLFS(-1)-ESLFS(-1))))+(0.15*(HRRPW/HRRPW(-1))) + (0.23*(PRP/PRP(-1)))) ; *C Consumer Prices Index D7BT T3.1,ET NV0309 CPI = CPI(-1)*(CPIX^(1-W1)*CPIRENT^W1)/(CPIX(-1)^(1-W1)*CPIRENT(-1)^W1) ; *C RPI excluding Mortgage Interest Payments CHMK SB0914 PRXMIP = PRXMIP(-1) ; *C Housing: Mortgage Interest Payments RPI DOBQ T18.2,MD NV0309 *M PRMIPSVR = (1.020*PRMIPSVR(-1)*RMORTMK) /(RMORTMK(-1)) ; *M PRMIP = PRMIP(-1)*(RMORT/RMORT(-1))*(LHP/LHP(-1))/(HH/HH(-1)) ; *C Retail Prices Index (RPI) CHAW T3.1,ET JW1108 PRSVR = I7*((1 - W4)*PRXMIP/I9 + W4*PRMIPSVR/I4); PR = I7*((1 - W4)*PRXMIP/I9 + W4*PRMIP/I4); RPI = ratio4(PR)*100 - 100 ; {====== GDP(E) Deflators ==========} *C AVI of exports of non-oil goods ex MTIC (BQHP*1000-ELBL)/(BQHR*1000-BOXX) T1&3,TD OJ0914 dlog(PXNOX) = 0.635957*dlog(PPIY(-1)) + 0.102727*(dlog(WPG)-dlog(RXD)) - 0.131253*dlog(RX) - 0.000508*time(198001) + 0.100860*ifeq(199701) - 0.063293*ifeq(199801) + 0.034519*ifeq(199301) - 0.161370*(log(PXNOX(-1)) + 0.330293*log(RX(-1)) - 0.921258*log(PPIY(-1)) - (1-0.921258)*log(WPG(-1)/RXD(-1))) + 0.297153 ; *C AVI of exports of services 100*(IKBB/IKBE) TA10,EA AT0110 ratio(PXS) = ratio(PXNOX) ; *C AVI of imports of non-oil goods ex MTIC 100*(BQHQ-ENXO)/(BQHS-BPIX) T1&3,TD OJ0914 dlog(PMNOX) = 0.606452*dlog(PPIY) + 0.230808*(dlog(WPG)-dlog(RXD)) - 0.106493*dlog(RX) + 0.066665*ifeq(199701) - 0.038986*ifeq(199801) - 0.000538*time(198001) - 0.160709*(log(PMNOX(-1)) + 0.139917*(log(RX(-1))) - 0.552396*(log(PPIY(-1))) - (1-0.552396)*(log(WPG(-1)/RXD(-1)))) + 0.183135 ; *C AVI of imports of services 100*(IKBC/IKBF) TA10,EA AT0110 ratio(PMS) = ratio(PMNOX) ; *C Inventories deflator ---- HMT NV0706 PINV = 100*BV/INV ; *C Inventories deflator (change) ---- HMT NV0706 PDINV = PDINV(-1) ; *C Consumers' expenditure deflator 100*(ABJQ+HAYE)/(ABJR+HAYO) TA2,EA NV0409 ratio4(PCE) = ratio4(CPI) ; *C Investment deflator (total GFCF) NPQS/NPQT T8,EA NV0706 dlog(PIF) = - 0.12413*(log(PIF(-1)/ICOST(-1)) + 0.002064*time(197001)) + 0.2231*dlog(PIF(-2)) + 0.2944*dlog(PIF(-4)) + 0.26781*dlog(ICOST) + (1 - 0.2231 - 0.2944 - 0.26781)*dlog(ICOST(-1)) + 0.035523 - 0.00437*Q1 ; *C Consumer durables deflator 100*(UTIB/UTID) TA7,EA NV0808 ratio(PCDUR) = ratio(PMNOX) ; *C Interest Rate on Housing Finance ---- =HMT NV0706 RHF = RMORT - (1 - 0.25*TPBRZ)*(RMORT - RDEP)*(1 - 0.001*LHP/GPW) ; *C Owner occupancy rate T101 =DCLG NV0808 OWC = OWC(-1) ; *C Average House Price (Feb'02=100) ---- =ONS NV0706 APH = APH(-1) ; *C Housing: Depreciation RPI CHOO T18.2,MD NV0706 *M ratio(HD) = ratio(APH) ; *C Market Sector GVA deflator ---- HMT AT1108 PMSGVA = 100*(MSGVA£/MSGVA) ; {======== Group 08: North Sea Oil =============================================} *C GVA in North Sea oil & gas extraction ABMM-KLS2 ----- NV0906 NSGVA = NSGVA(-1) ; *C Total domestic demand for oil ABMM-KLS2+BPIX-BOXX ----- LN0514 *W PNNSGVA = (GDPM£(-1) - BPA£(-1) - (NSGVA(-1)*PBRENT(-1)/(OILBASE*RXD(-1)))) / NNSGVA(-1) ; { Price index of non-oil GVA } *C Total domestic demand for oil dlog(TDOIL) = -0.2444325*dlog(TDOIL(-1)) + 1.896486*dlog(NNSGVA(-1)) - 0.1077816*( log(PBRENT/(RXD*PNNSGVA)) - log(PBRENT(-1)/(RXD(-1)*PNNSGVA(-1))) ) + 0.0780697*(ifge(198401)*ifle(198501)) - 0.0143727 - 0.2216107*(ifeq(198601) - ifeq(198602)) - 0.2457494*(ifeq(200103) - ifeq(200104)) + 0.1907036*(ifeq(201003) - ifeq(201004)) - 0.4334139*ifeq(201301) ; *C Exports of oil BOXX ----- NV0106 XOIL = 1.37*NSGVA ; *C Imports of oil BPIX ----- NV0106 MOIL = TDOIL + XOIL - NSGVA ; *C Price index for exports of oil (ELBL/BOXX)*100 ----- RA0307 dlog(PXOIL) = dlog(PBRENT) - dlog(RXD) ; *C Price index for imports of oil (ENXO/BPIX)*100 ----- RA0307 dlog(PMOIL) = dlog(PXOIL) ; *C North Sea Gross Trading Profits:PNFCs CAGD T3,SR NV1005 *M ratio(NSGTP) = ratio(NSGVA)*ratio(PBRENT)/ratio(RXD) ; *C Brent crude oil price ($ per barrel) =IMF ----- NV0708 PBRENT = PBRENT(-1) ; {======== Group 09: Public Expenditure ========================================} *C CG compensation of employees QWPS ----- AT0310 CGWS = CGWADJ*ERCG*ECG*(52/4000)*(1 + (1.249*EMPSC/WFP) ) ; *C LA compensation of employees QWRY ----- AT0310 LAWS = LAWADJ*ERLA*ELA*(52/4000)*(1 + (1.418*EMPSC/WFP) ) ; *C CG procurement expenditure QWPT ----- NV1205 CGP = CGP(-1) ; *C LA procurement expenditure QWRZ-NMKK ----- NV1205 LAPR = LAPR(-1) ; *C CG gross fixed capital formation NMES TA31,EA NV0506 CGI£ = CGI£(-1) ; *C LA gross fixed capital formation NMOA TA36,EA NV0608 LAI£ = LAI£(-1) ; *C CG non-trading capital consumption NSRN PSAT2,PF PM0907 RCGIM = RCGIM(-1) ; *C LA non-trading capital consumption NSRO PSAT2,PF PM0907 RLAIM = RLAIM(-1) ; *C General Govt Gross Operating Surplus NMXV PSAT2,PF AT0210 OSGG = RCGIM + RLAIM + 100; *C General Govt final consumption NMRP TA2,EA NV1205 CGG£PSF = (CGWS + LAWS) + (CGP + LAPR) + (RCGIM + RLAIM) ; CGG£ = (CGWS + LAWS) + (CGP + LAPR) + (RCGIM + RLAIM) ; *C General Govt final consumption deflator 100*NMRP/NMRY TA2,EA RI1107 GGFCD = GGFCD(-1) ; *C General Govt final consumption CVM NMRY TA2,EA NV1205 CGG = CGG£/(GGFCD/100) ; *C CG subsidies on products NMCB TA27,EA NV0506 CGSUBP = CGSUBP(-1) ; *C Payable company tax credits MDXH ----- NV0506 PCOTC = PCOTC(-1) ; *C Reduced liability company tax credits JPPT-MDXH ----- NV0506 RLCOTC = RLCOTC(-1) ; *C CG subsidies on production NMCC TA27,EA NV0506 CGSUBPR = CGSUBPR(-1) ; *C CG total subsidies: products & production NMCD PSAT2,PF NV0506 CGTSUB = CGSUBP + CGSUBPR ; *C LA subsidies on production LIUC TA32,EA NV0506 LASUBPR = (LASUBPR(-4) + LASUBPR(-3) + LASUBPR(-2) + LASUBPR(-1))*0.25 *(PGDP*4)/(PGDP(-4) + PGDP(-3) + PGDP(-2) + PGDP(-1)) ; *C LA subsidies on products ADAK-LIUC T5.3.3,BB NV0506 LASUBP = LASUBP(-1) ; *C LA total subsidies: products & production ADAK PSAT2,PF NV0506 LATSUB = LASUBP + LASUBPR ; *C LA net social benefits to HH GZSK PSAT2,PF NV0506 LASBHH = LASBHH(-1) ; *C Total grants from CG to LA QYJR PSAT2,PF NV0506 CGCGLA = CGCGLA(-1) ; *C CG net social benefits to households GZSJ PSAT2,PF NV0506 CGSB = CGSB(-1) ; *C Debt Interest Payments on Natl Savings XACX ----- NV0506 DIPNSC = DIPNSC(-1) ; *C Interest payments on gilts redeemed & other flows ---- HMT NV0506 REDOTH = REDOTH(-1) ; *C Debt interest payments on conventional gilts CUEM ----- NV1105 GILTRATE = GILTRATE(-1) ; DIPLDC = DIPLDC(-1) ; *C Debt interest payments on index-linked gilts CMSU ----- NV1105 IILG = IILG(-1) ; *C Accrued uplift on index-linked gilts NMRB ----- NV0506 ILGUP = ILGUP(-1) ; *C Accruals adjustment on index-linked gilts -NMQZ ----- NV0506 ILGAC = ILGAC(-1) ; *C CG interest/dividends paid to private sector & RoW NMFX PSAT2,PF NV1007 DICGOP = DICGOP(-1) ; *C LA interest/dividends paid to private sector & RoW NUGW PSAT2,PF RA0907 DILAPR = DILAPR(-1) ; *C CG NET interest & dividends from Public Sector ANNY PSAT2,PF NV0507 CGINTRA = CGINTRA(-1) ; *C LA NET interest & dividends from Public Sector ANPZ PSAT2,PF NV0507 LAINTRA = LAINTRA(-1) ; *C PC NET interest & dividends from Public Sector ANRW PSAT2,PF NV0507 PCINTRA = PCINTRA(-1) ; *C GG actual social contributions GCMP 6.1.4S,BB NV0608 ratio(CGASC) = ratio(CGWS) ; *C CG imputed social contributions M9WU+RUDY 5.2.4S,BB NV0506 ratio(CGISC) = ratio(CGWS) ; *C CG employee social contributions CX3X+FJBH 5.2.4S,BB NV0307 ratio(EESCCG) = ratio(CGWS) ; *C LA imputed social contributions M9WY 5.3.4S,BB NV0506 ratio(LASC) = ratio(LAWS) ; *C LA employee social contributions L8ND 5.3.4S,BB NV0506 ratio(EESCLA) = ratio(LAWS) ; *C WFTC scoring as Negative Tax -MDYL+LIBJ ----- NV0506 WFTCNT = WFTCNT(-1) ; *C CG net current grants abroad GZSI PSAT2,PF NV0506 CGNCGA = TROD ; *C LA net current grants abroad C626 PSAT2,PF NV0307 LANCGA = LANCGA(-1) ; *C CG other current grants NMFC PSAT2,PF NV0506 CGOTR = CGOTR(-1) ; *C LA other current grants (to HH) EBFE PSAT2,PF NV0506 LAOTRHH = LAOTRHH(-1) ; *C CG miscellaneous payments ANRS-ABIF PSAT2,PF NV0506 CGMISP = CGMISP(-1) ; *C LA miscellaneous expenditure LSIB PSAT2,PF NV0506 LAMISE = LAMISE(-1) ; *C LA payments of NNDR CQOQ ----- NV0506 LANNDR = LANNDR(-1) ; {======== Group 10: Public Sector Receipts ====================================} *C Basic rate of income tax ---- HMRC NV0606 TPBRZ = TPBRZ(-1) ; *C Taxes on income from employment DBBO ----- DS0813 TYEM = TYEM(-1) ; *C Income tax accruals adjustment CYNX+RUTC+DKHE+DBKE+KIY5 ----- DS0813 INCTAC = INCTAC(-1) ; *C Company IT withheld accruals adjustment DKHH+ZYBE ----- DS0813 FCACA = FCACA(-1) ; *C Taxes on self-employment incomes ZAFG ----- DS0813 TSEOP = TSEOP(-1) ; *C Employees' (& self-employed) payments of NICs AIIH-CEAN PSF3,PF DS0813 EENIC = EENIC(-1) ; *C Employers' payments of NICs CEAN T6.1.4S,BB DS0813 EMPNIC = EMPNIC(-1) ; *C National Insurance accruals adjustment ACJY(AIIH-ABLP) ----- DS0813 NICAC = NICAC(-1) ; *C Inheritance tax ACCH+LSON TA31,EA NV0606 INHT = INHT(-1) ; *C Swiss Capital Tax KW69 TP0813 SWISSCAP = SWISSCAP(-1) ; *C Capital Gains tax (paid by HH) QYJX D512 NV0607 CGT = CGT(-1) ; *C Stamp duty receipts ACCI T2.1C,FS DS0813 TSD = TSD(-1) ; *C Petroleum Revenue Tax ACCJ T2.1C,FS DS0813 PRT = PRT(-1) ; *C North Sea Corporation Tax Payments DBJY ----- DS0813 NSCTP = NSCTP(-1) ; *C Corporation tax rate ---- HMT NV0908 TCPRO = TCPRO(-1) ; *C Onshore corporation tax ACCD+JPPT-MDXH-DBJY T2.1C,FS DS0813 NNSCTP = NNSCTP(-1) ; *C Corporation tax (gross of tax credits) ACCD-MDXH+JPPT T2.1C,FS NV0606 CT = NSCTP + NNSCTP ; *C Other company taxes on investment GRXE ----- DS0813 TCINV = TCINV(-1) ; *C Tax on Local Authority Equal Pay Settlements C625 ----- DS0813 LAEPS = LAEPS(-1) ; *C Public Corp. onshore coporation tax payments FCCS+JW27 ONS NV0306 TYPCO = TYPCO(-1) ; *C Bank payroll tax JT2Q ONS AT0110 BANKROLL = BANKROLL(-1) ; *C Bank Levy KIH3 ONS AT0610 BLEVY = BLEVY(-1) ; *C Higher rate of VAT ---- HMT NV0207 TVAT = TVAT(-1) ; *C Net VAT receipts EYOO T2.1D,FS DS0813 VREC = VREC(-1) ; *C Hydrocarbon oils duty receipts ACDD T2.1D,FS DS0813 TXFUEL = TXFUEL(-1) ; *C Tobacco duty ACDE T2.1D,FS NV0606 TXTOB = TXTOB(-1) ; *C Alcohol duties: beer, wines & spirits ACDF/G/H/I T2.1D,FS NV0606 TXALC = TXALC(-1) ; *C Climate Change Levy LSNS T2.1D,FS NV0707 CCL = CCL(-1) ; *C Aggregates Levy MDUP T2.1D,FS NV0707 AL = AL(-1) ; *C Misc. C&E taxes ACDJ+ACDP+ACDO+DOLC T2.1D,FS DS0813 TXCUS = TXCUS(-1) ; *C Customs & Excise taxes ACAC T2.1D,FS NV0707 CETAX = VREC + TXFUEL + TXTOB + TXALC + EUOT + CCL + AL + TXCUS ; *C HMRC indirect taxes accruals adjustments RUSD ----- NV0606 EXDUTAC = EXDUTAC(-1) ; *C Rail Franchise Payments LITT ----- DS0813 RFP = RFP(-1) ; *C Misc. taxes on products LIYH T11.1,BB DS0813 TXMIS = TXMIS(-1) ; *C Renewable Obligation Certificates (tax on products) EP89 T11.1,BB DS0813 ROCS = ROCS(-1) ; *C Vehicle Excise Duty GTAX ----- NV0307 VED = VEDHH + VEDCO ; *C VED paid by other sectors; production tax GTAX-CDDZ ----- NV0307 VEDCO = VEDCO(-1) ; *C VED paid by HH; currrent taxes CDDZ T11.1,BB NV0307 VEDHH = VEDHH(-1) ; *C BBC license fees DH7A ----- NV0706 BBC = BBC(-1) ; *C Passport fees E8A6 ----- NV0706 PASSPORT = PASSPORT(-1) ; *C Other household taxes NSFA+CQTC+NRQB+IY9O ----- DS0813 OHT = OHT(-1) ; *C Other current taxes: rec'd by CG NMCV-CQOQ-KIH3 ----- NV0706 OCT = VEDHH + BBC + PASSPORT + OHT ; *C Betting tax scored as taxes on income & wealth MIYF see doc. NV0606 BETPRF = BETPRF(-1) ; *C Betting levies scored as taxes on income & wealth DW9E see doc. NV0107 BETLEVY = BETLEVY(-1) ; *C OFGEM renewable energy tax EO2E ----- DS0813 OFGEM = OFGEM(-1) ; *C EU Emission Trading Scheme receipts ----- DS0813 EUETS = EUETS(-1) ; *C Road Lorry User Charge ONS TP0813 RULC = RULC(-1) ; *C Other taxes on production NZFS+NZFV+LITR+NSEZ+CUDB+LITK+DFT5-L8UA T11.1,BB DS0813 OPT = OPT(-1) ; *C LA receipts of production taxes NMYH TA32,EA DS0813 LAPT = LAPT(-1) ; *C Community Infrastructure Levy ---- OBR AT1209 CIL = CIL(-1) ; *C Recipts from carbon reduction commitment, feed in tariffs ---- OBR AT1209 ENVLEVY = ENVLEVY(-1) ; *C CG interest receipts: earnings on reserves D69U ----- SK0107 *W RBOND = 0.72*ROSHT + (1-0.72)*ROLT ; CGC = ((1+(ROSHT - 0.3)/100)^0.25 - 1)*SRES(-1) + 118 ; *C CG interest & dividends from Private sector & RoW GVHE PSAT2,PF NV0507 CGNDIV = CGNDIV(-1) ; *C LA interest & dividends from Private sector & RoW GVHF PSAT2,PF NV1106 LANDIV = LANDIV(-1) ; *C PC interest & dividends from PS % ROW GVHG-JW29 PSAT2,PF NV1106 PCNDIV = PCNDIV(-1) ; *C Public Sector interest & dividend receipts JW2L+JW2M PSAT2,PF NV1106 PSINTR = CGNDIV + LANDIV + PCNDIV ; *C Household transfers to CG NMEZ TA28,EA NV0606 HHTCG = HHTCG(-1) ; *C CG rent receipts NMCK TA27,EA NV0606 RNCG = RNCG(-1) ; *C CG rent & other current transfers ANBU PSAT2,PF NV0506 CGRENT = RNCG + HHTCG ; *C LA rent & other current transfers ANBX PSAT2,PF NV0506 LARENT = LARENT(-1) ; *C PC rent & other current transfers ANCW PSAT2,PF NV0506 PCRENT = PCRENT(-1) ; *C VAT refunds to LAs CUCZ ----- DS0813 LAVAT = LAVAT(-1) ; *C VAT refunds (except to LAs) CUNW ----- DS0813 XLAVAT = XLAVAT(-1) ; *C Council tax accruals NMIS TA33,EA DS0813 CC = CC(-1) ; *C National Non-Domestic Rates Accrued receipts CUKY ----- NV0606 NNDRA = NNDRA(-1) ; *C MIRAS, LAPRAS & PMI scored as receipts GCJG ----- DS0813 MILAPM = MILAPM(-1) ; *C MIRAS, LAPRAS & PMI scored as expenditure DCHG+DCHF+GCJJ ----- DS0813 MILAPME = MILAPME(-1) ; *C VTR & other reliefs scored as expenditure BKSG+BKSH ----- NV0606 VTRCS = VTRCS(-1) ; *C Child tax credit -MDYL ----- NV0606 CTC = CTC(-1) ; *C Total income tax credits scored as negative tax GCJG+MDYL ONS NV0606 TAXCRED = MILAPM + CTC ; *C NPISH tax credits -CFGW ----- NV0306 NPISHTC = NPISHTC(-1) ; *C Working & children's tax credits MDYN ----- NV0306 WTCCTC = WTCCTC(-1) ; *C Allowance for tax litigation losses ---- HMT AT1209 PROV = PROV(-1) ; *C Income tax gross of tax credits LIPG ----- NV0306 INCTAXG = TYEM + TSEOP + TCINV - INCTAC + CTC - NPISHTC ; *C Public Sector taxes on Income & Wealth ANSO PSAT2,PF NV0306 PUBSTIW = TYEM + TSEOP + PRT + TCINV + CT + CGT + FCACA + BETPRF + BETLEVY + OFGEM - NPISHTC - TYPCO + PROV - LAEPS ; *C Public Sector taxes on Production (& products) NMYE PSAT2,PF NV1108 PUBSTPD = (CETAX - BETPRF) + EXDUTAC + XLAVAT + LAVAT - EUOT + TSD + ROCS + TXMIS + RFP + (NNDRA + VEDCO + LAPT + OPT + EUETS) + CIL + ENVLEVY + BANKROLL + RULC; *C Public Sector Current Receipts JW2O PSAT2,PF NV0206 PSCR = PUBSTIW + PUBSTPD + OCT + CC + INHT + EENIC + EMPNIC + (RCGIM + RLAIM + OSPC) + PSINTR + (RNCG + HHTCG) + LARENT + PCRENT + BLEVY + LAEPS + SWISSCAP; *C National Accounts taxes GCSU ONS TP0813 NATAXES = PUBSTIW + PUBSTPD + OCT + BLEVY + INHT + LAEPS + SWISSCAP + EENIC + EMPNIC + CC + EUOT; {======== Group 11: Balance of Payments =======================================} *C ERI-weighted 3 month interest rate: EU+US+Japan+Canada HMT NV0207 ROSHT = ROSHT(-1) ; *C Sterling effective exchange rate BK67(AGBG) T7.1A,FS NV0206 log(RX) = log(RX(-1))+log((1+ROSHT(-1)/400)/(1+RS(-1)/400)) ; *C Sterling-dollar cross rate: $/£ AUSS T7.1A,FS NV0206 *M RXD = RXD(-1)*ratio(RX) ; *C Sterling-euro exchange rate: Euro/£ THAP T7.1A,FS NV0206 *M ECUPO = (ECUPO(-1)*ratio(RX)) ; *C GDP-weighted 10y rate: EU+US+Japan+Canada HMT NV0207 ROLT = ROLT(-1) ; *C World equity prices, GDP weighted HMT NV0906 WEQPR = WEQPR(-1) ; *C Changes in reserve assets AIPA(LTCV) T1.2A,FS NV0407 diff(DRES) = 0 ; *C Stock of reserve assets LTEB T1.1D,FS NV0407 SRES = -DRES + ( 1 + 0.227*(RXD(-1)/RXD - 1) + 0.364*(RX(-1)/RX - 1))*SRES(-1) ; *C BoP investment income credits (ex reserve assets) HBOK-HHCC T4.1,PB AT1010 CIPD = ( 0.7173*CIPD(-1)/LROW(-2) + (1 - 0.7173)*REXC/100 )*LROW(-1) ; *C Rate of Return on UK claims on ROW ex reserve assets 100*(HBOK-HHCC)/(HBQA-LTEB-JX96) MW0915 REXC = (DLROW(-1)/LROW(-1))*(1.83 + 1.08*d4log(WEQPR)) + (EQLROW(-1)/LROW(-1))*(0.63 - 0.37*d4log(WEQPR)) + (BLROW(-1)/LROW(-1))*(0.17 + 0.92*(ROLT/4)) + (OTLROW(-1)/LROW(-1))*(0.09 + 0.8*ROSHT/4) ; *C BoP investment income debits HBOL T4.1,PB AT1010 DIPD = ( 0.6283*DIPD(-1)/AROW(-2) + (1 - 0.6283)*REXD/100 )*AROW(-1) ; *C Rate of Return on ROW claims on UK (NSA) 100*HBOL/(HBQB-JX97) MW0915 REXD = (DAROW(-1)/AROW(-1))*(-0.2287 + 10.3*FYCPR/GDPM£ -1.37*ifeq(199803)) + (EQAROW(-1)/AROW(-1))*(0.59 + 18.1*NDIVHH/EQHH) + (BAROW(-1)/AROW(-1))*(-0.03 + 1.06*RL/4) + (OTAROW(-1)/AROW(-1))*(0.17 + 0.07*RS/4 + 0.7*ROSHT/4) ; *C CG IPD credits: earnings on reserves (BoP) HHCC TG,BP NV1005 diff(CGCBOP) = diff(CGC) ; *C Investment income balance HBOM TG,PB NV1005 NIPD = CIPD - DIPD + CGCBOP ; *C Employees compensation due abroad IJAI T4.1,PB NV1005 ratio(EECOMPD) = ratio(FYEMP) ; *C Employees compensation from abroad IJAH T4.1,PB NV1005 ratio(EECOMPC) = ratio(MAJGDP) ; *C EU subsidies on products FKNG(ZXIA-ZJZD+FHHS) TA42,EA NV1007 EUSUBP = 0 ; *C EU subsidies on production FHLK(ZJZD) TA42,EA NV1007 EUSUBPR = EUSUBPR(-1)*ECUPO(-1)/ECUPO ; *C Receipts from EU social fund H5U3 TH,BP NV0106 EUSF = EUSF(-1)*ECUPO(-1)/ECUPO ; *C Net EC contributions (BoP basis) -FKKL-FKIJ T5.1,PB NV0106 *C Net EC contributions (PSF basis) -FKKM-GTTA ECNET = (1 - 0.5*(ECUPO(-1)/ECUPO - 1))*ECNET(-1) ; *C UK 4th resource contribution to EU HCSO+HCSM T5.1,PB NV0106 GNP4 = 0.010*((GDPM£ + NIPD + EECOMPC - EECOMPD)/ECUPO(-4)) ; *C UK VAT payments to the EU HCML+FSVL T5.1,PB NV0506 EUVAT = 0.0325*VREC/(0.8267*ECUPO(-4)) ; *C Payments of taxes on products to EU FJWE+FJWG T5.1,PB NV0606 ratio(EUOT) = ratio(GDPM£) ; *C Social security benefits paid abroad FLUK T5.1,PB NV0106 BENAB = 0.012*CGSB ; *C CG non-EC transfer debits FJUO-FJCK-MUV5-MUV6 T5.1,PB NV0207 TROD = TROD(-1) ; *C Tax receipts from abroad CGDN T5.1,PB NV1005 CGITFA = ITA ; *C Tax payments abroad FLVE T5.1,PB NV1005 ITA = 0.001115*WFP + 0*CIPD ; *C HH transfer receipts from abroad CGDO-FKNN-FLYE T5.1,PB NV1005 log(HHTFA) = log(HHTFA(-1)*MAJGDP/MAJGDP(-1)) ; *C HH transfer payments abroad CGDS-FLVY-FHLS-FLVE T5.1,PB NV1005 ratio(HHTA) = ratio(WFP) ; *C Non-life insurance claims & premiums FKNN+FLVY T5.1,PB NV1005 INSURE = INSURE(-1) ; *C Transfer credits IKBN TH,BP NV1005 TRANC = EUSUBP + HHTFA + EUSF + CGITFA + EUSUBPR - ECNET + INSURE ; *C Transfer debits IKBO TH,BP NV1005 TRAND = TROD + EUVAT + EUOT + HHTA + GNP4 + BENAB + ITA + INSURE ; *C Transfers balance IKBP TH,BP NV1005 TRANB = TRANC - TRAND ; *C Central Govt capital transfers abroad FLWB TI,BP NV0106 CGKTA = 0.02351*KCGPSO ; *C Capital transfer payments from EU GTTY TI,BP NV0106 EUKT = EUKT(-1) ; *C Other private sector capital transfers abroad FLWI TI,BP NV0106 OPSKTA = OPSKTA(-1) ; *C Net acquisition of non-produced non-fin. assets FHJL-FLWT TI,BP NV0106 NPAA = NPAA(-1) ; *C Balance of trade in goods & services IKBJ T1,TD AT0110 TB = X£ - M£ ; *C Current balance HBOP TB,BP NV1005 CB = TB + (EECOMPC - EECOMPD) + NIPD + TRANC - TRAND ; *C Current balance % GDP AA6H T1.1,PB NV1005 CB% = (CB/GDPM£)*100 ; *C Net lending by Rest of the World (SA from capital a/c) RQCH TA12,EA NV0308 NAFROW = - (CB + (EUKT) - (CGKTA + OPSKTA) + NPAA) ; {======== Group 12: Public Sector totals ======================================} *C Gross Operating Surplus of Public Corporations NRJT PSAT2,PF NV0306 OSPC = OSPC(-1) ; *C PC interest payments to private sector & RoW GZSO PSAT2,PF NV0306 DIPCOP = DIPCOP(-1) ; *C Public Corp. capital consumption NSRM PSAT2,PF PM0907 PCCON = PCCON(-1) ; *C Public Corp's change in inventories & valuables DHHL PSAT2,PF NV0306 IBPC = IBPC(-1) ; *C Public Corp. onshore coporation tax payments FCCS PSAT2,PF NV0306 TYPCO = TYPCO(-1) ; *C PC net lending to private sector & RoW ANRY PSAT2,PF NV0306 PCLEND = PCLEND(-1) ; *C PC misc. expenditure ANRZ PSAT2,PF NV0306 PCMISE = PCMISE(-1) ; *C Public Corp. accounts rec./paid ANVQ + JXJ4 PSAT2,PF NV0306 PCAC = PCAC(-1) ; *C Public Corp. adjustment for gilt interest NCXS PSAT2,PF NV0306 PCGILT = PCGILT(-1) ; *C Local authority adjustment for gilt interest NCBV PSAT2,PF TP0913 LAGILT = LAGILT(-1) ; *C Public Corp. other financial transactions ANVU PSAT2,PF NV0306 MFTPC = MFTPC(-1) ; *C Public Sector Current Expenditure JW2Q PSAT2,PF NV0307 PSCE = (CGWS + CGP + RCGIM + LAWS + LAPR + RLAIM) + (CGTSUB + LATSUB) + (CGSB + LASBHH) + CGNCGA + ECNET + LANCGA + (CGOTR + LAOTRHH) + (DICGOP + DILAPR + DIPCOP) + EUVAT + GNP4; *C Public Sector Depreciation JW2S PSAT2,PF NV0306 DEP = RCGIM + RLAIM + PCCON ; *C Public Sector Current Budget JW2T PSAT2,PF NV0109 PSCB = PSCR - PSCE - DEP ; *C PC capital grants from private sector ADSE PSAT2,PF NV0306 KPSPC = KPSPC(-1) ; *C Net PC capital grants to private sector MIYZ PSAT2,PF NV0306 KPCPS = KPCPS(-1) ; *C PC capital grants from Central Government -ANND-NMGR-NMGT ----- NV0306 KCGPC = KCGPC(-1) ; *C PC capital grants from Local Authorities ADCF ----- NV0306 KGLAPC = KGLAPC(-1) ; *C Capital grants by CG to private sector & ROW ANNI PSAT2,PF NV1005 KCGPSO = KCGPSO(-1) ; *C Capital grants by private sector (&RoW) to CG ANNN PSAT2,PF NV1005 KPSCG = KPSCG(-1) ; *C Capital grants by private sector (&RoW) to LA ANNO PSAT2,PF NV0606 KGLA = KGLA(-1) ; *C Total capital transfers by LA NMNL TA36,EA NV1005 KLA = KLA(-1) ; *C Capital grants by CG to LA NMGR+NMGT ----- NV0506 KCGLA = KCGLA(-1) ; *C CG net acquisitions Non-Produced Non-Fin. Assets NMFG TA31,EA NV0506 NPACG = (NPACG(-1)+NPACG(-2)+NPACG(-3)+NPACG(-4))/4 ; *C LA net acquisitions Non-Produced Non-Fin. Assets NMOD TA31,EA NV0506 NPALA = (NPALA(-1)+NPALA(-2)+NPALA(-3)+NPALA(-4))/4 ; *C Public Sector Gross Investment HMT NV0306 PSGI = CGI£ + LAI£ + IPC£ + IBPC + DINVCG + (NPACG + NPALA) + (KCGPSO - KPSCG) + (KLA - KGLAPC - KGLA) + (KPCPS - KPSPC) + ASSETSA ; *C Public Sector fixed asset sales HMT NV0306 ASSETSA = ASSETSA(-1) ; *C Public Sector Net Investment JW2Z PSAT2,PF NV0109 PSNI = PSGI - DEP - ASSETSA ; *C Total Managed Expenditure KX5Q PSAT2,PF NV0506 TME = PSCE + DEP + PSNI ; *C Central Government Net Borrowing -NMFJ PSAT2,PF NV0507 CGNB = (CGWS + CGP) + CGTSUB + CGSB + CGNCGA + CGCGLA + CGOTR + GNP4 + EUVAT + DICGOP + (CGI£ + NPACG) + DINVCG + (KCGLA + KCGPC) + KCGPSO - KPSCG - (PUBSTIW + TYPCO) - (PUBSTPD - LAPT) - (OCT + LANNDR) - (INHT + LAEPS + SWISSCAP) - (EMPNIC + EENIC) - CGNDIV - CGINTRA - (RNCG + HHTCG + BLEVY) ; *C Local Authority Net Borrowing -NMOE PSAT2,PF NV0307 LANB = (LAWS + LAPR) + LATSUB + LASBHH + LANCGA - CGCGLA + LAOTRHH + DILAPR + (LAI£ + NPALA) - KCGLA + (KLA - KGLAPC) - KGLA - LAPT - (CC - LANNDR) - LAINTRA - LANDIV - LARENT - CIL; *C General Govt Net Borrowing (NSA) -NNBK PSAT2,PF NV0206 GGNB = CGNB + LANB ; *C General Govt Net Borrowing (CYSA) -RPZD T14.5E,FS NV0308 GGNBCY = GGNB ; *C Public Corporations Net Borrowing (NSA) -CPCM PSAT2,PF NV0206 PCNB = DIPCOP + IPC£ + IBPC - (KCGPC + KGLAPC) + (KPCPS - KPSPC) + TYPCO - OSPC - PCNDIV - PCINTRA - PCRENT ; *C Public Corporations Net Borrowing (CYSA) -RQBN T14.2C,FS NV0308 PCNBCY = PCNB ; *C Public Sector Net Borrowing (NSA) -J5II PSAT2,PF NV0506 PSNBNSA = - PSCB + PSNI ; *C Public Sector Net Borrowing (CYSA) -RQBN-RPZD T14.5E,FS NV0506 PSNBCY = PSNBNSA ; *C Swap adjustments CFZG ----- NV0206 SWAPS = 0 ; *C CG net borrowing: Maastricht definition MDUK HMT NV0906 TDEF = CGNB + LANB + SWAPS ; *C CG loans & sales of financial assets ANRH+ANRS PSAT2,PF NV0306 CGLSFA = (LCGOS + LCGPR) + (CGMISP) ; *C Public Sector loans & sales of financial assets JW33+JW34 PSAT2,PF NV0306 PSLSFA = CGLSFA + (LALEND + LAMISE) + (PCLEND + PCMISE) ; *C LA accounts receivable/payable ANML PSAT2,PF NV0606 LAAC = LAAC(-1) ; *C LA misc. financial transactions ANMW PSAT2,PF NV0506 LAMFT = LAMFT(-1) ; *C Accruals adjustment on conventional gilts -GCSW-GCMR ----- NV0506 CONACC = CONACC(-1) ; *C CG misc. financial transactions ANRV PSAT2,PF NV0506 MFTRAN = MFTRAN(-1) ; *C CG accruals adjustment residual OBR ----- TP0913 CGACRES = CGACRES(-1) ; *C Central Govt accruals adjustments ANRT+ANRU+ANRV PSAT2,PF NV0306 CGACADJ = (EXDUTAC + NICAC + INCTAC) + FCACA + CGACRES + (ILGAC + CONACC) + MFTRAN ; *C Public Sector accruals adjustments JW35+JW36+JW37 PSAT2,PF NV0306 PSACADJ = CGACADJ + LAAC + LAMFT + PCAC + PCGILT + MFTPC ; *C Public Sector Financial Assets NKFB+NPUP T12.1K,FS NV1005 PSFA = PSFA(-1) ; *C Other Public Sector Financial Liabilities NKIF+NPVQ-NIJI-ACUA NV1005 OFLPS = OFLPS(-1) ; *C Stock of Index-linked gilts (market value) HMT NV1105 MKTIG = MKTIG(-1) ; *C Stock of CG gilts excluding linkers NIJI-MKTIG T12.1L,FS NV0507 CGGILTS = CGGILTS(-1) ; *C Public Sector Financial Liabilities NKIF+NPVQ T12.1K,FS NV1005 PSFL = CGGILTS + OFLPS + NATSAV + MKTIG ; *C Public Sector Tangible Assets (end period) NG4K T10.11,BB NV1005 PSTA = PSTA(-1)*ratio(PIF) + 0.5*(PSNI + KCGPC + KGLAPC - KLA - KCGPSO)*(1 + ratio(GGIDEF)) ; *C Public Sector Net Worth (end period) CGTY T10.11,BB NV1005 PSNW = PSTA + PSFA - PSFL ; *C CG net lending to RoW HEUC PSAT2,PF NV0506 LCGOS = LCGOS(-1) ; *C CG net lending to private sector ANRH-HEUC PSAT2,PF NV0506 LCGPR = LCGPR(-1) ; *C Net lending by CG to PCs ABEI T1.4A,FS NV0506 LCGPC = LCGPC(-1) ; *C Net lending by CG to LAs ABEC T1.3A,FS NV0506 LCGLA = LCGLA(-1) ; *C LA net lending to private sector & RoW ADDU PSAT2,PF NV0506 LALEND = LALEND(-1) ; *C LA market borrowing net CG/PC debt AAZK T1.1E,FS NV0506 LABRO = LANB + LALEND + LAMISE + LAAC + LAGILT + LAMFT - LCGLA ; *C CG Net Cash Requirement RUUW T1.2A,FS NV0506 CGNCR = CGNB + CGLSFA + CGACADJ + LCGLA + LCGPC ; *C Public Sector Net Cash Requirement JW38 T1.2A,FS NV0506 PSNCR = PSNBNSA + PSLSFA + PSACADJ ; *C Stock of coins NIIK T12.1L,FS NV0506 ratio4(COIN) = ratio4(M0) ; *C Stock of National Savings ACUA T1.1D,FS NV1105 NATSAV = NATSAV(-1); *C CG liquid assets BKSM+BKSN T1.1D,FS NV0506 CGLIQ = CGLIQ(-1) ; *C Imputed GG debt from finance leases F8YF+F8YH ----- SK1006 FLEASGG = FLEASGG(-1) ; *C Imputed PC debt from finance leases F8YJ ----- SK1006 FLEASPC = FLEASPC(-1) ; *C Public Sector Net Debt HF6W T1.1D,FS NV1006 diff(PSND) = PSNCR - ILGAC + diff(FLEASGG) + diff(FLEASPC) + PSNDRES ; *C LA liquid assets BKSO+BKQG T1.1D,FS NV0506 LALIQ = LALIQ(-1) ; *C General Government Liquid Assets BKQJ-BKSQ-BKSP-LTEB T1.1D,FS NV0506 GGLIQ = CGLIQ + LALIQ ; *C General Government Gross Debt BKPX T1.1D,FS NV1006 diff(GGGD) = CGNCR + LABRO - ILGAC + diff(SRES) + diff(GGLIQ) + GGGDRES ; *C Other changes in PSND OBR ----- TP0913 PSNDRES = PSNDRES(-1) ; *C Other changes in GGGD OBR ----- TP0913 GGGDRES = GGGDRES(-1) ; {======== Group 14: Domestic financial sector =================================} *C Bank rate BoE NV0907 R = R(-1) ; *C Short rates: 3 month inter-bank rate BOE NV0907 RS = RS(-1) ; *C Long rates: 5 year gilt yield BoE IUDSNIF TP0115 R5YR = R5YR(-1) ; *C Long rates: 20 year gilt yield BoE IUQALNPY NV0206 RL = RL(-1) ; *C Average effective Bank mortgage rate ------- =BoE AD1009 RMORT = RMORT(-1) ; *C Bank deposit rate: sight & time deposits ---- =BoE AT0909 RDEP = RDEP(-1) ; *c Effective Rate on Bank lending to PNFCs CFMHSDC =BoE AT0909 diff(RIC) = 0.95301*diff(RS) - 0.24897*(RIC(-1) - RS(-1) - 1.923) ; *C Equity price index: FT all-share HSEL ----- NV0206 dlog(EQPR) = dlog(GDPM£) ; *C Notes & coins in circulation outside BoE AVAB T3.1A,FS NV0206 dlog(M0) = dlog(GDPM£) ; *C Holdings of M4 by PNFCs VQSH T3.1G,FS AT1009 ratio(M4IC) = ratio(GDPM£) ; *C Holdings of M4 by OFCs VQSJ T3.1G,FS AT1009 M4OFC = M4OFC(-1) ; *C Broad money (M4), (FYSA) AUYN T3.1G,FS NV0206 M4 = DEPHH + M4IC + M4OFC ; {======== Group 15: Income Account ============================================} *C Wages & salaries inc. benefits in kind DTWM-ROYK TA3,EA NV0507 WFP = ADJW*PSAVEI*(EMS-ESLFS) + (52/4000)*CGWADJ*ERCG*ECG + (52/4000)*LAWADJ*ERLA*ELA ; *C Mixed income RNKX(ROYH) TA12,EA NV0106 ratio(MI) = ratio(WFP) ; *C Employers' social contributions ROYK T6.1.4S,BB NV1005 EMPSC = EMPISC + CGASC + EMPNIC + EMPCPP ; *C Compensation of employees DTWM TA3,EA NV1105 FYEMP = WFP + EMPSC ; *C Employers' imputed social contributions M9WZ T6.1.4S,BB NV1005 EMPISC = HHISC + LASC + CGISC ; *C Employers' actual social contributions ROYK- M9WZ T1.6.4, BB TP0115 EMPASC = EMPSC - EMPISC ; *C Employers' imputed social contributions to funded pensions M9X6-NHDR TP0914 ratio(EMPISCPP) = ratio(EMPISC) ; *C Household imputed social contributions L8RF T6.1.4S,BB NV1005 ratio(HHISC) = ratio(WFP) ; *C Household social benefits QWMZ T6.1.4S,BB NV1005 HHSB = 2*HHISC ; *C HH private funded social benefits (pensions) L8R4-NHDR T6.1.4S,BB RA0108 ratio(OSB) = ratio(PCE)*ratio(GAD3) ; *C Household social benefits RPHL T6.1.4S,BB NV1005 SBHH = EMPISC + OSB + (HHSB - HHISC - EMPISCPP) + CGSB + LASBHH + EESCLA + EESCCG + CGASC - BENAB ; *C Household current taxes on income & wealth RPHS+RPHT TA38,EA NV1105 TYWHH = TYEM + TSEOP + CC + CGT + OCT - NPISHTC ; *C Net misc. transfer receipts of HH (&NPISH) RPHO-RPID T6.1.4,BB RA0807 NMTRHH = LAOTRHH + (CGOTR-HHTCG) + (HHTFA-HHTA) + (EUSF) + 100 ; *C Total interest payments of HH (&NPISH) ex. FISIM J4X3 TX15,-- AT0909 DIPHHx = DIPHH + DIPHHmf + DIPHHuf ; *C Total interest payments of HH (&NPISH): mortgage FISIM HMT ---- AT0911 DIPHHmf = LHP(-1)*((1 + (RMORT - R)/100)^0.25 - 1) ; *C Total interest payments of HH (&NPISH): unsecured mortgage FISIM IV8X-DIPHHmf AT0911 DIPHHuf = OLPE(-1)*((1 + (RS + 6.5 - R)/100)^0.25 - 1) ; *C FISIM adjsutment in HH disposable income HMT ---- AT0911 FSMADJ = - ifge(201602)*( (DIRHHf - obs(DIRHHf,201602)) + (DIPHHuf - obs(DIPHHuf,201602)) ) ; *C Total interest payments of HH (&NPISH) ROYU TA37,EA AT0909 DIPHH = ( LHP(-1) + OLPE(-1) )*( (1 + (0.9*R + 0.2)/100 )^0.25 - 1) ; *C Total interest receipts of HH (&NPISH) ex. FISIM J4X2 TX15,-- AT0909 DIRHHx = DIRHH - DIRHHf ; *C Total interest receipts of HH (&NPISH): FISIM IV8W TX15,-- AT0909 DIRHHf = -( 0.75*DEPHH(-1)*((1+(RDEP - R)/100)^.25-1) ); *C Total interest receipts of HH (&NPISH) ROYM TA37,EA AT0909 DIRHH = DEPHH(-1)*((1 + R/100)^.25 - 1) + DIPNSC + 0.018279*DIPLDC + 0.014*CIPD + 11137*(RS/400); *C Total interest receipts of PNFCs ex. FISIM I6PB TX15,-- AT1009 DIRICx = DIRIC - DIRICf ; *C Total interest receipts of PNFCs: FISIM IV87 TX15,-- AT1009 DIRICf = -((2.75)*M4IC(-1)*(((1 + (0.9*R - 0.2 - R)/100)^.25) - 1) ) ; *C Total interest receipts of PNFCs ROAY TA20,EA AT1009 DIRIC = M4IC(-1)*( ((1 + R/100)^0.25) - 1) + M4IC(-1)*1.75*( ((1 + (ROSHT+0.2)/100)^0.25) - 1) + M4IC(-1)*0.35*( ((1 + (RS+0.2)/100)^0.25) - 1) ; *C Total interest payments of PNFCs ex. FISIM I6PK TX15,-- AT1009 DIPICx = DIPIC + DIPICf ; *C Total interest payments of PNFCs: FISIM IV86 TX15,-- AT1009 DIPICf = STLIC*( ((1 + (RIC - R)/100)^0.25) - 1) + FXLIC*( ((1 + 2.9/100)^0.25) - 1) ; *C Total interest payments of PNFCs ROCG TA20,EA AT1009 DIPIC = STLIC*( ((1 + R/100)^0.25) - 1) + FXLIC*( ((1 + (ROSHT - 0.3)/100)^0.25) - 1) + BLIC*( ((1 + (RL + 0.5)/100)^0.25) - 1); *C Withdrawals of income from quasi-corporations, D422 NBOJ TA20,EA NV1108 ratio(WYQC) = ratio(FYCPR) ; *C Dividend receipts of HH (&NPISH), D421 NRKU T6.1.3,BB AT1109 NDIVHH = (0.00313 - 0.0000418*ifle(200101)*(58-time(198701)) + 0.177335*(FYCPR+FISIM£)/EQLIC + 0.26244*NDIVHH(-1)/EQHH(-1) + 0.31897*NDIVHH(-3)/EQHH(-3) - 0.1335*((FYCPR(-4)+FISIM£(-4))/EQLIC(-4)))*EQHH ; *C Other investment income ROYP TA37,EA NV1008 *W RPIH = 0.149*400*(DIPLDC+IILG+ILGUP)/(CGGILTS+MKTIG) + 0.122*(0.5+400*(DIPLDC+IILG+ILGUP)/(CGGILTS+MKTIG) ) + 0.186*ROLT + 0.301*400*(NDIVHH/EQHH(-1))+0.176*400*(NDIVHH/EQHH(-1)) + 0.043*RS+0.023*ROSHT ; APIIH = PIHH(-1)*(0.8011*400*(APIIH(-1)/PIHH(-2)) + (1-0.8011)*RPIH + 0.011*ifle(199804) - 0.2863)/400 ; *C Property income rec'd by HH (&NPISH) ROYL TA37,EA NV1005 PIRHH = NDIVHH + APIIH + DIRHH + WYQC ; *C Property income paid by HH (&NPISH) ROYT TA37,EA NV1005 PIPHH = DIPHH ; *C Employees' contributions to funded pension schemes L8PE+L8Q2+L8LQ T6.1.4S,BB RA0707 ratio(EECPP) = ratio(WFP) ; *C Employees' social contributions L8PS+L8Q8+L8LU TA38,EA NV1105 EESC = EESCLA + EENIC + EECPP + EESCCG ; *C Household disposable income RPHQ TA38,EA NV1105 HHDI = MI + FYEMP - EMPSC - EESC - TYWHH + NMTRHH + SBHH + (PIRHH - PIPHH + FSMADJ) - HHSB + HHISC + (EECOMPC - EECOMPD) + OSHH ; *C Real household disposable income NRJR TA38,EA NV1105 RHHDI = 100*HHDI/PCE ; *C Employers' contributions to funded pension schemes L8N8 T6.1.4S,BB NV1105 ratio(EMPCPP) = ratio(WFP) ; *C Adj. for change in net equity of HH pension funds RPQJ TA40,EA TP0914 NEAHH = EMPCPP + EECPP + EMPISCPP - OSB ; *C Household (&NPISH) gross saving RPQL TA40,EA NV1105 SVHH = HHDI + NEAHH - C£ ; *C Households' saving ratio NRJS TA40,EA NV1105 SY = 100*(SVHH/(NEAHH+HHDI)) ; *C Net capital transfers of HH (&NPISH) RPVO+RPVP-RPVS-RPVT TA41,EA NV1005 KGHH = - INHT + 0.95*KLA + 0.55*KCGPSO + 0.4*EUKT ; *C Net lending (from capital account): HH (SA) RPZT TA41,EA NV1005 NAFHH = SVHH + KGHH - DINVHH - VALHH - NPAHH - IHH£ ; *C Net lending (from capital account): Companies (SA) RPYN+RQBV TA22,EA NV1105 NAFCO = -NAFHH + CB + EUKT - CGKTA - OPSKTA + NPAA + SDE£ - SDI + PSNBCY ; *C Net lending (from capital account): FINCOs (SA) RPYN TA26,EA AT0310 NAFFC = - 12012 + FISIM£ - NEAHH - BLEVY ; *C Net lending (from capital account): PNFCs (SA) RQBV TA22,EA NV1105 NAFIC = NAFCO - NAFFC ; *C Company gross saving: PNFCs & FINCOs RPKZ+RPPS TA22,EA NV1105 SAVCO = NAFCO + KGHH - DINVHH + DINV£ - DINVCG + VAL£ - VALHH - NPAHH + IF£ - IHH£ - NPACG - CGI£ - KLA - KCGPSO - LAI£ - NPALA + INHT + KGLA - EUKT + CGKTA + OPSKTA - NPAA - IPC£ - IBPC ; {======== Group 16: Gross Domestic Product ====================================} *C Total Final Expenditure at current prices ABMF TA2,EA NV1205 TFE£ = CGG£ + C£ + DINV£ + VAL£ + IF£ + X£ ; *C Statistical Discrepancy: GDP(E) GIXM TA2,EA NV1205 SDE£ = PGDP*SDE/100 ; *C Gross Domestic Product at market prices YBHA TA2,EA NV1205 GDPM£ = TFE£ - M£ + SDE£ ; *C Gross Domestic Product at market prices NSA BKTL TA2,EA NV1205 MGDPNSA = GDPM£ ; *C Basic Price Adjustment at current prices YBHA-ABML(NTAP) TA1,EA NV0307 BPA£ = (CETAX - BETPRF) + EXDUTAC + XLAVAT + LAVAT + TSD + TXMIS + ROCS - (EUSUBP + LASUBP + CGSUBP + CCLACA) + BANKROLL + BLEVY ; *C Gross Value Added at basic prices ABML TA1,EA NV1205 GVA£ = GDPM£ - BPA£ ; *C Total Final Expenditure at constant prices ABMG TA2,EA NV1205 TFE = CGG + C + DINV + VAL + IF + X ; *C Statistical Discrepancy: GDP(E) GIXS TA2,EA NV1205 SDE = SDE(-1) ; *C Gross Domestic Product at market prices, CVM ABMI TA2,EA NV1205 GDPM = TFE - M + SDE ; *C Basic Price Adjustment, CVM NTAO TA1,EA NV1205 ratio(BPA) = ratio(GDPM) ; *C Gross Value Added at basic prices, CVM ABMM TA1,EA NV1205 GVA = GDPM - BPA ; *C Gross Value Added deflator CGBV TA1,EA NV1205 PGVA = 100*GVA£/GVA ; *C Gross Domestic Product deflator YBGB TA1,EA NV1205 PGDP = 100*GDPM£/GDPM ; *C Taxes less subsidies on production CMVL-NTAP TA1,EA NV1108 TPROD£ = NNDRA + NIS + VEDCO + OPT + LAPT + EUETS - CGSUBPR - LASUBPR - EUSUBPR ; *C Taxes less subsidies on production, CVM ABMM-YBHH TA1,EA NV1205 ratio(TPROD) = ratio(GVA) ; *C Gross Domestic Product at factor cost, CVM YBHH TA1,EA NV1205 GFC = GVA - TPROD ; *C Statistical Discrepancy: GDP(I) GIXQ TA3,EA NV1205 SDI = SDI(-1) ; *C Whole economy Gross Operating Surplus ABNG TA11,EA NV1205 OS = GDPM£ - FYEMP - MI - BPA£ - TPROD£ - SDI ; *C Private sector companies rental income DTWR+DTWS TK1,QA NV1205 ratio(RENTCO) = ratio(GDPM£) ; *C Household & NPISH Gross Operating Surplus CAEN TA11,EA NV1205 *W IROO = (PRENT*POP16)/1000 ; OSHH = (12874 + 0.85*IROO - DIPHHmf ) ; *C FISIM totals *C FISIM generated from General Government C6GA+C6G9+C6FQ+C6FP TX15,-- NV0209 FISIMGG = 0 ; *C FISIM generated from Rest of World IV8F+IV8E TX15,-- NV0209 FISIMROW = FISIMROW(-1) ; *C Total nominal FISIM IE9R ---- NV0209 FISIM£ = (DIRHHf + DIPHHuf + DIPHHmf) + (DIRICf + DIPICf) + FISIMGG + FISIMROW ; *C Profits *C Gross trading profits of all private companies CAED+CAGD+RITQ TA11,EA NV1205 FYCPR = OS - OSHH - OSGG - OSPC - RENTCO + SA - FISIM£ ; OSCO = OS - OSHH - OSGG - OSPC ; *C GTP of non-oil corporations CAED =HMT NV0908 NNSGTP = FYCPR - GTPFC - NSGTP ; *C Gross Trading Profits: FINCOs RITQ TX8,EA NV0209 GTPFC = GTPFC(-1) ; *C Total FINCO profits IE9R+RITQ TX8,EA AT0909 FC = FISIM£ + GTPFC ; *C Gross National Income at market prices ABMZ T1.2,BB NV1205 GNI£ = GDPM£ + NIPD + (EECOMPC-EECOMPD) + (EUSUBPR+EUSUBP) - (EUOT+EUVAT) ; *C Non-North sea GVA KLS2 TA2,QA NV0607 NNSGVA = GVA - NSGVA ; *C Trend output =OBR TP0913 TRGDP = TRGDP(-1) ; *C Output gap =OBR NV0407 GAP = NNSGVA/TRGDP*100-100 ; *C Gross domestic product per capita YBHA/EBAQ P,QA KS1216 GDPMAL = GDPM/POPAL ; *C Trend output per capita =OBR KS1216 TRGDPAL = TRGDP/POPAL ; *C Gross domestic product per 16+ YBHA/MGSL TA1,EA KS1216 GDPM16 = GDPM/POP16 ; *C Trend output per 16+ =OBR KS1216 TRGDP16 = TRGDP/POP16 ; {======== Market sector GVA satellite =====================================} *C Nominal General Govt GVA NMXS+NTAR T5.1.2,BB AT0310 GGVA£ = CGWS + LAWS + OSGG ; *C Nominal Market sector GVA ABML-NMXS-NTAR =HMT AT0310 MSGVA£ = GVA£ - GGVA£ ; *C General Govt GVA, £ CVM ---- =HMT NV0607 ratio(GGVA) = ratio(CGG) ; *C Market sector GVA, £ CVM ---- =HMT NV0607 MSGVA = GVA - GGVA ; {======== Group 18: Financial Account and Financial Balance Sheet ====================================} '************ HOUSEHOLDS *********************************************************** *C Net lending (from capital account): HH (NSA) NSSZ TA41,EA AT0110 NAFHHNSA = NAFHH + NAFHH(-1) + NAFHH(-2) + NAFHH(-3) - NAFHHNSA(-1) - NAFHHNSA(-2) - NAFHHNSA(-3) ; *C Net lending stat. discrp. between capital and fin a/c: HH (NSA) NZDV TA53,EA AT0110 SDLHH = 0 ; *C Net lending (from financial account): HH (NSA) NZDY TA53,EA AT0110 NLHH = NAFHHNSA - SDLHH ; '********** HOUSHOLDS: FINANCIAL ASSETS ******************************************** *C Currency and deposit assets: HH (NSA) NNMP TA64,EA TK0915 *W GMF = (PD*APH*0.858)/DEPHH(-1) ; diff(DEPHH) = 3.9056*diff(C£) + exp(5.1811*(RDEP - R)) - exp(5.1811*(RDEP(-1)-R(-1))) + exp(0.8206*LFSUR) - exp(0.8206*LFSUR(-1)) + exp(106.3011*GMF) - 0.0369*(DEPHH(-1) - 5.5399*C£(-1) - exp(0.8479*RDEP(-1)) - exp(1.0821*LFSUR(-1)) + 233379.6) ; *C Net acqusition of equity assets: HH (NSA) NFXV TA53,EA AT0810 NAEQHH = 0.4560*NLHH - 3681 ; *C Stock of equity assets: HH (NSA) NNOS TA64,EA DS0815 EQHH = ( 1 + 0.844*(ratio(EQPR) - 1) + 0.156*(ratio(WEQPR)/ratio(RX) - 1) )*EQHH(-1) + NAEQHH ; *C Net acquisition of pension assets: HH (NSA) MA2H TA53,EA SF0915 NAPEN = NEAHH ; *C Standard rate of insurance premium tax : HH (NSA) SIPT HMRC SF0915 SIPT = SIPT(-1) ; *C Net acquisition of insurance assets : HH (NSA) NFYO+M9WF TA53,EA SF0915 NAINS = 13293.71 + 0.627*(NAINS(-1)) - 236267.3*(SIPT(-3)) ; *C Stock of pension & insurance assets: HH (NSA) NPYL TA64,EA DS0815 PIHH = ( 1 + 0.200*(ratio(EQPR) - 1) + 0.098*(RX(-1)/RX - 1) + 0.170*(ratio(WEQPR)/ratio(RX) - 1) )*PIHH(-1) + NAPEN + NAINS ; *C Other assets: HH (NSA) NNMY+NNOA+NNPM+MMW5 TA64,EA DS0815 diff(OAHH) = AAHH - diff(DEPHH) - NAEQHH - NAPEN - NAINS ; *C Total net acquisition of financial assets: HH (NSA) NFVO TA53,EA DS0815 AAHH = ALHH + NLHH ; *C Total HH financial assets (NSA) NNML TA64,EA AT0110 GFWPE = DEPHH + EQHH + PIHH + OAHH ; '************ HOUSEHOLDS: FINANCIAL LIABILITIES ******************* *C HH net acquisition of other financial liabilities (NSA) NFYS-NGAS TA64,EA DS0815 NAOLPE = OLPE(-1)*DEBTU ; *C HH growth in usecured debt (ex. writedowns) (NFYS-NGAS)/(NNPP-NNRP) TA64,EA DS0815 DEBTU = 0.0254045 + 0.2456512*dlog(C£) + 0.1639897*DEBTU(-1) - 0.0350116*log(OLPE(-1)) + 0.0314894*log(C£(-1)) -0.0038783*LFSUR(-1) + 0.0125735*log(PD(-1)) ; *C HH stock of other financial liabilities (NSA) NNPP-NNRP TA64,EA DS0815 OLPE = OLPE(-1) - 0.00356*OLPE(-1) + NAOLPE ; *C Total net acquisition of financial liabilities: HH (NSA) NFYS TA53,EA DS0815 ALHH = NAOLPE + diff(LHP) ; *C HH liabilites secured on dwellings (NSA) NNRP TA64,EA AT1109 LHP = LHP(-1); '******** AGGREGATES ****************** *C HH net financial assets (NSA) NZEA TA64,EA AT0110 NFWPE = GFWPE - LHP - OLPE ; *C Gross physical wealth of HH&NPISH See model doc T10.10,BB NV1005 GPW = 0.9933*GPW(-1)*APH/APH(-1) + .001*IHH£ ; '************ REST OF WORLD *********************************************************** *C Net lending (from capital account): ROW (NSA) NHRB TA42,EA AT0810 NAFROWNSA = NAFROW + NAFROW(-1) + NAFROW(-2) + NAFROW(-3) - NAFROWNSA(-1) - NAFROWNSA(-2) - NAFROWNSA(-3) ; *C Net lending stat. discrp. between capital and fin a/c: HH (NSA) NYPO TA54,EA AT0810 SDLROW = 0 ; *C Net lending (from financial account): HH (NSA) NYOD TA54,EA AT0810 NLROW = NAFROWNSA - SDLROW ; '************ EXTERNAL BALANCE SHEET: FINANCIAL ASSETS OF ROW********************************* *C Stock of ROW Direct Investment claims on UK (NSA) HBWI TA8.1,PB AT0810 diff(DAROW) = (0.3813*(X£+M£)/TFE£ + 0.7067*ICC£/TFE£ - 0.1872)*TFE£ ; *C Stock of ROW portfolio equity claims on UK (NSA) HLXX TA8.1,PB AT0810 EQAROW = EQAROW(-1)*ratio(EQPR) + NAEQAROW ; *C Acquisition of ROW portfolio equity claims on UK (NSA) XBLW TA7.1,PB AT0810 NAEQAROW = (distlag(EQAROW(-1),4,0.25)/(distlag(EQAROW(-1),4,0.25) + distlag(BAROW(-1),4,0.25)) ) *(AAROW - diff(DAROW) - NAOTAROW) ; *C Stock of ROW portfolio debt claims on UK (NSA) HLXY TA8.1,PB RKF1112 BAROW = BAROW(-1)*(0.40/ratio(RX) + (1 - 0.40) ) + NABAROW ; *C Acquisition of ROW portfolio debt claims on UK (NSA) XBLX TA7.1,PB RKF1112 NABAROW = (distlag(BAROW(-1),4,0.25)/(distlag(EQAROW(-1),4,0.25) + distlag(BAROW(-1),4,0.25)) ) *(AAROW - diff(DAROW) - NAOTAROW) ; *C Stock of ROW Other claims on UK (NSA) HLYD TA8.1,PB AT0810 OTAROW = OTAROW(-1)*(0.84/ratio(RX) + (1 - 0.84) ) + NAOTAROW ; *C Acquisition of ROW Other claims on UK (NSA) XBMN TA7.1,PB AT0810 NAOTAROW = NAOTLROW ; *C Total stock of ROW claims on UK (NSA) HBQB-JX97 TA8.1,PB AT0810 AROW = DAROW + EQAROW + BAROW + OTAROW ; *C Total acquisition of ROW claims on UK (NSA) HBNS TA7.1,PB AT0810 AAROW = ALROW + NLROW ; '************ EXTERNAL BALANCE SHEET: FINANCIAL LIABILTIES OF ROW******************************** *C Stock of UK Direct Investment claims on ROW (NSA) HBWD TA8.1,PB AT0810 DLROW = DLROW(-1)/ratio(RX) + NADLROW ; *C Acquisition of UK Direct Investment claims on ROW (NSA) -HJYP TA7.1,PB AT0810 NADLROW = DLROW(-1)*( -0.0375 - 0.2124*DLROW(-1)/LROW(-1) - 0.2004*(FYCPR(-1) + FISIM£(-1))/EQLIC + 0.1026*ratio(WEQPR) ) ; *C Stock of UK portfolio equity claims on ROW (NSA) HEPX TA8.1,PB AT0810 EQLROW = EQLROW(-1)*ratio(WEQPR)/ratio(RX) + NAEQLROW ; *C Acquisition of UK portfolio equity claims on ROW (NSA) -HBVI TA7.1,PB AT0810 NAEQLROW = 0.196*(NAINS + NAPEN) + 0.132*NAEQHH + 0.003*GDPM£ ; *C Stock of UK portfolio debt claims on ROW (NSA) HHZX TA8.1,PB AT0810 BLROW = BLROW(-1)/ratio(RX) + NABLROW ; *C Acquisition of UK portfolio debt claims on ROW (NSA) -XBMW TA7.1,PB AT0810 NABLROW = 0.17*(NAINS + NAPEN) + 0.0325*GDPM£ ; *C Stock of UK Other claims on ROW (NSA) HLXV TA8.1,PB AT0810 OTLROW = OTLROW(-1)*( 0.90/ratio(RX) + (1 - 0.90) ) + NAOTLROW ; *C Acquisition of UK Other claims on ROW (NSA) -XBMM TA7.1,PB AT0810 NAOTLROW = OTLROW(-1)*(ratio(GDPM£) - 1) ; *C Total stock of UK claims on ROW ex reserve assets (NSA) HBQA-LTEB-JX96 TA8.1,PB AT0810 LROW = DLROW + EQLROW + BLROW + OTLROW ; *C Total acquisition of UK claims on ROW (NSA) -HBNR TA7.1,PB AT0810 ALROW = NADLROW + NAEQLROW + NABLROW + NAOTLROW - DRES ; '******** AGGREGATES ****************** *C UK Net international investment position HBQC TA8.1,PB AT1010 diff(NIIP) = diff(LROW) + diff(SRES) - diff(AROW) ; '****PNFC BALANCE SHEET MODEL******* '****LIABILITIES - STOCKS**** *C Stock of bonds and Money Mkt instruments issued by PNFCs NKZA TA57,EA AT1009 BLIC = BLIC(-1) + NABLIC ; *C Stock of FINCO sterling Bank lending to PNFCs NLBE-NLBG TA57,EA AT1009 STLIC = STLIC(-1) + 0.09*NALIC ; *C Stock of FX Bank lending to PNFCs NLBG+NLBI TA57,EA AT1009 FXLIC = FXLIC(-1)*( RX(-1)/RX ) + NAFXLIC ; *C Stock of shares issued by PNFCs NLBU TA57,EA AT1009 EQLIC = EQLIC(-1)*( EQPR/EQPR(-1) ) + NAEQLIC ; *C Stock of other financial liabilities issued by PNFCs NLCO+(NLBC-NLBE-NLBI)+MMX4+M9VL TA57,EA AT1111 OLIC = OLIC(-1) + 0.04*NALIC ; *C Total stock of financial liabilities of PNFCs ; NLBB TA57,EA AT1009 LIC = BLIC + STLIC + FXLIC + EQLIC + OLIC ; '****LIABILITIES - FLOWS*** *C Net issuance of bonds & MMIs by PNFCs NETR TA46,EA AT1009 NABLIC = 0.14*NALIC ; *C Flow of FX lending to PNFCs NEUX+NEUZ TA46,EA AT1009 NAFXLIC = 0.07*NALIC ; *C Net issuance of shares by PNFCs NEVL TA46,EA AT1009 *W PER = EQLIC/(FYCPR+FISIM£) ; NAEQLIC = (1.6035 + 0.9385*PER(-1))*(FYCPR+FISIM£) - EQLIC(-1)*ratio(GDPM£) ; *C Total net acquisition of financial liabilities by PNFCs NETE TA46,EA AT1009 NALIC = -27362 + 1.513178*IBUS*(PIF/100) ; '***ASSETS - STOCKS*** *C Stock of financial assets held by PNFCs NKWX T12.1d,FS AT1009 AIC = AIC(-1) + (NAAIC - diff(M4IC)) ; '***ASSETS - FLOWS*** *C Net acquisition of financial assets by PNFCs NEQA TA46,EA AT1009 NAAIC = AIC(-1)*(ratio(GDPM£) - 1) ; *C PNFC Net wealth NYOT T12.1D,FS AT1009 NWIC = AIC - LIC ;