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T H E EC O N O M I C CO N S TI TU TI O N
The Economic
Constitution
TONY PROSSER
1
3
Great Clarendon Street, Oxford, OX2 6DP,
United Kingdom
Oxford University Press is a department of the University of Oxford.
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# T Prosser 2014
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First Edition published in 2014
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for information only. Oxford disclaims any responsibility for the materials
contained in any third party website referenced in this work.
Preface
In this book I have attempted to perform two tasks. The first is to provide
coverage of areas of the constitution which have been neglected in the major
public law texts and in other forms of academic study; those which are
concerned with economic management. This should fill a major gap; issues
such as the allocation of public funds and monetary policy are too important
to be overlooked, especially in the current times of financial crises. Direct
economic management by government has also been relatively neglected in
the regulation literature, and I hope that some of the lessons derived from
that literature can be applied successfully to it. An inspiration is Sabino
Cassese’s book La Nuova Costituzione Economica, now in its fifth edition
and widely available in Italy. There is no UK equivalent, and casting light on
the workings of the economic constitution will, I hope, in itself justify the
publication of this book.
The second task is a more critical one. In Chapter 1 I set out various
meanings of the term ‘economic constitution’; these are drawn from legal and
social theory and European Union (EU) law and politics rather than from the
UK itself, but nevertheless are of value for suggesting possible ways of
understanding our own constitutional arrangements. They also raise the
question of the relationship between an economic constitution and demo-
cratic politics; does such a constitution operate as a straitjacket on govern-
ments, restricting political choices and so casting economic policy from a
single mould? I return to this point in my conclusion, where I begin to
develop the concept of a plural constitution, plural in both its ideological
bases and in its arrangements for institutional scrutiny. This has both
advantages in openness and disadvantages in lack of coordination. This
book is thus both normative and critical.
Choosing to address both these tasks imposes limitations on the full
achievement of each. Thus the coverage of areas of economic management
cannot be fully comprehensive, though I hope that I have managed to treat
the most important areas and so to give a more general feel for the way in
which the economy is managed in the UK. In view of the substantial coverage
elsewhere, I have omitted substantive competition law (despite its importance
in the origins of the idea of an economic constitution) and sectoral regulation
of the utilities; there is only brief coverage of the role of local government.
A particular problem has been to achieve a balance between long-standing
practices and those introduced as responses to the economic crises of recent
vi Preface
years; much has changed since 2008. I hope that the balance I have found is a
reasonable one which is up-to-date yet not too reliant on passing political and
institutional fads.
The more normative approach is given in outline, especially in Chapters 1
and 10 but also as a base for the discussion of the substantive areas which
I cover. Given the constraints of a general account of this kind, there has
not been room for either full theoretical development of the constitutional
and regulatory approach I take, nor for detailed comparative accounts of
other economic constitutions; I hope to remedy both these gaps through
future work.
I am grateful for intellectual and personal support without which, of
course, this book could not have been written. The idea originated when
I worked in the Centre for Socio-Legal Studies at the University of Sheffield,
a uniquely stimulating environment for work of this kind, and was developed
further at the University of Glasgow where I picked up a viewpoint which was
both Scottish and more European. The University of Bristol has supported
me not just intellectually but through its generous policy of research leave.
Once more, my greatest thanks go to Charlotte, Amelia, and Laurie for
their tolerance and support.
The law is stated as at 1 October 2013.
Tony Prosser
Table of Contents
Table of Cases ix
Table of European Legislation xii
Table of Statutes xv
Abbreviations xvii
1. Economic Constitutions 1
Government and economic management 3
Economic constitutions 7
The institutional map 14
The normative approach 16
2. A Map of the Institutions 22
The major institutions of economic governance 22
Arm’s length bodies 38
Executive agencies and related bodies 42
Devolved Government 47
Local government 49
Scrutiny and accountability: an institutional introduction 50
Conclusion 55
3. The International Context 58
The European Union 59
The World Trade Organization and GATS 74
The Council of Europe and the European Convention on
Human Rights 79
The Organisation for Economic Co-operation and Development 81
The World Bank and the International Monetary Fund 82
Conclusion 82
4. ‘Getting and Spending’ 1: Taxation and Public Borrowing 84
Introduction 84
Taxation 85
Government borrowing 103
Conclusions 108
5. ‘Getting and Spending’ 2: Public Expenditure 110
Introduction 110
The Constitution: Parliament 111
viii Table of Contents
The Constitution: the courts 114
Planning public expenditure 116
Audit and scrutiny of spending 125
Conclusion 136
6. Monetary Policy and the Bank of England 138
Introduction 138
Constitutional Background 138
The Bank of England and monetary policy 144
Conclusions 155
7. The Regulation of Financial Services 157
Introduction 157
International regulation 157
EU regulation of financial services 160
Financial services regulation in the UK 166
Conclusions 181
8. State Aid, Government Shareholdings, and Industrial Policy 183
Introduction 183
The EU state aid regime 185
Public ownership 191
Government support for industry 200
Conclusion 209
9. Government and Contract 211
Introduction 211
Constitutional principle 211
European Union public procurement law 217
The World Trade Organization and the Agreement on
Government Procurement 226
Procurement in the UK 227
The Private Finance Initiative 230
Defence procurement 233
Conclusion 238
10. Conclusion: The Plural Constitution 240
The economic constitution as a substantive constraint 240
The economic constitution and institutional coherence 245
The economic constitution and deliberation 248
The plural constitution 250
Bibliography 254
Index 273
Table of Cases
AUSTRALIA
New South Wales v Bardolph (1934) 52 CLR 455 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
GERMANY
Decision of 7 September 2011, BVerfG, 2 BvR 987/10 vom 7.9.2011 . . . . . . . . . . . . . . 20, 251
Decision of 12 September 2012, BVerfG, 2BvR 1390/12 vom 12.9.2012. . . . . . . . . . . . 20, 251
UNITED KINGDOM
A v HM Treasury [2010] UKSC 2, [2012] 2 AC 534 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251
AG v Wilts United Dairies Ltd (1921) 37 TLR 884 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Al Fayed v Advocate General for Scotland 2004 SC 745 . . . . . . . . . . . . . . . . . . . . . . . . . 95, 96
Albion Water Ltd v Water Services Regulation Authority [2006] CAT 23 . . . . . . . . . . . . . . . 55
Ali v Birmingham City Council [2010] UKSC 8, [2010] 2 AC 39. . . . . . . . . . . . . . . . . . . . . 80
Attorney-General v Wilts United Dairies (1922) 91 LJKB 897, 38 TLR 781 (HL) . . . . . . . . . 85
Auckland Harbour Board v R [1924] AC 318 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Bowles v Bank of England [1913] 1 Ch 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53, 85
Brent LBC v Risk Management Partners Ltd [2009] EWCA Civ 490. . . . . . . . . . . . . . . . . . 208
Bromley London Borough Council v Greater London Council [1983] 1 AC 768 . . . . . . 53, 114
Churchward v R (1865) LR 1 QB 173 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
Congreve v Home Office [1976] QB 629 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53, 85
Credit Suisse v Allerdale Borough Council [1997] QB 306 . . . . . . . . . . . . . . . . . . 53, 207, 212
Deutsche Morgan Grenfell Group v Inland Revenue Commissioners [2006]
UKHL 49, [2007] 1 AC 558 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Gas and Electricity Markets Authority v Infinis plc [2013] EWCA Civ 70 . . . . . . . . . . . . . . . 80
Hazell v Hammersmith London Borough Council [1992] 2 AC 1 . . . . . . . . . . . . . . . . . 53, 114
Inland Revenue Commissioners v Nuttall [1990] 1 WLR 631 . . . . . . . . . . . . . . . . . . . . . . . . 96
International Transport Roth GmbH v Secretary of State for the Home Department
[2002] EWCA Civ 158, [2003] QB 728 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
Neil Martin Ltd v Her Majesty’s Revenue and Customs [2007] EWCA Civ 1041,
[2007] STC 1802 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Nottinghamshire County Council v Secretary of State for the Environment
[1986] AC 240 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Office of Fair Trading v IBA Health Ltd [2004] EWCA Civ 142, [2004] 4 All ER 1103 . . . . 54
R v Hampden (1637) 3 St Tr 825 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
R (on the application of Datafin plc) v Panel on Takeovers and Mergers [1987] QB 815 . . . . 54
R (on the application of Hibbit and Saunders) v Lord Chancellor’s Department
[1993] COD 336. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54, 215
R (on the application of Huitson) v Revenue and Customs Commissioners
[2011] EWCA Civ 893, [2012] QB 489 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
R (on the application of The Law Society) v Legal Services Commission
[2010] EWHC 2550 (Admin) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
R (on the application of Luton Borough Council and Nottingham City Council)
v Secretary of State for Education [2011] EWHC 217 (Admin),
[2011] BLGR 553 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105, 116
R (on the application of MFK Underwriting Agencies Ltd) v Inland Revenue
Commissioners [1990] 1 WLR 1545. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
R (on the application of Molinaro) v The Royal Borough of Kensington and
Chelsea [2001] EWHC Admin 846 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
R (on the application of The National Federation of Self-Employed and Small
Businesses Ltd) v Inland Revenue Commissioners [1982] AC 617 . . . . . . . . . . . . . 96, 102
Table of Cases xi
R (on the application of SRM Global Master Fund LP) v Treasury
Commissioners 88 [2009] EWCA 788 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
R (on the application of Unilever plc) v Inland Revenue Commissioners
[1996] STC 681 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
R (on the application of Wilkinson) v Inland Revenue Commissioners [2005]
UKHL 30, [2005] 1 WLR 1718 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89, 95, 102
R (on the application of World Development Movement Ltd) v Secretary of State for
Foreign and Commonwealth Affairs [1995] 1 WLR 386 . . . . . . . . . . . . . . . . 54, 115, 252
Rederiaktiebolaget Amphitrite v The King [1921] 3 KB 500 . . . . . . . . . . . . . . . . . . . . . . . . 212
Risk Management Partners v Brent London Borough Council and others [2011]
UKSC 7, [2012] AC 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
Smith v Ministry of Defence [2013] UKSC 41, [2013] 3 WLR 69 . . . . . . . . . . . . . . . . . . . 215
Smith and Fawcett Ltd, re [1942] Ch 304 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
Tsfayo v UK (2009) 48 EHRR 18; R (Alconbury Developments) v Secretary of State for
the Environment, Transport and the Regions [2001] UKHL 23, [2003] 2 AC 295 . . . . . 80
UN Uncut Legal Action Ltd v Commissioners of Her Majesty’s Revenue and
Customs [2013] EWHC 1283 (Admin) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Vodafone 2 v Revenue and Customs Commissioners (no. 2) [2009] EWCA Civ 446,
[2010] 2 WLR 288 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
Woolwich Equitable Building Society v Inland Revenue Commissioners
(no. 2) [1993] AC 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Table of European Legislation
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