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However, the ONS stressed that changes in the timing of grants to local authorities made year-on-year comparisons difficult.
The VAT take was also down, while central government spending rose by £4.2bn, partly due to a change in timing of grants to local authorities.
Even now, dozens of senior managers are under investigation for "backdating" their share options—illegally manipulating the timing of grants to increase the likelihood of a payment.
We examined five years instead of one to even out the irregularities in the timing of grants and buybacks–a company might issue options in 1998, see them exercised in 2000 and get around to the buyback in 2001.
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However some would argue that due to the volatility of stock markets and the good or bad fortune of the timing of grant and exercise dates, the alignment of reward and genuine performance in public companies is seldom perfect and often arbitrary.
At the time of writing, this system is in the process of being replaced by a funding model allowing for more flexible timing of grant applications.
Although it might have been ideal to examine babies shortly after birth, the timing of grant funding did not allow this.
The stock is just about where it was in March 2006 before a Wall Street Journal article first questioned the timing of option grants made to Dr. William W. McGuire, United Healths longtime chief executive.
Sandra R. Feil, director for worldwide total compensation at Kodak, said Mr. Carp received two awards last year because the company had changed the timing of its grants, to November from January.
The scandal began when academic research revealed the suspiciously fortuitous timing of option grants, a disproportionate number of which occurred just before a rise in the share prices of executives' companies.
Chimney sweeps under fire Macro credit Reprints Related items Corporate scandals: The fugitiveOct 5th 2006Pre-emptive strikesThe backdating scandal was triggered by several academic papers that identified suspiciously favourable patterns in the timing of option grants.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com