The paper assesses the United Kingdom's golden rule and debt rule
against ideal characteristics of fiscal rules. It concludes that
they are clearly defined; transparent in institutional arrangements
and measurement; adequate to ensure sustainability; and strike a
good balance between flexibility and enforceability. The rules
could be strengthened by clarifying the benchmark embodied in the
debt rule and the modalities of the value for money criterion for
investment. Overall, the fiscal framework establishes the necessary
preconditions for a credible fiscal policy, but the credibility of
the rules could be undermined by the large gap between them and
actual medium-term fiscal plans.
International Monetary Fund
|Country of origin:
||Electronic book text
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