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An Assessment of Fiscal Rules in the United Kingdom

Author/Editor: Kell, Michael
Authorized for Distribution: July 1, 2001
Electronic Access: Free Full Text (PDF file size is 1,387KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: 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.
 
Series: Working Paper No. 01/91
Subject(s): Fiscal policy | United Kingdom | Fiscal transparency
Author's keyword(s): Fiscal rules | fiscal sustainability | intergenerational equity | transparency
 
English  
    Published:   July 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA0912001   Pages:   35
    Price:   US$15.00
       
     
Price Delivery Note: Prepayment required for individual copies. An annual subscription is $375.00 a year. It includes 12 monthly shipments and priority mail delivery. The Stock No. for the subscription is WPEA.
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