The level of public borrowing plays a central role in UK government policymaking, especially in the run-up to each Budget. Accurate forecasts of the overall fiscal stance are crucial in assessing the general health of the economy, the direction of tax policy and the volume of public services that can be supplied. But these forecasts have a relatively poor record in the UK in recent years. The government’s last Financial Statement and Budget Report noted that ‘The budget deficit is the difference between two large aggregates of spending and receipts and forecasts of it are inevitably subject to a wide margin of error. Over the past five years the average absolute errors have been around 1 per cent of GDP, or plus or minus £8 billion in today’s prices’.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Publisher Info
Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.
Volume (Year): 19 (1998) Issue (Month): 1 (February) Pages: 39-48 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:ifs:fistud:v:19:y:1998:i:1:p:39-48
Contact details of provider: Postal: The Institute for Fiscal Studies 7 Ridgmount Street LONDON WC1E 7AE Phone: (+44) 020 7291 4800 Fax: (+44) 020 7323 4780 Email: Web page: http://www.ifs.org.uk
Order Information: Postal: The Institute for Fiscal Studies 7 Ridgmount Street LONDON WC1E 7AE Email:
For technical questions regarding this item, or to correct its listing, contact: (Emma Hyman).
Related research
Keywords:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.: