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An Assessment of Fiscal Rules in the United Kingdom

Listed author(s):
  • Michael Kell
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    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.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=15207
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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/91.

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    Length: 36
    Date of creation: 01 Jul 2001
    Handle: RePEc:imf:imfwpa:01/91
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