It is increasingly common for governments around the world to constrain their tax and spending behaviour by setting rules by which they promise to abide and/or by establishing independent fiscal arbiters to assess and pass judgement on their fiscal performance. Fiscal rules were first adopted in the UK in 1997 by the Labour government. These rules have since been reformed by the coalition government, who also set up the independent Office for Budget Responsibility. Our work in this area discusses the pros and cons of different types of fiscal rules and fiscal councils, and assesses successive UK governments’ compliance with their rules.
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