The Uncertainty of Government Debt Projections

Ian Hurst and Rebecca Riley

National Institute Economic Review, 2006, vol. 195, 58-59

Abstract: Since 1998, fiscal policy in the UK has been guided by two rules: the golden rule to borrow over the economic cycle only to invest, such that the average annual surplus on the public sector current budget as a share of GDP is greater or equal to zero; and the sustainable investment rule that public sector net debt should not exceed 40 per cent of GDP over the economic cycle.

Date: 2006
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