Rethinking the UK fiscal framework: lessons from elsewhere

Iain Begg

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: The UK fiscal framework, especially the fiscal rules in place, has faced widespread criticism. Since the current system was introduced, the UK’s fiscal arithmetic has worsened. The article examines practices in other countries and, going beyond rules, looks at other dimensions of their fiscal frameworks, then suggests a ‘menu’ of possible changes to improve the UK approach. Scrutiny and a variety of governance features also deserve attention. While not all practices elsewhere can be directly adopted in the UK institutional setting and some would encounter political sensitivities, many can.

Keywords: fiscal frameworks; fiscal councils; governance of fiscal policy; escape clauses (search for similar items in EconPapers)
JEL-codes: E61 E62 H61 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2025-12-05
New Economics Papers: this item is included in nep-inv and nep-mac
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Published in National Institute Economic Review, 5, December, 2025. ISSN: 0027-9501

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