UK FISCAL POLICY. In the shadow of the deficit Spending Tax Revenues.

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Presentation transcript:

UK FISCAL POLICY

In the shadow of the deficit Spending Tax Revenues

Dividing the savings cake

Budget deficits

The Importance of Frameworks and Rules Office for Budget Responsibility introduces independence, greater transparency and credibility to the fiscal forecasts; Fiscal Mandate to achieve cyclically-adjusted current balance after five years; An additional target for public sector net debt as a per cent of GDP to be declining.

Fairness in fiscal consolidation: Changes in benefits by income group

How is the economy responding? A weak fourth quarter of 2010 – output fell 0.5 per cent. Strong survey data for 2011Q1. Forecasts for continued growth this year: OBR 2.1 per cent. Bank of England 2.0 per cent. IMF 2.0 per cent.