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.