The Plain Man’s Guide to Fiscal and Financial Policy
One of the most remarkable features of economic policy making in the United Kingdom over the last seven years has been the extent to which the size of the public sector and of the government’s borrowing requirement has taken centre stage. In so far as targets for public sector borrowing over the next few years have forced the ministers responsible for public spending to acknowledge the revenue implications of their decisions this is a development to be welcomed. Under the British system public expenditure decisions have tended to be taken independently of taxation decisions made at Budget time.
KeywordsInterest Rate Public Sector Monetary Policy Government Spending Real Interest Rate
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