Is austerity back?
New Economics Podcast
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What Are the Fiscal Rules?
Fiscal rules are constraints that the government sets out for itself on how much it should borrow and how much debt there should be over a sermanon of time. They set out these targets to reduce borrowing, to reduce the debt level. The way theyhave been designed has been really, really, quite poor. And what we're effectively saying is that they need a dramatic wreathing. Wefact, the borroing levels have actually doubled over the projected time scale. So our proposal, effectively, is to take that broader consideration into place.
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