A critical debate on the budgetary framework of the United Kingdom

Abstract : In the light of its particular situation with respect to the European Union and the monetary union, the United Kingdom could hardly join the Treaty on Stability, Coordination and Governance Treaty (TSCG) for political, legal and economic reasons (1.). Nevertheless, in the United Kingdom, it was understood that a “golden rule” of public finances should be observed. The rule was first introduced at the national level by the Labour Government following the 1997 general election (2.). After the economic and budgetary crises of 2008, the Conservative/Liberal Democrat coalition created the Office for Budget Responsibility (OBR) to monitor the golden rule (3.). The Budget Responsibility and National Audit Act 2011 established the Government’s objectives and the powers granted to the OBR, in a manner that was reminiscent of the TSCG requirements (4.). On 19 March 2014, the Chancellor of the Exchequer, George Osborne, gave a budget speech and presented a budget based on a growth estimate that changed from 2.4 per cent to 2.7 per cent following a report issued by the OBR.
Type de document :
Article dans une revue
Gestion et finances publiques , Les Editions Gestion et Finances Publiques/Lavoisier, 2014, Europe’s Golden Rule of Public Finances: Its Impact on National Budget Systems, p. 33-38
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http://hal.univ-grenoble-alpes.fr/hal-01131646
Contributeur : Alexandre Guigue <>
Soumis le : samedi 14 mars 2015 - 22:48:51
Dernière modification le : mardi 21 novembre 2017 - 15:40:03

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Alexandre Guigue. A critical debate on the budgetary framework of the United Kingdom. Gestion et finances publiques , Les Editions Gestion et Finances Publiques/Lavoisier, 2014, Europe’s Golden Rule of Public Finances: Its Impact on National Budget Systems, p. 33-38. 〈hal-01131646〉

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