The Pre-Budget Report claimed that the chancellor would meet his Golden Rule with billions of pounds to spare. But with the traditional margin of forecasting error itself stretching into the billions, only time can tell.
Last week's Pre-Budget Report was probably the last before the general election, which is likely to occur towards the end of the current economic cycle. This is the first full cycle since Chancellor Gordon Brown introduced his two fiscal rules in 1998: the Sustainable Investment Rule and the Golden Rule.
Authors
Deputy Director
Carl, a Deputy Director, is an editor of the IFS Green Budget, is expert on the UK pension system and sits on the Social Security Advisory Committee.
European Commission (formerly IFS staff)
Comment details
- Publisher
- IFS
Suggested citation
Emmerson, C and Frayne, C. (2004). It's too close to call [Comment] IFS. Available at: https://ifs.org.uk/articles/its-too-close-call (accessed: 28 March 2024).
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