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Fiscal Report

Published online by Cambridge University Press:  26 March 2020

Garry Young
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Extract

The public finances were transformed in the second half of the 1990s as the economy recovered from recession, a range of fiscal measures were implemented and there was unexpected buoyancy in revenues from existing taxes. The budget surplus that this produced looks set to continue for a number of years, provided that the economy does not suffer any major unfavourable shocks. Indeed, the underlying budgetary position is sufficiently strong that it would take a serious adverse macroeconomic shock to raise the deficit to threatening levels.

Type
Articles
Information
National Institute Economic Review , Volume 171 , January 2000 , pp. 29 - 35
Copyright
Copyright © 2000 National Institute of Economic and Social Research

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References

Notes

1 Source: OECD Health Data I999. Figures for I997. Reported in Financial Times, January I5/I6, 2000.

2 Source: Public Expenditure 1999-2000. HM Treasury, March, I999.

3 See Church et al. on page I07 of this Review for an explanation of their effects in a range of different models.

4 Cardarelli, R., Sefton, J. and Kotlikoff, L.J. (1999), ‘Generational accounting in the UK’, NIESR Discussion paper no. 147, www.generationalaccounting.com.