The OBR and the March 2023 Budget: The Travails of UK Economic Growth and the Politics of Technocratic Fiscal Governance

In: The political quarterly, Band 94, Heft 2, S. 320-324

Abstract

AbstractThis article places the Office for Budget Responsibility's commentary on the March 2023 UK Budget in political context. It explores how increased independent expert input has transformed the UK economic policy regime, focussing on the complex relationship between rules‐based economic governance, independent oversight and fiscal discipline. The technocratic veneer that enshrines the UK fiscal watchdog obscures the inevitable politics of rules‐based fiscal governance. The recent budget revealed OBR scepticism about how far budget measures can address the UK economy's long‐term structural weaknesses. This underlined the key role for judgment inherent within technocratic fiscal oversight.