Suchergebnisse

This text is about the politics of economic ideas and technocratic economic governance, focusing on the Office for Budget Responsibility. It also analyses the changing political economy of British capitalism's relationship to the European and global economies in the face of the global financial crisis, Brexit and COVID.

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.