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REFORMING THE UK FISCAL FRAMEWORK

Ben Caswell et al.

National Institute Economic Review2026https://doi.org/10.1017/nie.2026.10088article
AJG 1ABDC B
Weight
0.50

What the paper says

Abstract This paper argues that the current UK fiscal framework fails to support growth-enhancing public investment while inadequately restraining debt accumulation. Frequent changes to fiscal rules, their short horizon and incentives that prioritise current spending over long-term investment have undermined economic stability and productivity growth. We propose a reformed framework centred on clear fiscal objectives, enhanced OBR analysis of long-run sustainability and a target for the primary surplus consistent with maintaining stable debt. A supplementary investment rule would ensure adequate public capital formation. Together, these reforms aim to raise productivity, support resilience and improve living standards.

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https://doi.org/https://doi.org/10.1017/nie.2026.10088

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@article{ben2026,
  title        = {{REFORMING THE UK FISCAL FRAMEWORK}},
  author       = {Ben Caswell et al.},
  journal      = {National Institute Economic Review},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1017/nie.2026.10088},
}

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REFORMING THE UK FISCAL FRAMEWORK

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.