Reforming Britain's Economic and Financial Policy

In recent years the UK's macroeconomic policy framework has undergone a period of radical reform so as to deliver the economic stability necessary to achieve high levels of growth and employment. This book provides a comprehensive account of these reforms, which constitute a new and innovative approach to policy making. Radical changes to the monetary policy framework, the fiscal policy framework, the regime for public spending and financial regulation are presented. Together they represent a coherent strategy to deliver economic stability and benefits to the wider economy. As well as providing an unprecedented insight into UK Government economic policy, the book takes the reader through the intellectual foundations of policy reform and the translation of these to applied policy making. Reforming Britain's Economic and Financial Policy contains a foreword by the Chancellor, Gordon Brown.

'A very useful and important book for students of economics and politics...the effort to gather the essence of Brown's economic policy and strategy in one source book is most welcome.' - William Keegan, The Observer

'It should be essential reading for those interested in political economy.' - Colin Thain, The British Journal of Politics and International Relations

Autorentext
HM TREASURY, with a foreword by the Chancellor, Gordon Brown.

Inhalt
List of Tables List of Figures Foreword by Chancellor of the Exchequer, Gordon Brown Introduction Lessons from Past Policy Experience Overview: Key Principles for Policy Making in an Open Economy The New Monetary Policy Framework The Benefits of Maintaining Low and Stable Inflation The Specification of the Inflation Target The UK Model of Central Bank Independence: An Assessment Reforms to Financial Regulation An Overview of the New Fiscal Policy Framework Understanding the Fiscal Rules Analysing UK Fiscal Policy The Public Finances and the Economic Cycle Planning and Controlling Public Spending Resource Accounting and Budgeting Assessing Long-term Sustainability The Public Sector Balance Sheet Debt Management: Theory and Practice Reforming the International Financial Architecture The EU Macroeconomic Framework An Assessment of the New Macroeconomic Policy Framework Notes Glossary of Monetary and Fiscal Policy Terms Bibliography Index