Friday November 27, 2020

Brown may have to break ‘golden’ borrowing rule

Reports that the British government is considering abandoning its fiscal ‘golden rule’ of limiting borrowing to 40 per cent of gross domestic product were denied by the treasury last week.

19th July, 2008

Reports that the British government is considering abandoning its fiscal ‘golden rule’ of limiting borrowing to 40 per cent of gross domestic product were denied by the treasury last week.

However, its own over-optimistic forecasts may soon leave it with no other option.

Any such move will seriously damage what remains of the government’s reputation for prudent economic management.

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