UK Fiscal Rules Change

This is a Britain news story, published by MSN, that relates primarily to Gordon Brown news.

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government spending

Telegraph

•

World

Reeves’s fiscal rules must bend to accommodate Britain’s defence spending needs

Summary

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69% Informative

Since Gordon Brown first introduced his “golden rule’ to govern the public finances back in 1997 , Britain has changed the rules more often than any other comparable economy.

The new set of rules announced by Rachel Reeves in October was the 10th such iteration.

Every time they are changed, they are made just that little bit looser.

Now it looks as though they will again have to be revisited this time to absorb the higher defence spending military strategists and, increasingly, political leaders have come to regard as both necessary and inevitable.

Theoretically, the increased spending could be made to pay for itself in higher growth.

Britain is already a big defence contractor the biggest in Europe and can expect to be a major beneficiary from wider European rearmament.

The Ministry of Defence (MoD) still employs more pen-pushing bureaucrats than there are British soldiers in the field.

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informal

Language

English

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