Britain | Rule intentions
What fiscal rules should Britain have?
Labour has chosen its framework. Could it be better?
![Keir Starmer, leader of the Labour Party, and Rachel Reeves, Shadow Chancellor of the Exchequer, prepare for the Spring Budget.](https://cdn.statically.io/img/www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20240330_BRP501.jpg)
Not many politicians last more than a few years in charge. Short tenures give rise to temptation: to borrow money now and leave the next lot to foot the bill. Economists call this “deficit bias”, the fiscal equivalent of St Augustine’s prayer: “Lord, make me chaste. But not yet.”
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This article appeared in the Britain section of the print edition under the headline “Rule intentions”
Britain March 30th 2024
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