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Why has the Blair Government moved towards a more rules- based fiscal policy? Explain how public expenditure decisions are made and assess whether the government has reverted to a 'tax and spend policies'?
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Why has the Blair Government moved towards a more rules- based fiscal policy? Explain how public expenditure decisions are made and assess whether the government has reverted to a 'tax and spend policies'? Since the land slide election of Labour in 1997 there have been numerous hand tying economic decisions made by Gordon Brown and the Blair 'Presidency' that have moved Britain towards a more rules based system of taxation and government spending. This has been done for numerous reasons, the largest of which is to regain the credibility of economic competence that Labour lost under its last administration. "The new UK macroeconomic framework has been developed on the principles of credibility, flexibility and democratic legitimacy"1. In this way there have been a number of government expenditure decisions that have seemed to be overly prudent or inexplicable. The 'Third Way' philosophy has been built mainly after the election victory on the...
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