Transcription of United Kingdom - oecd.org
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United Kingdom - oecd.org
OECD Journal on BudgetingVolume 2015/2 OECD 2016241 United KingdomOffice for Budget Responsibility (OBR)Established: legislation: Budget Responsibility and National Audit Act 2011 and theCharter for Budget : To examine and report on the sustainability of the public : GBP million (2014).Staff: 22 (three Budget Responsibility Committee, two non-executive members,17 secretariat staff).PRINCIPLES FOR INDEPENDENT FISCAL INSTITUTIONS AND CASE STUDIESOECD JOURNAL ON BUDGETING VOLUME 2015/2 OECD 20162421. ContextUnder the 1998 code for Fiscal Stability, two fiscal rules were in place in the UK in thedecade prior to the financial crisis: a golden rule that allowed the government to borrowonly to cover net investment (and not current spending) over the economic cycle and asustainable investment rule that required that public sector net debt as a proportion of GDPbe held over the economic cycle at a stable and prudent level, in practice no higher than40% (OECD, 2009).
The United Kingdom is a parliamentary system with a bicameral legislature: the House of Commons (or lower house) with 650 members elected under the first-past-the-post system, and the House of Lords (or upper house) whose members are appointed.1 The
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