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More Than One Way to Skin a Cat: A Review of UK Fiscal Plans

EXECUTIVE SUMMARY

The UK government has engaged in a forceful reduction in its fiscal deficit (“Plan A”), effectively endorsed by the Governor of the Bank of England (BoE), Mervyn King, who has said that further quantitative easing (QE2) could be used to support the economy if necessary (“Plan B”).

Credible fiscal consolidation of some kind was essential to ensure debt sustainability and thereby greatly reduce the risk of a costly loss of market confidence in public finances. However, in RGE’s view, this risk was overstated, as the UK has enjoyed a safe-haven bonus while[...]

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