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Budget
17 March 1998
The Chancellor has taken a further crucial step in modernising Britain's economic policy framework. Building on last year's reforms to the operation of monetary policy, he issued today the Code for Fiscal Stability, which will be given a statutory base in the coming Finance Bill. These reforms put Britain on course for long-term economic stability.
Releasing details of the Code, the Chancellor said: "For too long, economic policy-making has been conducted behind closed doors and has failed to meet the standards of
transparency and accountability necessary to give the public full confidence."
"From now on, Governments will be required by the Code to conduct fiscal policy with regard to a clear set of principles, detailed reporting arrangements and proper accounting methods. The Code will strengthen the credibility of fiscal and debt management policy and reinforce economic stability."
"The Code puts Britain at the forefront of economic policy reform well-placed to face the economic challenges of the 21st century." The Chancellor explained that the Code will make it easier for Parliament, economic commentators and the public to scrutinise fiscal policy and debt management, not only of this Government but of all future governments.
The Chancellor said: "The Code demonstrates the Government's commitment to a commonsense approach to managing the public finances. Through the Code, we are bringing openness and credibility to policy making in a way that no other British Government has ever done."
NOTES FOR EDITORS
1. The Code of Fiscal Stability is available from the Treasury's Public Enquiries Unit on 0171 270 4558 and will be available in Budget packs tomorrow
