Slimmer governments under pressure to do more with less

Article Abstract:

A number of OECD countries, including the Netherlands, Ireland, New Zealand and Belgium, have reduced government spending as a percentage of GDP. However, it may be too early to claim that a permanent change has taken place in the perception of the appropriate size of the state, as in most countries public spending continues to rise. Governments will inevitably come under pressure to give better value, and this will force them to consider a number of options, including fostering competitive markets and acquiring new skills to manage contracted-out services.

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A foretaste of a future where fiscal surpluses are the norm

Article Abstract:

It seems increasingly likely that the UK's public finances will move into surplus in the 1998 fiscal year. Chancellor Gordon Brown will probably choose only to make a modest increase in government spending if there is a surplus, especially as it will not be long before the economic cycle enters on a downwards curve. Achieving a surplus will gain the UK respect among other G7 countries, and will make the government very popular with voters. The idea that governments can actually run a surplus will become increasingly entrenched across the developed world.

United Kingdom, Economic policy

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Brown takes bonds back to the future

Article Abstract:

The shift away from large levels of government borrowing in the UK is discussed. If this trend becomes widespread, government long-dated securities will be in short supply across the world.

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