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UK Office for Budget Responsibility: Fiscal sustainability report, July 2011

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“The Office for Budget Responsibility was created in 2010 to provide independent and authoritative analysis of the UK’s public finances. It is one of a growing number of official independent fiscal watchdogs around the world.”

  • Fiscal sustainability report – July 2011 – The first FSR was published on 13 July 2011. The main document and all of the supporting documents can be downloaded here: “Our approach here is twofold. First, we look at the fiscal impact of past public sector activity, as reflected in the assets and liabilities that the public sector has accumulated on its balance sheet. Second, we look at the potential impact of future public sector activity, by examining how spending and revenues may evolve over the next 50 years – and the impact this would have on public sector assets and liabilities. Broadly speaking, the fiscal position is unsustainable if the public sector is on course to absorb an ever-growing share of national income simply to pay the interest on its debts. This notion of sustainability can be quantified in a number of ways.”
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