Since May 1997 the British macroeconomic policy framework has undergone a period of radical reform in order to deliver the economic stability necessary to achieve high and stable levels of growth. This book provides a comprehensive account of these reforms, including financial and regulatory policy reforms. Radical changes to the monetary policy framework, the fiscal policy framework, the regime for public spending and financial regulation are presented. Together they represent a coherent strategy to deliver economic stability and benefits to the wider economy. As well as providing an unprecedented insight into British government economic policy, the contributors take the reader through the intellectual underpinning to policy reform such as the arguments for central banking independence.

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