The UK Parliament’s House of Lords Economic Affairs Committee has opened a call for written evidence for a new inquiry into how effectively the UK’s fiscal framework operates and how it shapes the Government’s fiscal policy, including how any future changes to the framework and fiscal rules should be made. The inquiry will examine how the Government should set the fiscal rules it uses, the merits of different rule designs (including rolling versus fixed horizons and point estimates versus ranges), and whether frequent rule changes have adverse effects. It will also consider the Office for Budget Responsibility’s remit, powers, forecasting methodology and transparency, including the robustness of its use of dynamic scoring, as well as how the Government uses OBR outputs and whether a focus on fiscal headroom is appropriate. The scope further includes working relationships among key bodies in the framework, including HM Treasury, HM Revenue and Customs, the Department for Work and Pensions, the OBR, the Bank of England and the Debt Management Office. Written evidence must be submitted by 23:59 on Monday 1 December 2025.
UK Parliament 2025-10-27
UK Parliament's House of Lords Economic Affairs Committee launches inquiry and call for evidence on the effectiveness of the UK fiscal framework
The UK Parliament’s House of Lords Economic Affairs Committee has initiated an inquiry into the effectiveness of the UK’s fiscal framework and its influence on fiscal policy. The inquiry will assess fiscal rule setting, the Office for Budget Responsibility's role, and inter-agency relationships within the framework.