A democratic fiscal framework
Think tank: New Economics Foundation
Author(s): Dominic Caddick
August 21, 2025
This report from UK think tank New Economics Foundation looks at transforming the Office for Budget Responsibility into the Office for Fiscal Transparency.
The UK’s fiscal framework has a democratic deficit.
The OBR has an effective veto over decisions about how much money the government spends and on what. We propose replacing the OBR with an Office for Fiscal Transparency.
This new model would remove the technocratic cover that props up austerity, and increase democratic accountability over the Chancellor’s spending decisions.
