What should a fiscal risk report cover?
The Office for Budget Responsibility (OBR) is planning to start publishing a dedicated Fiscal risks report to help promote an informed public debate about the sustainability of the public finances. An interesting new OBR discussion paper seeks views on what should be included in a fiscal risks report. The paper: sets the context for discussing fiscal risks with a summary of historical trends in public debt in the UK and internationally; considers what a fiscals risk report report should cover and how, drawing on guidelines published by the IMF and proposals from other sources; reviews international examples of fiscal risk reporting; describes fiscal risks reporting in the UK, including coverage in existing OBR publications and by other official institutions in the UK; considers how the conclusions can best be presented to facilitate a meaningful Government response. For more information see the full text of the paper http://budgetresponsibility.org.uk/docs/dlm_uploads/Fiscal-risks-discussion-paper-1.pdf