Why 'golden' rules are in fact disposable

Gordon Brown's 'Golden Rule' has turned out to be more of a loose guideline than a hard and fast rule, as government spending plans throw prudence to the winds.

"If Gordon Brown was the chief executive of a public company, he would be out on his ear," Simon Nixon says on Breakingviews.com. Treasury plans to rewrite Brown's fiscal rules prove that Labour cannot be trusted with the nation's finances.

Maybe not, says Irwin Stelzer in The Daily Telegraph. But Brown's fiscal rules that public sector debt shouldn't exceed 40% of GDP and that the Government should borrow only to invest over the course of the economic cycle should be seen for what they were; a "valuable fiscal policy tool in the early days of New Labour".

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Emily Hohler
Politics editor

Emily has worked as a journalist for more than thirty years and was formerly Assistant Editor of MoneyWeek, which she helped launch in 2000. Prior to this, she was Deputy Features Editor of The Times and a Commissioning Editor for The Independent on Sunday and The Daily Telegraph. She has written for most of the national newspapers including The Times, the Daily and Sunday Telegraph, The Evening Standard and The Daily Mail, She interviewed celebrities weekly for The Sunday Telegraph and wrote a regular column for The Evening Standard. As Political Editor of MoneyWeek, Emily has covered subjects from Brexit to the Gaza war.

Aside from her writing, Emily trained as Nutritional Therapist following her son's diagnosis with Type 1 diabetes in 2011 and now works as a practitioner for Nature Doc, offering one-to-one consultations and running workshops in Oxfordshire.