5.From 1997, the Government adopted fiscal rules as a means to deliver its objectives, set over an economic cycle to give fiscal policy the flexibility to support monetary policy and smooth the normal fluctuations in the path of the economy. The first fiscal rule was the “golden rule” – that over the economic cycle the Government would borrow only to invest and not to fund current spending. The second fiscal rule was the “sustainable investment rule” – that public sector net debt as a proportion of gross domestic product (GDP) would be held over the economic cycle at a stable and prudent level.
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