00:00We live in rip-off Britain, an economy built to reward the few off the work of the many.
00:07UK fiscal forecasting currently relies on rigid fiscal multiplier assumptions
00:13that constrain effective government policy.
00:16By assuming spending multipliers expire after just five years,
00:20the current model is prioritising short-term fiscal targets
00:24over the longer-term economic and social gains that targeted spending could achieve.
00:30The sum of all of this is that successive governments have hemmed themselves in
00:35with an economics that denies people the services they require and support they rely on,
00:40often to placate a set of arbitrary rules.
00:43It is ridiculous.
00:46We need to think again.
00:48The government should change these failing fiscal rules
00:51and opt instead for fiscal referees.
00:55This is a panel of experts tasked with judging debt sustainability,
01:01which includes not only making sure the government isn't spending too much,
01:05but also ensuring they're not spending too little.
01:08This is closer to the model used in Australia and New Zealand.
01:12And after almost 16 years, we need to look again at the OBR.
01:18It was born of promises to eliminate the deficit,
01:21and take urgent action to reduce debt.
01:25I don't know if you've noticed, but it's clearly failed.
01:27So you're still waiting for balance for us to have three years for our to support.
01:27The team sure that you put these customers thatenses in the future,
01:28A puede thing like тради motel ,
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