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Since May 1997, the UK's macroeconomic policy framework has undergone a period of radical reform so as to deliver the economic stability necessary to achieve high and stable levels of growth. This book provides a comprehensive account of these reforms, including financial and regulatory policy reforms. Radical changes to the monetary policy framework, the fiscal policy framework, the regime for public spending and financial regulation are also presented. Together they represent a coherent strategy to deliver economic stability and benefits to the wider economy. As well as providing an insight into UK Government economic policy, the book takes the reader through the intellectual underpinning to policy reform such as the arguments for central banking independence.