Economic Affairs Committee

The Economic Affairs Committee scrutinises economic policy and financial matters affecting the UK. This Lords select committee conducts detailed inquiries through oral evidence sessions with senior figures from government, independent institutions, and specialist organisations. The committee has devoted substantial time to examining the UK's fiscal framework, hosting witnesses from the Office for Budget Responsibility, the Institute for Fiscal Studies, and Treasury officials to probe how fiscal rules operate and whether they support long-term sustainability. Recent sessions explored the Office for Budget Responsibility's assessment of long-term fiscal risks and the ageing population's impact on public finances, with committee members questioning Robert Chote and other economic experts on framework effectiveness. The committee has also examined evidence from think tanks and international fiscal specialists including Célestin Debrun and Ethan Ilzetzki to assess whether current rules balance short-term flexibility with fiscal discipline.