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The National Institute of Economic and Social Research has focussed on furthering our understanding of fiscal policy throughout most of its life. And so I was delighted when the Nuffield Foundation gave us the opportunity to ask some hard questions about our current fiscal settlement. With the Covid-19 pandemic continuing to throw much of our normal loci completely off beam, it is a good time to consider the role of fiscal policy. Our work has been motivated by the simple observation that we need to re-examine carefully the objectives, instruments and framework guiding fiscal policy.