As we contemplate a new government, the must-read government document on the public finances has to be Fiscal Policy: Lessons from the Last Economic Cycle. It was published in November 1997; it is really short; and it is extremely funny in retrospect.
In fact, I remember thinking it was quite funny at the time, because it desperately tried to suggest that the 1993 to 1997 fiscal tightening was a failure. That might have seemed true a year earlier but did not come late 1997, when the books were already close to being in balance. The serious point to note is that fiscal consolidations often start slowly but then gather pace, so people should not be too impatient. Read more >>