By J. Green, C. Hay, P. Taylor-Gooby
Britain continues to be mired within the such a lot critical and lengthy fiscal trouble that it has confronted because the Thirties. What would it not take to discover a brand new, extra strong and extra sustainable progress version for Britain within the years forward? this crucial quantity written by way of a few influential commentators seeks to supply a few solutions.
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Extra info for The British Growth Crisis: The Search for a New Model
A. E. (1984) Monetary Theory and Practice: The UK Experience. London: Macmillan. Henry, S. G. B. and Ormerod, P. A. (1978) ‘Incomes Policy and Wage Inflation: Empirical Evidence for the UK 1961–1977’, National Institute Economic Review. August, 85, 1, 31–39. , Phillips, D. and Sobieta, L. (2011) ‘Poverty and Inequality in the UK 2011’, Institute of Fiscal Studies. Lawson, N. (1992) The View from No. 11. Bantam Press. Lewis, W. W. (2005) The Power of Productivity: Wealth, Poverty and the Threat to Global Stability.
22 Graham Gudgin and Ken Coutts Secondly, the superior trend over the three decades before 1979 was achieved despite the presence of all of the corporatist apparatus listed above, which is now generally, but in our view unnecessarily, regarded as damaging to economic growth and productivity. As well as high marginal income tax rates and higher inflation (the latter being mainly confined to the period from the late sixties to the early eighties), much of the period was characterised by wage, price and investment controls,16 fixed exchange rates, greater public ownership, subsidisation and regulation of industry, alleged poor management and restrictive labour practices,17 together with a less favourable record of strikes and industrial relations.
By international standards UK competition rules were still weak in 1995 but were much stronger by 2005. 10. The Times 16 April 2012. 11. N Crafts (2011). British Economic Decline Revisited. University of Warwick, May 2011. e. ’ 12. 11’. Bantam Press. 1992). 29). Most immediately, ‘over the six years from the cyclical peak of 1973 to that of 1979 ... the British economy all but stopped growing altogether. Excluding North Sea Oil ... 29). Other concerns were the ‘inexorable ... 30). Margaret Thatcher made similar points in her autobiography The Downing Street Years, Harper Collins, 1993.