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The dominant feature of the economic environment this autumn has been the uncertainty over the future course of both the economy and government policy engendered by the enforced policy changes of mid-September and the ignominious suspension of membership of the Exchange Rate Mechanism. Although the government has set out a new inflation target as the goal of monetary policy, it appears from the Autumn Statement that growth is now the immediate priority rather than inflation.
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- Copyright © 1992 National Institute of Economic and Social Research
Footnotes
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The forecast draws on the work of the whole team engaged in macroeconomic analysis at the Institute. I am grateful to Andrew Britton, Ray Barrell, Paul Gregg, Peter Westaway and Garry Young for helpful comments and discussions and to Helen Finnegan for preparing the charts. The forecast was completed on November 9, 1992.
References
Bond, S., Denny, K. and Devereux, M., (1992), ‘Investment and the role of tax incentives’, in Andrew Britton (ed), Industrial Investment as a Policy Objective, National Institute Report Series Number 3, March 1992.Google Scholar
Young, G., (1992), ‘Industrial Investment and Economic Policy’ in Andrew Britton (ed), Industrial Investment as a Policy Objective, National Institute Report Series Number 3, March 1992.Google Scholar