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The UK economy

Published online by Cambridge University Press:  26 March 2020

Extract

Two of the most significant policy changes made by the government since coming to office are the transfer to the Bank of England of the power to set interest rates and the announcement of large increases in public spending following its Comprehensive Spending Review (CSR). The unexpectedly fast growth in future public spending is bound to have an immediate and important bearing on the setting of interest rates. As such, the development of the economy over the coming years will be affected by the interaction of these two separate policy changes.

Type
Articles
Copyright
Copyright © 1998 National Institute of Economic and Social Research

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Footnotes

The forecast was compiled using the latest version of the National Institute Domestic Econometric Model. I am grateful to Andy Blake, Nigel Pain, Rebecca Riley, Marie Sheldon and Martin Weale for help in preparing the chapter and commenting on its contents.