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UK Economic Growth since 2010: Is it as Bad as it Seems?

Published online by Cambridge University Press:  01 January 2020

Nicholas Crafts
Nicholas Crafts*
Affiliation:
University of Warwick
*
E-mail: N.Crafts@warwick.ac.uk
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Abstract

This paper reviews UK supply-side policies since 2010 in terms of their impact on growth and considers medium-term growth prospects in the context of the puzzle of disappointing post-crisis TFP performance. It is argued that there is no reason to believe that growth prospects have deteriorated significantly compared with the pre-crisis period. Changes in policy under the Coalition government are unlikely to have made a big difference to growth potential. On the one hand, this means opportunities for radical reform have been ignored; on the other hand, there has been no repeat of the 1930s’ debacle.

Keywords

economic growthindustrial strategyproductivity puzzlesupply-side policyN14025052
Type
Research Articles
Information
National Institute Economic Review , Volume 231 , February 2015 , pp. R17 - R29
Copyright
Copyright © 2015 National Institute of Economic and Social Research

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Footnotes

I thank Tim Hatton, Tim Leunig and Jonathan Portes for valuable advice and an anonymous referee for helpful comments which improved an earlier version of the paper. The usual disclaimer applies.

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