No CrossRef data available.
Article contents
The UK Economy
Published online by Cambridge University Press: 26 March 2020
Extract
The economy is now operating at close to trend levels after 5 years of recovery from the deep recession at the beginning of the 1990s. Over this period output has grown by an average annual rate of 2.9 per cent but growth accelerated last Autumn to around 1 per cent per quarter, a rate well in excess of that which is sustainable in the long run. The key question at the current conjuncture is whether the necessary slowdown in the rate of growth will come about quickly enough that inflation remains under control or so abruptly that the economy is pushed back into another recession.
- Type
- Articles
- Information
- Copyright
- Copyright © 1997 National Institute of Economic and Social Research
Footnotes
∗
The forecast was compiled using the latest version of the National Institute Domestic Econometric Model. We are grateful to Martin Weale, Ray Barrell and Nigel Pain for helpful comments and discussion. The forecast was completed on July 18 1997.
References
Notes
(1) See Young, G. (1994), ‘International competitiveness, international taxation and domestic investment’, National Institute Economic Review, May, 44-48; Pain, N. and Young, G. (1996), ‘Tax competition and the pattern of European foreign direct investment’, NIESR; Devereux, M. and Griffith, R. (1996), ‘Taxes and the location of production: evidence from a panel of US multinationals’, Institute for Fiscal Studies Working Paper no. W96/14.
(2) See King, M. (1974), ‘Taxation and the cost of capital’, Review of Economic Studies, 41(1), 21-35.