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

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  • Nicholas Crafts

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.

Suggested Citation

  • Nicholas Crafts, 2015. "UK Economic Growth since 2010: Is it as Bad as it Seems?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 231(1), pages 17-29, February.
    • Handle: RePEc:sae:niesru:v:231:y:2015:i:1:p:r17-r29
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    Cited by:

    1. Peter Goodridge & Jonathan Haskel & Gavin Wallis, 2018. "Accounting for the UK Productivity Puzzle: A Decomposition and Predictions," Economica, London School of Economics and Political Science, vol. 85(339), pages 581-605, July.

    More about this item

    Keywords

    economic growth; industrial strategy; productivity puzzle; supply-side policy;
    All these keywords.

    JEL classification:

    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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