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State of Play: Summer 1964

In: Public Expenditure, Management and Control

Author

Listed:
  • Richard Clarke
  • Alec Cairncross

Abstract

The four-year period from 1961 to 1964 is of great interest as showing the beginning of the impact of the growth of public expenditure in relation to resources from the low point reached in the second half of the 1950s. Public sector expenditure (including debt interest) was going up at about 7 1/2 per cent a year (in money): public sector receipts by about 7 per cent a year. There were, so to speak, four-and-ahalf Budgets — Mr Selwyn Lloyd’s of 1961 and 1962, Mr Maudling’s ‘mini-budgets’ of end-1962, and his Budgets of 1963 and 1964: they occupied one modern-style trade cycle, with unemployment at the beginning the same as at the end: − Registered unemployment October* in Britain(’000) 1960 329 1961 366 1962 501 1963 474 1964 348 *Mid-point of the financial year, and political end of the period

Suggested Citation

  • Richard Clarke & Alec Cairncross, 1978. "State of Play: Summer 1964," Palgrave Macmillan Books, in: Alec Cairncross (ed.), Public Expenditure, Management and Control, chapter 9, pages 86-101, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-03738-4_9
    DOI: 10.1007/978-1-349-03738-4_9
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