UK economy: uncharted territory

Michael Roberts Blog

Bank of England monetary policy committee member, Paul Fisher summed up the state of the UK economy this week: “At the moment, the macroeconomic outlook here is not as bright as in the US, therefore we are some way behind them in terms of return to anything like trend growth.  Output has stayed lower for longer than in any previous recession: in 2013, real national income is still lower than it was in 2007.”

The Institute of Fiscal Studies (IFS) in a special issue of its Fiscal Studies reckons that what is going on in the UK economy is without precedent.  The current UK recession since 2008 is the longest and deepest in over a century.   As the head of the IFS put it: “It is usually dangerous to proclaim “this time is different”. But actually this time really is different. We are in uncharted territory. The long-term consequences of…

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