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Grant Equivalent Expenditure on Industrial Subsidies in the Post-war United Kingdom


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  • Wren, Colin
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    This paper constructs a consistent series for U.K. central government expenditure on industrial subsidies over the postwar period, valuing incentives in grant equivalent terms from the position of a firm undertaking investment appraisal. The analysis includes direct subsidy payments as well as tax allowances and provides a disaggregation between those subsidies available on a national, regional, and sectoral or firm specific basis. A time-series analysis of the assembled data shows important differences between these components, with regional assistance performing a long-run distributive role, while other elements perform a stabilization function. The short-run patterns are broadly constant across governments but the long-run relationships exhibit structural breaks related to both political and economic events. Copyright 1996 by Blackwell Publishing Ltd

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    Bibliographic Info

    Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

    Volume (Year): 58 (1996)
    Issue (Month): 2 (May)
    Pages: 317-53

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    Handle: RePEc:bla:obuest:v:58:y:1996:i:2:p:317-53

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    Cited by:
    1. Stephen Drinkwater & David Blackaby, 2004. "Migration and Labour Market Differences: The Case of Wales," School of Economics Discussion Papers, School of Economics, University of Surrey 0604, School of Economics, University of Surrey.
    2. Crafts, Nicholas & Hughes, Alan, 2014. "Industrial Policy for the Medium to Long-term," CAGE Online Working Paper Series, Competitive Advantage in the Global Economy (CAGE) 179, Competitive Advantage in the Global Economy (CAGE).
    3. Stephen Drinkwater, 2003. "Estimating the willingness to move within Great Britain: Importance and implications," School of Economics Discussion Papers, School of Economics, University of Surrey 1203, School of Economics, University of Surrey.
    4. Harvey Armstrong, 2001. "Regional Selective Assistance: Is the Spend Enough and Is It Targeting the Right Places?," Regional Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 35(3), pages 247-257.
    5. Broadberry, Stephen; Crafts, Nicholas., 2010. "Openness, Protectionism And Britain’S Productivity Performance Over The Long-Run," CAGE Online Working Paper Series, Competitive Advantage in the Global Economy (CAGE) 36, Competitive Advantage in the Global Economy (CAGE).
    6. Colin Wren, 2001. "The industrial policy of competitiveness: A review of recent developments in the UK," Regional Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 35(9), pages 847-860.


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