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The tragedy of UK fiscal policy in the aftermath of the financial crisis

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  • Malcolm Sawyer

Abstract

The evolving response of the UK fiscal authorities to the financial crisis and recession are briefly outlined with a focus on the fiscal austerity programme introduced by the incoming Coalition government during 2010. The reasoning for that programme is critically examined and largely dismissed. It is argued that the drive for major cuts in public expenditure comes from seeking to achieve a balanced structural budget and reductions in estimated potential output. The significance of the latter are discussed. The paper is completed by a brief consideration of alternatives. Copyright The Author 2012. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Malcolm Sawyer, 2012. "The tragedy of UK fiscal policy in the aftermath of the financial crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(1), pages 205-221.
    • Handle: RePEc:oup:cambje:v:36:y:2012:i:1:p:205-221
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    File URL: http://hdl.handle.net/10.1093/cje/ber043
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    Cited by:

    1. Yannis Dafermos, 2018. "Debt cycles, instability and fiscal rules: a Godley–Minsky synthesis," Cambridge Journal of Economics, Oxford University Press, vol. 42(5), pages 1277-1313.
    2. Eliana Lauretta & Sajid M. Chaudhry & Daniel Santamaria, 2023. "Unveiling the black swan of the finance‐growth Nexus: Assumptions and preliminary evidence of virtuous and unvirtuous cycles," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 3749-3773, October.
    3. Sheila C. Dow, 2014. "The role of belief in the debate over austerity policies," Working Papers PKWP1409, Post Keynesian Economics Society (PKES).
    4. Sheila C Dow, 2015. "The role of belief in the case for austerity policies," The Economic and Labour Relations Review, , vol. 26(1), pages 29-42, March.
    5. Stephen Taiwo Onifade & Savaş Çevik & Savaş Erdoğan & Simplice Asongu & Festus Victor Bekun, 2020. "An empirical retrospect of the impacts of government expenditures on economic growth: new evidence from the Nigerian economy," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 9(1), pages 1-13, December.
    6. Driver, Ciaran & Muñoz-Bugarin, Jair, 2019. "Financial constraints on investment: Effects of firm size and the financial crisis," Research in International Business and Finance, Elsevier, vol. 47(C), pages 441-457.
    7. Ali Shaddady, 2022. "Is Government Spending an Important Factor in Economic Growth? Nonlinear Cubic Quantile Nexus from Eastern Europe and Central Asia (EECA)," Economies, MDPI, vol. 10(11), pages 1-26, November.
    8. Ebell, Monique. & O'Higgins, Niall., 2015. "Fiscal policy and the youth labour market," ILO Working Papers 994898963402676, International Labour Organization.

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