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Economic Performance Under Labour

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  • Iana Liadze
  • Martin Weale

    (We are particularly grateful to Ray Barrell for considerable help, to Simon Kirby for providing figure I and also to other members of the National Institute's Editorial Board for their comments)

Abstract

This article compares the performance of the UK economy since 1997 with that between 1979 and 1997 and with the performance of the other G7 economies in both periods. It concludes that Britain has done relatively well in terms of productivity growth, economic growth and national income per head but not very well in terms of labour market performance. Savings rates were too low to deliver sustainable economic growth over the period 1979-97 and there has been very little improvement since then. The performance of the economy during the recession and its immediate aftermath has been disappointing relative to the other G7 economies.

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Bibliographic Info

Article provided by National Institute of Economic and Social Research in its journal National Institute Economic Review.

Volume (Year): 212 (2010)
Issue (Month): 1 (April)
Pages: R2-R14

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Handle: RePEc:sae:niesru:v:212:y:2010:i:1:p:r2-r14

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Keywords: Economic growth; national income; labour market; sustainability; recession;

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