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

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  • Wren, Colin

Abstract

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

Suggested Citation

  • Wren, Colin, 1996. "Grant Equivalent Expenditure on Industrial Subsidies in the Post-war United Kingdom," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(2), pages 317-353, May.
  • Handle: RePEc:bla:obuest:v:58:y:1996:i:2:p:317-53
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    Cited by:

    1. Nicholas Crafts & Alan Hughes, 2013. "Industrial Policy for the Medium to Long-term," Working Papers wp455, Centre for Business Research, University of Cambridge.
    2. Stephen Drinkwater & David Blackaby, 2004. "Migration and Labour Market Differences: The Case of Wales," School of Economics Discussion Papers 0604, School of Economics, University of Surrey.
    3. Harvey Armstrong, 2001. "Regional Selective Assistance: Is the Spend Enough and Is It Targeting the Right Places?," Regional Studies, Taylor & Francis Journals, vol. 35(3), pages 247-257.
    4. Crafts, Nicholas, 2012. "Creating Competitive Advantage: Policy Lessons from History," CAGE Online Working Paper Series 91, Competitive Advantage in the Global Economy (CAGE).
    5. Stephen Drinkwater, 2003. "Estimating the willingness to move within Great Britain: Importance and implications," School of Economics Discussion Papers 1203, School of Economics, University of Surrey.
    6. Shelburne Robert C. & Clark Don P. & Longfellow Blodgett Linda & Basu Parikshit K. & Hunter Richard J. & Ryan Leo V. & Shah Abhay & Zeis Charles & Regassa Hanilu & Ahmadian Ahmad & Chang Charles C. & , 2002. "Global Economy Quarterly, Issue 2-4," Global Economy Journal, De Gruyter, vol. 3(2-4), pages 1-153, December.
    7. Broadberry, Stephen; Crafts, Nicholas., 2010. "Openness, Protectionism And Britain’S Productivity Performance Over The Long-Run," CAGE Online Working Paper Series 36, Competitive Advantage in the Global Economy (CAGE).
    8. Colin Wren, 2001. "The industrial policy of competitiveness: A review of recent developments in the UK," Regional Studies, Taylor & Francis Journals, vol. 35(9), pages 847-860.

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