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A macroeconomic view of the 1989 Budget

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  • David Currie

Abstract

This year the Chancellor introduced a quiet Budget, but not a dull one. In macroeconomic terms, the modest tax cuts that the Chancellor introduced represent a slight tightening of the stance of fiscal policy. This was very much in line with our pre-Budget forecast, and was largely dictated by inflation prospects and balance of payments concerns. Our view, both-pre and post-Budget, is that this stance of fiscal policy, together with continued tight monetary policy, will slow domestic demand growth and inflation, and avert a continued deterioration in the balance of payments. The outlook, therefore, is for a soft landing for the UK economy.

Suggested Citation

  • David Currie, 1989. "A macroeconomic view of the 1989 Budget," Fiscal Studies, Institute for Fiscal Studies, vol. 10(2), pages 1-12, May.
  • Handle: RePEc:ifs:fistud:v:10:y:1989:i:2:p:1-12
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