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Industrial Policy in the Context of Brexit

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  • Nicholas Crafts

Abstract

This paper reviews UK industrial policy in the context of Brexit and weak productivity performance. It considers proposals made in a recent White Paper as well as more general arguments for reform now that the ‘post‐Thatcher consensus’ has ended. The desirability of improving horizontal policies in the areas of innovation, infrastructure and skills is noted. In the event of a hard Brexit, there would be an opportunity to return to 1970s‐style selective industrial policies and public‐interest‐based competition policy. An advantage of a soft Brexit is that it would preclude interventionism of this kind.

Suggested Citation

  • Nicholas Crafts, 2018. "Industrial Policy in the Context of Brexit," Fiscal Studies, John Wiley & Sons, vol. 39(4), pages 685-706, December.
    • Handle: RePEc:wly:fistud:v:39:y:2018:i:4:p:685-706
    DOI: 10.1111/1475-5890.12174
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    References listed on IDEAS

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    1. Roger Clarke & Stephen Davies & Nigel Driffield, 1998. "Monopoly Policy in the UK," Books, Edward Elgar Publishing, number 1254.
    2. John Vickers & George Yarrow, 1988. "Privatization: An Economic Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262720116, December.
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    Cited by:

    1. Diane Coyle & Adam Muhtar, 2021. "UK’s Industrial Policy: Learning from the past?," Insight Papers 002, The Productivity Institute.
    2. Nicholas Crafts, 2019. "The Fall in Potential Output due to the Financial Crisis: A Much Bigger Estimate for the UK," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 61(4), pages 625-635, December.

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