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The Medium-term Financial Strategy

In: Economic Priorities for a Labour Government

Author

Listed:
  • Roy Hattersley

Abstract

For years the Government has never tired of telling us that its economic policy is built around and dependent upon the Medium Term Financial Strategy. Despite the air of mystery which surrounds that strategy, its basic ideas are simple. Indeed, they are too simple. The MTFS is an intellectually unsophisticated policy. It has been applied with a lack of subtlety but with an excess of evangelical zeal. The method of its application — almost as much as the central error in its concept — has produced calamitous results for the United Kingdom economy. The Medium Term Financial Strategy produced a 2 000 000 increase in the unemployment total, a slump in investment, a collapse of manufacturing, and annual tax bill which has grown by £29 500 million, the highest real interest rates in our history, record numbers of company liquidations, an increase in poverty, a widening gap between the rich and the poor and massive cuts in public services — all this despite the uncovenanted bonus of North Sea oil revenues.

Suggested Citation

  • Roy Hattersley, 1987. "The Medium-term Financial Strategy," Palgrave Macmillan Books, in: Doug Jones (ed.), Economic Priorities for a Labour Government, chapter 3, pages 37-46, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18608-2_3
    DOI: 10.1007/978-1-349-18608-2_3
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