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Growth and productivity: UK economic performance since 1997

Author

Listed:
  • Dan Corry
  • Anna Valero
  • John Van Reenen

Abstract

A common view is that the performance of the UK economy between 1997 and 2010 under Labour was very weak and that the current economic problems are a consequence of poor policies in this period. In this report, we analyse the historical performance of the UK economy since 1997 compared with other major advanced economies and with performance prior to 1997, notably the years of Conservative government, 1979-97. We focus on measures of business performance, especially productivity growth. This is a key economic indicator as in the long run, productivity determines material wellbeing - wages and consumption. Productivity determines the size of the "economic pie" available to the citizens of a country.

Suggested Citation

  • Dan Corry & Anna Valero & John Van Reenen, 2012. "Growth and productivity: UK economic performance since 1997," CentrePiece - The magazine for economic performance 366, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepcnp:366
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    File URL: https://cep.lse.ac.uk/pubs/download/cp366.pdf
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    Keywords

    UK economic performance; productivity; fiscal policy; Labour government;
    All these keywords.

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