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Narrative Account of the Great Inflation in the UK, 1961–1997

Author

Listed:
  • Michael Bordo

    (Rutgers University)

  • Oliver Bush

    (Bank of England)

  • Ryland Thomas

    (Bank of England)

Abstract

This narrative paper provides a detailed account of the Great Inflation in the United Kingdom from 1961 to 1997, serving as a companion to the analytical account of fiscal policy presented in Bordo, Bush, and Thomas (2025). We discuss the background fundamentals in place at the outset of the Great Inflation and document the distinct phases of inflation, the unique features of the UK’s experience relative to other advanced economies, and the interplay between fiscal, monetary, and incomes policies. By placing the UK’s inflationary episodes within their institutional and historical context, this paper offers a qualitative perspective that complements the quantitative analysis of the main paper and informs ongoing debates about the causes and consequences of persistent inflation.

Suggested Citation

  • Michael Bordo & Oliver Bush & Ryland Thomas, 2025. "Narrative Account of the Great Inflation in the UK, 1961–1997," Working Papers 348, Princeton University, Department of Economics, Center for Economic Policy Studies..
    • Handle: RePEc:pri:cepsud:348
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    File URL: https://gceps.princeton.edu/wp-content/uploads/2025/10/wp348_BordoBushThomas_UK_NarrativeAccount.pdf
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    More about this item

    Keywords

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    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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