Grant Equivalent Expenditure on Industrial Subsidies in the Post-war United Kingdom

Colin Wren

Oxford Bulletin of Economics and Statistics, 1996, vol. 58, issue 2, 317-53

Abstract: This paper constructs a consistent series for U.K. central government expenditure on industrial subsidies over the postwar period, valuing incentives in grant equivalent terms from the position of a firm undertaking investment appraisal. The analysis includes direct subsidy payments as well as tax allowances and provides a disaggregation between those subsidies available on a national, regional, and sectoral or firm specific basis. A time-series analysis of the assembled data shows important differences between these components, with regional assistance performing a long-run distributive role, while other elements perform a stabilization function. The short-run patterns are broadly constant across governments but the long-run relationships exhibit structural breaks related to both political and economic events. Copyright 1996 by Blackwell Publishing Ltd

Date: 1996
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