 The UK EconomyMarie Sheldon and Garry Young National Institute Economic Review, 1998, vol. 163, 9-26 Abstract: By almost any criteria 1997 turned out to be a very good year for the British economy. As in the preceding three years, real growth was faster than the rate of consumer price inflation. Unemployment fell very sharply, by almost half a million on the claimant count definition, and around 350,000 mostly full-time jobs were created over the course of the year. The balance of payments showed a surplus on current account of an estimated £4 billion and the fiscal position strengthened significantly. Among the demand components, consumers' expenditure rose by about 4 per cent, largely as a consequence of fast income growth. The windfall payments received by the personal sector on the conversion of some building societies into banks appear to have been mainly saved rather than spent, thereby adding to wealth. Personal sector wealth also benefited from increases in house prices of about 10 per cent and a rise in equity prices of around 20 per cent. Date: 1998 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:cup:nierev:v:163:y:1998:i::p:9-26_5 Access Statistics for this article More articles in National Institute Economic Review from National Institute of Economic and Social Research Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK. Contact information at EDIRC. |
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