Chapter I. The Home Economy

Anonymous

National Institute Economic Review, 1975, vol. 74, 8-21

Abstract: The economy appears to be reaching the bottom of the cycle. Industrial production after a precipitous drop in the second quarter has levelled off since May. Retail prices have decelerated to show month on month rises at annual rates near to 10 per cent since July. The current account deficit, after falling sharply from 1974 levels in the first half of the year, increased again in the third quarter to an annual rate of £2½ billion. The growth of M3 has recently started to exceed the inflation rate, which it has not done since 1973 IV. These indicators suggest that the UK is at this point lagging only a few months behind Japan and the USA and barely if at all behind the other major European economies (see Chapter 2). Unemployment, a lagging indicator, continues to rise in this country, but has started to turn down in the United States and appears to be levelling off in Japan, Germany and France.

Date: 1975
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