A Narrative Account of the Great Inflation in the UK 1961-1997

Michael Bordo, Oliver Bush and Ryland Thomas

No 34363, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: N10 (search for similar items in EconPapers)
Date: 2025-10
New Economics Papers: this item is included in nep-cba, nep-his and nep-mon
Note: ME
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