General review [January 1976]

Telford, Richard, Fraser of Allander Institute (1976) General review [January 1976]. Quarterly Economic Commentary, 1 (3). pp. 3-7. ISSN 0306-7866

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Prospects for the world economy are considerably brighter at the start of 1976 than they were at the beginning of 1975. In the present circumstances, UK recovery must be expected to lag behind that of the EEC and the United States. Meanwhile, the government should regard retraining of the unemployed as a continuing full-time activity and not simply as a haphazard response to unforeseen events. The occupational mobility of labour is a precondition of full employment if real wages are to rise in line with general expectations.