The debate on public expenditure

McGilvray, James W. (1976) The debate on public expenditure. Quarterly Economic Commentary, 2 (2). pp. 25-31. ISSN 0306-7866

[img]
Preview
PDF (FEC_2_2_1976_McGilvrayJW)
FEC_2_2_1976_McGilvrayJW.pdf
Final Published Version

Download (430kB)| Preview

    Abstract

    The latest sterling crisis has raised the prospect of further cuts in public expenditure. It is widely believed that expenditure cuts may be forced upon the Government as a condition of the IMF loan now being negotiated, and there is a considerable body of opinion in this country which would welcome such a condition being imposed. Controversy about the level of public expenditure in the UK, and its significance in the country's present economic difficulties, has been continuous during the life of the present administration. The purpose of this article is to identify and comment upon the main arguments in this debate.