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The British economy [September 1988]

Ashcroft, Brian and Love, Jim and Battu, Harminder and Boyle, Stephen and Draper, Paul and Dunlop, Stewart and Grehan, Janet and Harrigan, Frank and Heeley, John and Lockyer, Cliff and Monaghan, Claire and McGregor, Peter and McNicoll, Iain and Perman, Roger and Stevens, Jim (1988) The British economy [September 1988]. Quarterly Economic Commentary, 14 (1). pp. 6-14. ISSN 2046-5378

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Earlier prognostications of a slow-down in the rate of growth of output in the British economy have been confounded by recent evidence. Continuing high levels of output growth are a reflection of rapid growth in domestic - and particularly consumer - demand. But domestic demand is growing at a much faster rate than output and there are indications that the differential increased during the second quarter and middle of the year. The inevitable result has been a marked deterioration in the balance of payments. The government's use of interest rate policy as the sole instrument regulating the expansion of domestic demand leaves much to be desired.