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- Title
The Governor's speech to the CBI Scotland dinner.
- Abstract
This article presents information on the radical changes in the industrial landscape of Great Britain. It is informed that a shift of investment to those economic activities in which Great Britain had a comparative advantage led to a rise in productivity and living standards. Productivity growth for the economy as a whole is the result of the continuous efforts, under the pressure of competition, of thousands of businesses to improve their efficiency. It is further informed that the story of macroeconomic policy in Great Britain over the past 30 years has been the search for stability. Greater stability is one of the achievements of the reforms to the Bank of England over the past decade, even if some part of the gain was probably due to good fortune. During this period Great Britain has experienced a degree of stability of output and inflation never before recorded.
- Subjects
UNITED Kingdom; ECONOMIC development; ECONOMIC activity; ECONOMIC competition; BANK of England; PRICE inflation; ECONOMIC policy
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 3, p346
- ISSN
0005-5166
- Publication type
Article