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- Title
Stability and statistics.
- Abstract
The past decade has been a time of unparalleled stability for the UK economy. It is more than twelve years since the United Kingdom experienced a single quarter of negative GDP growth. Consumer spending, investment and output have all shown a degree of stability over the past ten years which is unmatched in any decade since the war -- indeed in the twentieth century. Economists long argued that it was difficult for politicians to make a fully credible commitment to low inflation. In the past decades, shocks like this would almost certainly have destabilised UK economic activity and inflation. That, after all, is what happened in the 1970s, when the price of oil quadrupled, and then again in 1979 when it more than doubled.
- Subjects
UNITED Kingdom; GROSS domestic product; ECONOMIC activity; BUSINESS cycles; CONSUMPTION (Economics); BANK deposits
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 4, p495
- ISSN
0005-5166
- Publication type
Article