Outlook and appraisal [March 1990]

Jim Love, Brian Ashcroft, Richard Brooks, Neil Dourmashkin, Paul Draper, Stewart Dunlop, Cliff Lockyer, Lesley Magee, Eleanor Malloy, Eric McRory, Claire Monaghan, Peter McGregor, Roger Perman, Jim Stevens, Kim Swales, Jim Love (Editor)

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Abstract

The measures included in this year's budget have not led to the significant tightening of the fiscal stance which was widely expected. The overall tax burden was marginally increased, mainly through increases in excise duties, with virtually no change occurring in direct taxation. Presumably the Chancellor feels that the continuing policy of high interest rates is sufficient on its own to curb domestic demand, and did not want to increase the risk of recession by tightening fiscal policy just as the economy begins to slow down. The evidence on domestic demand remains mixed, although Mr Major can take some encouragement from the February statement of the Committee of London and Scottish Bankers.
Original languageEnglish
Pages (from-to)1-2
Number of pages2
JournalQuarterly Economic Commentary
Volume15
Issue number3
Publication statusPublished - Mar 1990

Keywords

  • economic forecasts
  • Scottish economic trends
  • Scotland
  • labour market conditions
  • industrial output

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