We consider the economic record of the 1997–2010 Labour government in the UK. Following a brief review of the government’s inheritance from its predecessor, we review the assessments made in the other papers in this issue of the <italic>Oxford Review of Economic Policy</italic>: the change in the...

The financial crisis, on the one hand, and the recourse to ‘unconventional’ monetary policy, on the other, have given a sharp jolt to perceptions of the role and status of central banks. In this paper we start with a brief ‘contrarian’ history of central banks since the Second World War,...

This paper examines the performance of monetary policy under the new framework established in 1997 up to the end of the Labour government in May 2010. Performance was relatively good in the years before the crisis, but much weaker from 2008. The new framework largely neglected open economy...