This paper explores the reasons why inflation is, and has been for four decades, endemic in Britain. We argue that there is a fundamental supply-side constraint in the economy which takes deficit and increases in inflation. The mix of monetary and fiscal policy, along with private sector demand...

In this assessment, we focus on four main areas. First, we consider overall macroeconomic performance, and conclude that the policy changes since 1997 have been a significant success. Second, we consider productivity performance. This has been very modest. We isolate a number of important...

We consider both the overall macroeconomic performance of the UK labour market since 1997, as well as some of the underlying micro problems, particularly those facing unskilled workers, On the macro front, we have seen unemployment decline to its lowest level for a generation without excessive...