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...

A ‘new version’ gravity model, is used to estimate the effect of a full range of de facto exchange rate regimes, as classified by Reinhart and Rogoff (2004), on bilateral trade. The results indicate that, while participation in a common currency union is typically strongly...

Real-time, quasi-real, `nearly real` and full sample output gaps for the UK, generated by linear and quadratic, Hodrick-Prescott filter and unobserved components (UC-ARIMA) techniques, are presented and analysed. Particular attention is paid to the behaviour of the different series during the...