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Published online by Cambridge University Press: 26 March 2020
The resignation of Nigel Lawson as Chancellor of the Exchequer, and the appointment of John Major to replace him, has been accompanied by vigorous denials of any change in the aims or conduct of economic policy. There may nevertheless be some modification of the stated reliance on interest rates alone as the means of combating inflation. The previous Chancellor was heavily committed to a programme of cuts in income tax; the new Chancellor may feel less so. For that reason we are now assuming that no net change in taxation will be announced in the 1990 Budget.
The forecasts were prepared by Bob Anderton, Andrew Britton and Paul Gregg, but they draw on the work of the whole team engaged in macroeonomic analysis and modelbuilding at the Institute. Parts One and Two of the chapter were written by Andrew Britton, Part Three by Bob Anderton.
The forecasts were completed before the publication of the Chancellor's Autumn Statement