Published online by Cambridge University Press: 01 January 2020
This paper reviews UK supply-side policies since 2010 in terms of their impact on growth and considers medium-term growth prospects in the context of the puzzle of disappointing post-crisis TFP performance. It is argued that there is no reason to believe that growth prospects have deteriorated significantly compared with the pre-crisis period. Changes in policy under the Coalition government are unlikely to have made a big difference to growth potential. On the one hand, this means opportunities for radical reform have been ignored; on the other hand, there has been no repeat of the 1930s’ debacle.
I thank Tim Hatton, Tim Leunig and Jonathan Portes for valuable advice and an anonymous referee for helpful comments which improved an earlier version of the paper. The usual disclaimer applies.