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UK Fiscal Squeezes over a Century
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This chapter draws on historical statistics reporting financial outcomes for spending, taxation, debt, and deficit for the UK over a century to (a) identify quantitatively and compare the main fiscal squeeze episodes (i.e. major revenue increases, spending cuts, or both) in terms of type (soft squeezes and hard squeezes, spending squeezes, and revenue squeezes), depth, and length; (b) compare these periods of austerity against measures of fiscal consolidation in terms of deficit reduction; and (c) identify economic and financial conditions before and after the various squeezes. It explores the extent to which the identification of squeeze episodes and their classification is sensitive to which thresholds are set and what data sources are used. The chapter identifies major changes over time that emerge from this analysis over the changing depth and types of squeeze.
Title: UK Fiscal Squeezes over a Century
Description:
This chapter draws on historical statistics reporting financial outcomes for spending, taxation, debt, and deficit for the UK over a century to (a) identify quantitatively and compare the main fiscal squeeze episodes (i.
e.
major revenue increases, spending cuts, or both) in terms of type (soft squeezes and hard squeezes, spending squeezes, and revenue squeezes), depth, and length; (b) compare these periods of austerity against measures of fiscal consolidation in terms of deficit reduction; and (c) identify economic and financial conditions before and after the various squeezes.
It explores the extent to which the identification of squeeze episodes and their classification is sensitive to which thresholds are set and what data sources are used.
The chapter identifies major changes over time that emerge from this analysis over the changing depth and types of squeeze.
Related Results
Conclusions
Conclusions
This concluding chapter (a) compares all the episodes of fiscal squeeze in the UK over a century in terms of loss imposition, political costs to incumbents in pursuing fiscal squee...
Setting the Scene
Setting the Scene
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The 1930s Squeeze
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