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Fiscal Squeeze in the 1990s
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This chapter describes a long-drawn-out fiscal squeeze in the 1990s against the background of another sharp recession triggered by financial crisis. This episode spans the reigns of a divided Conservative Government which was unexpectedly re-elected in the 1992 election after changing its leader following a major tax revolt, but nevertheless succeeded in restraining public spending growth relative to growing GDP, and the early years of the succeeding ‘New Labour’ Government led by Tony Blair after a landslide victory in the 1997 election. The episode is notable for post-election tax hikes by both governments and for the fact that spending restraint plans announced by one government were followed by its successor for the first time since the 1920s—following a so-called ‘bear trap’ approach by the Conservatives, of announcing spending targets beyond their electoral term and challenging their political opponents to either accept those targets or face charges of planning a ‘tax bombshell’.
Title: Fiscal Squeeze in the 1990s
Description:
This chapter describes a long-drawn-out fiscal squeeze in the 1990s against the background of another sharp recession triggered by financial crisis.
This episode spans the reigns of a divided Conservative Government which was unexpectedly re-elected in the 1992 election after changing its leader following a major tax revolt, but nevertheless succeeded in restraining public spending growth relative to growing GDP, and the early years of the succeeding ‘New Labour’ Government led by Tony Blair after a landslide victory in the 1997 election.
The episode is notable for post-election tax hikes by both governments and for the fact that spending restraint plans announced by one government were followed by its successor for the first time since the 1920s—following a so-called ‘bear trap’ approach by the Conservatives, of announcing spending targets beyond their electoral term and challenging their political opponents to either accept those targets or face charges of planning a ‘tax bombshell’.
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