Clarke squares the magic circle, but who will pay the price in future?

Article Abstract:

UK chancellor Kenneth Clarke's 1996 Budget contains measures which will appeal to many different groups of people. He has managed to make a small net reduction in taxes, cut total plans for public spending from 1997 and make a lower forecast for the Public Sector Borrowing Requirement. The Budget is neutral, an approach which is required at a time when the rate of growth is accelerating rapidly. The main area of doubt is whether the government will be able to adhere to the spending plans set down in the Budget.

Column, Economic policy, Clarke, Kenneth (American writer)

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Boom! The Tory economy begins to boil

Article Abstract:

Leading figures in the UK Conservative party have been quick to claim that the economy is entering a boom period following the publication of figures which indicate that unemployment fell below 1.75 million in Feb 1997 for the first time since Nov 1990. However, financial markets feel that interest rates and mortgage costs will have to rise shortly in response to signs of higher inflation. There is concern that the government has not hit its inflation target at any time since the end of 1994.

United Kingdom, Economic aspects, Economic development

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Has canny Ken blown it?

Article Abstract:

The 1996 Budget presented by UK chancellor Kenneth Clarke has generally been interpreted as rather cautious, and therefore not likely to gain much new support for the Conservative party in the run-up to the next general election. Budget measures include a 1p reduction in the standard rate of income tax to 23p in the pound, a doubling of air passenger duty, an increase in insurance premium tax to 4% and a phase-out of profit-related pay.

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