United Kingdom : Selected Issues Paper

This paper estimates the extent of spare capacity in the U.K. economy using a range of methodologies pointing to an output gap and the behavior of inflation during large output gaps. The usefulness of fiscal rules in supporting fiscal consolidation is generally positive, and a more permanent rules-based fiscal framework is required. The banking system has recovered fast; however, the sustainability of the sector's recovery is still uncertain, and risks remain. An update on reforms to the financial sector's regulatory and supervisory framework is also provided.
Publication date: November 2010
ISBN: 9781455208449
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Economic Conditions , Development - Economic Development , output gap , tfp , capital stock , production function , growth accounting

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