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Now the Bank of England is trying to clamp down on this for reasons of financial stability it is difficult to see how households can maintain their current levels of spending.

New Perspectives on Industrial Policy for a Modern Britain - Oxford Scholarship

Their view: "Dealing with Brexit is going to be a long drawn out process, but if I had to choose one immediate issue it would be the challenge facing monetary policy. On the one hand, consumer credit is rising sharply, and in order to tackle this, the Bank of England would like to raise rates just to show that they go up as well as down. However economic growth is weak and looks to be slowing, and any rise in interest rates is likely to slow down consumer spending, which is a key driver of returns. Brits may work long hours but it's not generating growth. The latest drop more than reverses the modest gains made in and leaves the level of UK productivity at its lowest since before the financial crisis.


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The UK unemployment rate is already at just 4. Meanwhile, skill shortages are becoming increasingly widespread.

David Bailey, Keith Cowling, and Philip Tomlinson

This raises the question of where GDP growth is going to come from unless, of course, productivity starts to recover. Over the course of the next few years the UK's entire relationship with the rest of Europe is likely to be totally reshaped.

Productivity and Growth: Crash Course Economics #6

How policymakers deal with the challenges of Brexit will shape UK economic success for decades to come. Their view: "We continue to expect the UK to slow relative to other developed economies, partly in response to the looming Brexit shock and its effect on business investment spending, and partly as the ongoing spike in inflation crimps real household incomes.

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Insufficiently supportive fiscal and monetary policies since the last recession mean that the economy is already operating far below what a reasonable assessment of its long-run trend would imply, forgoing tens of billions of pounds of potential GDP. A successful Brexit requires an ambitious and optimistic mindset among decision-makers, something that seems sorely lacking at the moment.


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  • Among the questions that must be answered is whether or not Britain is definitively leaving the European Single Market. We advise you not to buy books before the module begins, as the reading list may change. If you wish to read in advance, look for these texts in the University library. Economic History of Britain and the Modern World Module code: ECN This module provides an introduction to the economic history of Britain in semester 1 and to the evolution of the global economy in semester 2 in the context of modern theories of economic growth and development and present-day debates about poverty, inequality and North-South relations.

    Learning objectives By the end of this module students will be expected to demonstrate an understanding of the main themes in post economic history of the UK and the modern world. Subscriber Login Email Address.

    Inequality is the scourge of modern Britain. Is it finally about to be addressed?

    Library Card. View: no detail some detail full detail. Part I Perspectives on Industrial Policy. Chapter 3 Industrial Policy David Coates. Part 2 Finance for Industry, Entrepreneurship, and Innovation. Part 3 Employment Issues and Industrial Policy. Latreille and Richard Saundry.

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    Part 4 Industrial Policy and Regional Development. Chapter 15 Mind the Gap! Part 6 Industrial Policy and Sustainable Development.