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State of Play: Summer 1964

  • Richard Clarke
  • Alec Cairncross

Abstract

The four-year period from 1961 to 1964 is of great interest as showing the beginning of the impact of the growth of public expenditure in relation to resources from the low point reached in the second half of the 1950s. Public sector expenditure (including debt interest) was going up at about 7 1/2 per cent a year (in money): public sector receipts by about 7 per cent a year. There were, so to speak, four-and-ahalf Budgets — Mr Selwyn Lloyd’s of 1961 and 1962, Mr Maudling’s ‘mini-budgets’ of end-1962, and his Budgets of 1963 and 1964: they occupied one modern-style trade cycle, with unemployment at the beginning the same as at the end:

− Registered unemployment October*

in Britain(’000)

1960

329

1961

366

1962

501

1963

474

1964

348

*Mid-point of the financial year, and political end of the period

Keywords

Public Sector Public Expenditure Current Expenditure Indirect Taxation Block Allocation 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes

  1. 9.
    Cf. Mr Antrobus, in The Skin of our Teeth, by Thornton Wilder, first produced 1942.Google Scholar

Copyright information

© Lady Clarke 1978

Authors and Affiliations

  • Richard Clarke
  • Alec Cairncross

There are no affiliations available

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