The political economy of fiscal deficits in the UK

Research output: Contribution to journalArticle

Abstract

The focus of this study is on aspects of public debt and austerity policy in the UK. It attempts to provide an evaluation of fiscal policy under neoliberalism and to consider the relationship between this policy and the macroeconomic performance of the UK economy. There also seems to be ambiguities among the policy makers about austerity. Therefore, it seems important to examine the issue of government imposed austerity policies and fiscal deficits. There is need to borrow to cover the deficits as there is no inflationary pressure in the UK. Most democratic solutions against any inflationary pressures are to reduce money in circulation through higher taxes. Further I argue that a number of counter measures could possibly be taken such as placing a requirement on financial institutions such as pension funds to place some minimum proportion of their asset portfolio into government stock. Keywords. Public Debts, Fiscal policy, Austerity, Neoliberalism.
LanguageEnglish
Pages187-203
Number of pages16
JournalJournal of Economic and Social Thought
Volume5
Issue number2
DOIs
Publication statusPublished - 1 Jun 2018

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Fiscal deficit
Political economy
Neoliberalism
Fiscal policy
Government
Public debt
Proportion
Key words
Assets
Tax
Placing
Financial institutions
Countermeasures
Evaluation
Politicians
Pension funds
Macroeconomic performance

Cite this

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abstract = "The focus of this study is on aspects of public debt and austerity policy in the UK. It attempts to provide an evaluation of fiscal policy under neoliberalism and to consider the relationship between this policy and the macroeconomic performance of the UK economy. There also seems to be ambiguities among the policy makers about austerity. Therefore, it seems important to examine the issue of government imposed austerity policies and fiscal deficits. There is need to borrow to cover the deficits as there is no inflationary pressure in the UK. Most democratic solutions against any inflationary pressures are to reduce money in circulation through higher taxes. Further I argue that a number of counter measures could possibly be taken such as placing a requirement on financial institutions such as pension funds to place some minimum proportion of their asset portfolio into government stock. Keywords. Public Debts, Fiscal policy, Austerity, Neoliberalism.",
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The political economy of fiscal deficits in the UK. / Siddiqui, Kalim.

In: Journal of Economic and Social Thought, Vol. 5, No. 2, 01.06.2018, p. 187-203.

Research output: Contribution to journalArticle

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