Economic policy in the UK under new Labour: the end of boom and bust?

Abstract: The paper first considers macroeconomic performance under the new Labour government since 1997. It then considers the nature of fiscal and monetary policy since 1997 and the effects which those policies may have had on macroeconomic performance. The performance in terms of unemployment and the distribution of income is then considered. Finally, the question is asked as to whether Gordon Brown, Chancellor of the Exchequer throughout the period, has been a lucky chancellor in terms of whether the relatively good macroeconomic performance since 1997 can be ascribed to his policies or to the general national and global macroeconomic environment