https://cpes.org.uk/om/files/original/23ab7b9290d4bbaf34d56b1b8a75583d.pdf 5d97ff2b0b3e90497af195c5a00b39ba Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Economic Policy Review Volume 4 Text A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text. Text Any textual data included in the document STATISTICAL APPENDIX by Martin Fetherston This Appendix presents tables of historical data for 1961-77 based on information' available up to the end of January 1978, together with the results of three different projections for 1978-90 based on the CEPG model. The system of accounts used in the model was described in the 1976 Economic Policy Review2 , whilst a full account of the current version of the model, together with its most important simulation properties, will be available shortly in a revised edition of the technical manuaJ3. The second column of each table gives a number for every variable shown, referring to its definition in the notes which follow. The three strategies Each projection illustrates the effect of a different strategy for the balance of payments and demand management on the same underlying assumptions. The main assumptions are as follows: (i) World trade and prices: growth in the volume of world trade of 5% in 1978 and at 6% a year thereafter; no change in prices of food and materials or oil in 1978 as compared with 1977, with prices of manufactures rising by 5%; prices of manufactures and food and materials rising at 4% a year from 1979, with the rate of change of oil prices accelerating up to 10% a year from 1983 onwards (prices are measured in weighted average foreign currency terms; the 'world' price of food and materials includes an allowance for the influence of green pound devaluation and increases in EEC food prices). (ii) Balance ofpayments:targets for net repayment of official debt of just under £3 billion in 1978,£1.5 billion in 1979, £1 billion in 1980 and 1981,£0.5 billion in 1982 and zero thereafter, exchange reserves being held constant (apart from any intervention necessary to smooth short-term pressures on the exchange rate). (iii) Public expenditure and taxation: public expenditure plans based on those announced in the most recent White Paper, taken as the counterpart of 3% a year growth of GDP, but with expenditure on goods and services adjusted proportionately for deviations from this growth path; the present general structure of taxation, adjusted for future inflation, and for future 'The- main source is National income and Expenditure, 1966-76. 'Economic Poliq Review, No.2, March 1976, Appendix B. 'Technical manual on the CEPG model, M. J. Fetherston and K. J. Coutts, third edition, mimeo. DAE, May 1978. changes which have already been announced; discretionary changes in income tax allowances and indirect taxation such that the exchange rate floats to a level which generates the level of competitiveness considered appropriate under each strategy (see below). (iv) Wage settlements: settlements in money terms of 10% in 1978, 8% in 1979, 61/2 in 1980 and 5% a year thereafter, with slightly larger increases in average public service earnings in the first three years, and a 12-month interval maintained between settlements. Given all these conditions, the projections differ because of assumed differences in policy towards trade, industry and international competitiveness. Given that the exchange rate is assumed to float, the main determinant of the nominal rate at which the foreign exchange market clears, and hence also of the level of cost competitiveness, is fiscal policy; discretionary changes in fiscal policy can therefore be used to generate target outcomes for cost competitiveness in each projection. Strategy I (orthodox policies) assumes that cost competitiveness, defined as the level of UK unit costs in foreign currency relative to the world price of manufactures, after deteriorating by 81/ 2% in 1978, improves by just under I% in 1979 so as to return to its 1970 level which is maintained thereafter. Strategy 2 (import restriction) assumes the same level of competitiveness as in Strategy I together with restriction of imports of manufactures by non-tariff methods (assumed to have no effect on prices of manufactured imports) so as to meet targets for business output growth of 3% in 1978, 4% in 1979, 4'/2% a year from 1980 to 1985, and 4% a year from 1986 to 1990. In addition industrial policy is assumed to generate additional investment in manufacturing building up to £2 billion a year at 1975 prices from 1982 onwards; this provides greater output capacity, of which half results in cumulative substitution of imports of manufactures and increases in export of manufactures. Strategy 3 (devaluation) assumes an improvement in cost competitiveness at the rate of 4% a year starting from mid-1978 relative to strategy I. The following tables are provided for each projection and for the past: Table l Summary Table 2 Employment, output and income Table 3 Earnings, costs and prices A1 Economic Policy Review Table 4 Expenditure and disposable income Table 5 Balance of payments Table 6 Public sector accounts. Percentage annual changes shown in the tables always refer to changes from the previous year. Notes and definitions The CEPG system of accounts differs from official statistics in three main respects. First, production sectors are classified into 'North Sea', 'public services' and 'other domestic output' as indicated in Table 2. Second, disposable income is divided between three branches of the private sector-'wages and salaries', 'welfare benefits', and 'other private income' (the last item includes all private rents and income from self-employment as well as company profits, interest, etc.), as shown in Table 4. Third, indirect taxes and subsidies are divided into two categories-those which are specific to different kinds of final expenditure (i.e. taxes on consumption, investment, imports, etc.) and those which feed into business costs generally (rates, subsidies to public corporations, import duties and North Sea royalties). This analysis forms the basis of distinction between expenditures valued at market prices and at 'full cost'-the latter includes net taxes on inputs but excludes taxes and subsidies on final expenditure. The series presented in this Statistical Appendix also involve adjustments to express output and expenditures at constant 1975 prices, and incomes and financial flows at 1975 values, in order to normalise for inflation. The method for these adjustments is as follows: (a) Real domestic final expenditures (consumption, investment, public spending and exports) at the level of disaggregation available in the model,4 originally measured at 1970 factor cost,5 are rebased on their 1975 market price values, whilst disaggregated series for imports, also originally at 1970 factor cost, are rebased on their 1975 factor cost values. (b) Outputs of the three production sectors shown in Table 2 are obtained by rebasing 1970 factor cost series on 1975 factor cost figures. (c) Incomes and financial flows are expressed at 1975 values by dividing current price series by appropriate deflators, as described in the detailed notes to tables. 1. Summary table Items whose reference numbers begin with 2, 3, 4, 5 or 6 are defined in the notes for the appropriate table. 101. Fixed investment: private fixed investment (403) plus public fixed investment (404). 102. World terms of trade for manufactures: world price of exports of manufactures (517) relative to an average of the world price of food and materials and the world price of exports of fuels, with food and raw materials and fuels weighted on the basis of the composition of UK imports of relevant items in 1970. ∑The model disaggregates expenditures by production sectors. Series shown in this Appendix have been reaggregated back to the conventional national accounts basis. 'But note that the 1970factor cost series for consumers' expenditure. public sector current purchases (excluding wages and salaries) and fixed investment in the model are measured inclusive of relative price effects vis-a-vis their aggregate total. A2 103. Domestic credit expansion: calendar-year figure divided by the domestic expenditure deflator. 104. Money supply: sterling M3 at end of year. 105. Bank rate/ MLR: annual average of figures for last Friday of each month. 106. Import restriction: ex ante percentage reduction of total volume of imports. 107. Discretionary tax reduction: ex ante money value of reduction in tax revenues resulting from fiscal adjustments in future projections, divided by the domestic expenditure deflator. 2. Employment, output and income. 20 I. North Sea output: sales of oil and gas less operating costs, royalty payments and import duties attributed to imports of manufactured goods to the North Sea. 202. Public service output: public expenditure on wages and salaries charged to current account. 203. Other domestic output. 204. GDP at factor cost: compromise estimate. 205. Income from employment: pre-tax wages and salaries including employees' and employers' national insurance contributions excluding surcharge. 206. Gross trading income and public sector rents: gross trading profits of companies,6 gross trading surpluses of public corporations and other public enterprises, and income from self-employment, all excluding stock appreciation, plus public sector rents. 207. Private sector rents. 208. Public service employment: this item and 209 below are measured in terms of male fulltime equivalents, i.e. numbers of part-time and female employees are weighted by earnings relatives. The coverage of this item is the same as that of item 202. 209. Other employment: private sector employment, plus public sector employment charged to capital account and trading activities. 210-213. Employment and labour supply: total employment (210) is employees in employment including HM forces. Unemployment (211) is UK wholly unemployed, excluding school-leavers and adult students, annual average of monthly figures. Potential labour supply (213) is defined as the number of persons available for employment (excluding self-employed), including an estimate of non-participants (212), i.e. those who are neither in employment nor registered as unemployed, but who are potentially available for work. 3. Earnings, costs and prices Series for earnings refer to the whole economy. 30 I. Wage settlement index: an index of the level of money basic rates fixed at settlements in 6 lncluding the residual between compromise and income estimates of GOP. Statistical Appendix each year, measured at the average settlement date of that year.? 302. Real post-tax value of settlements: item 301 adjusted for direct taxes and changes in consumer prices. 303-305. Average earnings: average pre-tax money earnings per person (303), adjusted for direct taxes (304), and for consumer price inflation (305). Series for unit costs and output prices relate to 'other domestic output' excluding public services and North Sea production. 306. Unit labour costs: standard money earnings (adjusted for cyclical variations in overtime) divided by trend productivity. 307. Other domestic costs: rates, farm profits and private rents less subsidies to public corporations, per unit of trend output. 308. Imported inputs: value of imports inclusive of duties (but excluding imports to the North Sea), plus value of purchases of oil and gas from the North Sea, less value of exports of fuels, divided by the volume of such imports and purchases from the North Sea less the volume of exports of fuels. 309. Total costs: current-weighted average of unit labour costs (306), other unit domestic costs (307), and unit cost of imported inputs (308). 310. Output prices: average deflator for home sales, including imported goods but excluding public services, at full cost, i.e. inclusive of net taxes on inputs but excluding taxes on final expenditure. 311. Consumer prices: consumers' expenditure deflator, measured as a ratio of current market prices to 1970 factor cost,8 or equivalently output prices inclusive of sales taxes on consumption. 4. Expenditure and disposable income 401-409. Expenditure on gross domestic product at market prices: these items correspond exactly with the Blue Book definitions (apart from the relative price effects described in n.5 above), with the exception of stockbuilding, which here includes the residual error between compromise and expenditure estimates of GOP. 410. GOP at market prices: compromise estimate. 411-413. Terms of trade effect, net income from abroad, and national income: a 1975-based market price domestic expenditure deflator is derived from the aggregate series at current prices (not shown) and at 1975 prices (406). National income (413) is the money value of national income at market prices divided by this domestic expenditure deflator. This differs from GOP at market prices (410) to the extent of movements in prices of exports and imports relative to the price of domestic expenditure-the terms of 'For a full account of the conceptual basis and construction of this index, see Economic Policv Review, No. 2, March 1976, Chapter 2. 'Including a smail relative price effect vis-a-vis total home sales as defined in item 310. trade effect (411 )-and on account of net income received from abroad, also divided by the domestic expenditure deflator (412). 414-418. Post-tax incomes: post-tax private income (417) (including capital grants but before deduction of taxes on capital) is deflated by a 1975-based private expenditure deflator. Post-tax wages and salaries (414) and welfare benefits (415) are deflated by the consumers' expenditure deflator (311 ), leaving other private income (416) to be inferred as a residual. Public sector income (trading income, net tax receipts and rents less grants and net debt interest payments) (418) is obtained by deducting private income (417) from national income (413). 419-421. Financial balances: the money value of each flow is deflated by the domestic expenditure deflator. The private surplus includes the residual error between income and expenditure estimates of GOP. The private surplus and the public sector deficit are both defined before payment of capital taxes by the private sector. 5. Balance ofpayments 501-508. Trade in goods and services: exports (407) and imports (409) are shown in two and six categories respectively. Exports are measured at 1975 market prices, and imports at 1975 factor cost (i.e. exclusive of protective duties). 509. Terms of trade: ratio of deflator for total exports of goods and services to the deflator for total imports of goods and services. 510-515. Current and capital accounts of the balance of payments: each of these items is expressed at 1975 values by dividing its money value by the domestic expenditure deflator. Net long-term capital (511) includes both official long-term capital and net private direct investment, Short-term flows (514) include the balancing item. The balance for official financing (515) comprises changes in official reserves and foreign currency borrowing by the public sector, both with signs reversed. 516. Volume of world trade: index of volume of OECO exports of goods and services. 517. World price of manufactures: UN index of world price of exports of manufactures in US dollars, converted to a weighted average of the currencies of the UK's main competitors. 518. World terms of trade for raw materials: UN index of world price of exports of food and materials converted to weighted average foreign currency, divided by world price of manufactures (517). 519. World terms of trade for oil: world price of exports of fuels in weighted average foreign currency divided by world price of manufactures (517). 520,521. UK unit costs relative to world price of A3 Economic Policy Review manufactures: UK output prices in sterling (310), adjusted for sales taxes on exports, divided by world price of exports of manufactures in foreign currency (517) to obtain relativity in own currencies (520), and further multiplied by sterling exchange rate (522) to obtain relativity in foreign currencies (521). 522. Weighted exchange rate: effective exchange rate, in weighted average foreign currency per unit of sterling (based on official index in Economic Trends). 6. Public sector accounts All financial flows are expressed in 1975 values by dividing current price series by the domestic expenditure deflator. 601. Income tax and employees' and employers' National Insurance contributions (excluding surcharge) levied on income from employment. 602. Income tax on retirement pensions, family allowances, etc. 603. Income tax and National Insurance contributions on income from selfemployment, income tax on unearned income and Corporation tax (excluding tax on North Sea profits). 605. Sales taxes less subsidies allocated to consumers' expenditure. 606. Sales taxes allocated to other expenditure categories, plus other net indirect taxes, i.e. local rates, subsidies to public corporations and import duties. 608. North Sea royalties, Petroleum Revenue tax and Corporation tax levied on North Sea profits. 609. Gross trading income of public enterprises (after stock appreciation), public sector rent, imputed charge for consumption of non-trading capital, and receipts of interest and dividends. 611. General government final consumption. 612. Public sector gross fixed capital formation and stockbuilding (i.e. including investment by public corporations). 614. Social security payments plus student maintenance grants. 615. Other current and capital grants to UK private sector. 616. Net current transfers paid abroad by general government. 618. Gross debt interest payments. 620. Financial deficit minus capital taxes plus net lending to private sector, North Sea and overseas. Items 610, 619, 420 and 620 are shown at current values as a percentage of national income at current market prices. ∑ A4 TABLES A5 )> Historical Series 1961-1969 Ol 111 T--a--b--l--.e----1------S--u--11--1--m--.a--r•----------------------------I --------19--6--1--------I --------19--b--2--------I ------1--9--6--:;--)------I--------1--9--64--------I--------1--9--6--5------I--------1--9--6--6------I--------1--9--6--7------I--------1--9--6--8------I--------1--9--6--9----lll I (Annual chanReso %) II I I I I I l I I I I !Consumers expenditure 1I 4011I 3o2 II 2o8 II 4o5 II II .iol I 2oo J 2o0 II 2.8 II 2.6 II lo2 II IPwbl.ic curr expenditure I I I I I I I I I II 1 on qoods and services 14021 lo.J I 2∑2 I lol I Oo9 I 2o6 I 2.3 I 5.2 I 0.1 I -2.2 I IFixed investment llOlt lCo.J I -Oo1 I 3o4 I loo8 I 3o6 I 2.7 I Jo7 I 4o6 I Oo3 I 1 II I I I I I I I I I IGO~ .st 111arket prices t4101 2.7 I lo2 I 4o0 I !>o4 I 2o8 I lo5 I 2.2 I 3o9 I 2o0 I IN.stional. income 14131 3.0 t loS I Jo9 I 4o9 I .::lo2 j 1o8 I 2o3 I 3o2 J 2o6 I 1----------------------------------------------------------------------------------------------------------------------l I (Thousands) II I I I I I I I I 1 1HJ-.n-e-m-p∑l-O-J-II-II-e-nt-------------t-.-l2-l-l------3-.J-9--I------4-:t-4--I------5-3'-JI--I------3-9-4--I------3-.3-8--I------3-5-3--I ------5-4-7--I ------5-7-4--I -----5-6-6--lI I (Annual chanQeso X) II II I I .I I I I I IVol.ume of world trade 15161 4 ∑ .3 I 4o2 I 8.1) I llol I 6o7 I 7o8 I 7.2 I 10o8 I lloO 1 IWorld terms oJ trade II f I I I I I I II I t o r manyfact-to~res 11021 3.-.1 I Oo2 I -2.3 I -2.9 I 3.0 I Oo3 I 2.1 I Oo7 I lo4 I 1 :>terlin~ exchange rate 15221 -0.2 I Oob I -0.3 I -0.3 I 0.2 I 0.0 I -2.5 J -12o3 I 0.4 I IU~ ynit costs relative I I I I I I I I I I I 1 to world price of mfs 15211 0.8 I 3.3 I 0.4 I 1.8 I Oo4 I 2.1 I -1.4 I -8.9 I 1.6 I 1 II I I I 1I I I I I IVol.ume of exports !Volume ot imports 14071 14091 2o8 I -0.4 l 2o0 I 2.9 I 4.0 I 3e7 I 4o2 I ~.2 I Sol I lo9 l 4o0 I 3.1 I 1.5 I t-.7 I 11.8 I 6o8 I 9oti I 3.∑7 I J--------------------------------------------------------------------------------------∑-------------------1 I(£ billionel91:t vaLues) I I I I II i IIII JdaLance of pa~ments on I I I I II J I I II 1 current accoMnt 14211 Ool I 0.3 I 0.3 I -0.9 I -0.1 I 0.2 I -0.7 t -0.6 I 0.9 1 1-------------------------------------------------------------------------------------------------------------l !(Annual chanQes. :ro II JI I I I I I 11 IAverage mone.v earninQs 1.3031 t;;.7 I 4∑6 I 4.9 I 7.0 I 6.8 l 6.4 I 6el l 7.8 I 7.1 1 l(.onsumer prices 13111 2.0 I 3o2 I 1.6 I .3.6 I 4ol l 3o9 I 2o2 I 4.8 J 5.0 1 ll-~o-s-t---t-a-x--r-e-4-l--e-a-r-n-in-g-s---1-3-0-5-1------3-.-b--I-----O--o3--l------3-.-6--l -----2-.-7--I------0-.-4--l -----1-o-2--I------3-.-2--I-----1--.0--I------1-.-011 J (~ bil.lionol~75 values) l I l I IIII I II l~ublic sector borrowing I I I I l I I I I I I I r e Q u i r e me n t I 62 0 l 2∑0 I 1∑5 I 2 ∑2 J 2∑5 I 2 ∑ <,1 J 2 ∑2 I 4 .2 t 2∑8 I - 1∑0 t JOomestc Cre<lit Expansioni103J 1.4 I Oo7 I 2.8 l 3.8 I 2.7 I loS I 3.9 I 4o3 I -0.5 1 J II l t I I I I I I I !(Annual chanQese %) II II II J I 1I I I Mone.v suppl.ll 11041 2o7 I 2e7 J 7.3 t bo9 I 7o9 l 3e5 1 lOeb J 7o4 I 2o4 I ∑ld-a-n-k---r-a-t-e-/--J-04-L-R -(-%--p-oa-e-)--1-1-0-5-1------S-e-d--I -----4-e-8--I------4-.-0--J------o-.2---I --.---6-o4---I -----6-e-5--I------6-o-2--1-----7-.-4--I------7-.9-1I i '";:;∑ cl' ~ ~ ~∑ ,; Historical Series 1970-1977 I-T-.t-bl-.e--1---Su-m-m-a.-r.1-1----------------------------------------------------------------------------------1 I I l'..IN I 1Y71 I 1972 I 197.i I 1974 I 1975 I 197{ 1 1977 t I -----------------------------------------∑-∑-------∑----∑-------------------------∑------------------- I I (Annual chanQese %) II ∑ I II I 1II I JI I I I I I l I I !Consumers expenditure 14011 2∑1 I 3.2 l 4e8 I le9 I -0.9 j -1.4 1 -0.4 I -2.1 I IPubl.ic cu.-r expen.diture I I I on qoQds and se.-v.ices 14U-'I I Fixed investment jlO 1 I I 2.~ I 2.8 I I 2.6 I 2.0 I I 3.5 I 2.0 I I 2.∑5 I 12 ∑ .3 J I 2.7 I -o.:, I I 6∑1 I -I .5 I I 4.0 I -2.7 l I -0.8 t -4.3 I I ti.OUP at ma.rket p.-ices II 14101 I 1.<;; J I 1.8 I I 2.<;; I I o.9 I I -0.6 I I -0.9 I I 2el I I 0.0 f ∑!-N-a-t-io--n-a-l -i-n-c-o-fl-le----------t4-1-.-31------2-∑-.-3 -I------1-.-9--J------2-.8---I -----4-e-.3--I-------4-.:->--I------0-.5---I -----l-.-o--I-------0-.2-1I I ( T ho us and s ) fJ I I l 1 I 1 I J IUnempLo.11ment 1.3211 602 I 77~ I 855 I 611 I 606 l 929 I 1265 J 1.378 I 1----------------------------------------------------------------------------------------------------l I (Annual chanspes. ~) II II 1I I I II !VoLume of w~rld trade 151bJ 9.9 I 7.0 I 8.4 I 12.1 1 7.7 I -2.9 I 10.3 1 4.7 f lworldtermsoft.-acie II II IJ I I I1 I tor ma.nufactu.-es 1102~ 2.2 I 1.0 I -:J.9 I -18.8 I -15.0 I 18.5 I -4.4 I 2.5 I l~terl.inQ exch.ange rate 15221 -1.0 l -0.2 I -.3 .. 6 I -9.4 J -3.1 .I -7.7 I -15e.3 J -4.8 I l IJK u n i t cos t s r e &. a t i v e I I I I IlI Il I I to world pri.c:e of mts 1!)211 o.~ J 6.5 I 3.0 I -7.5 I -1.2 I 4.8 I -6.4 I 0.6 I J IJ I l I I I I t I IVolume of exports 14071 5.7 J 7 ∑ .3 I 1.4 I 11.5 1 5e9 I -3.3 I 7.7 I 6.7 I ∑I-V-o-l-um--e--o-f--i-m-p-o-r-t-s--------1-4-0-9-1------5-.-4--I------~-.-2--J------t-j.-,.J--I-----1-0--.4--J------1--.3--I-------7-.-3---I -----3--.1---I -----2--.0-11 t (.1: bit.lion.l'>i75 11aLues) t t j I I1I I t I ti::tal.ance of pa.wments on J I JI l I I I 1I 1I -c-u-r-r-e-n-t--a-c-c-o-,u-n-t---------1-4-2-1-1-------1e-.-3--J ------1-.9---I ------0-.2---4-------1-∑-4--I-------4-.-4--I-------1-.-6---I ------1∑.-1---I------0-.-0-lI t (Annual. changes. ") Il I l II' I II lAverage money ea.-ntngs !Consumer prices IPost-tax reaL earnings 13031 1.3111 t3051 12.7 J c.7 I .3.<;.1 I 12.4 J 8e3 I 4.~ l 12.6 I 7.6 I 5eJ I 12.3 I 11.1 I -0.2 I 20.5 I 16.0 I 1.v I .30.7 1 24.0 1 1.7 I 15.4 I 16.4 I -1.9 I 9.1 I 15.7 I -5.5 I I ----------------------------------------------------------∑---------------------------------------- I l(.a; billion,l975 val.uesl 1 I J I I II I I I IPubl.lc secto.- borro1101ing I J 1 requirement to201 -o.o 4 1 I 2.4 J I 3.3 l I o.2 1 J 7.9 1 I 10∑.5 J f 8.2 1 I 4 .. 4 1 ∑ Dollestc Creoi t Expansiont 1031 le4 I 2.1 I lO.<;; I l1e9 I 8.6 l 4.5 I 6.5 I 0.2 I I JJ I J I I l l 1 f I (AnnuaL chan~es. ") fJ J I I J I I I I IMone)l supp\.s 11041 9.7 I 14.1 I 21.2 I 2be4 I lv.2 I c.6 I 9.5 I a.o I I---li::tank--ra--te--/ -M-L-R--(-"p--.a-.-) --11-0-5-1-----1-.-2-'-----5-.'->1--I -----O-∑-l --I ---∑1-0-.1--I----1-1-.-9-I-----1-0.-8--1----1-1-.7--1-----8-.-5- I1 aiS.' [ ~ ~ )> ~-.,J )> Historical Series 1961-1969 00 11II(T--~a--b--bl--ei--l--l2--i--o--nE--m--a--pt--l--o1--y9--∑7--e5--n--t-.---o--~--t--p-I-u--t-----a-IIn--d------1in-9--c6-1-o--∑-e---I-I------1-9-6-2---I-I -------1--9-6--.--J------II--------1-'-Y--b--4------II--------1--9--6--5------II--------1--9--6--6------II--------1--9--6--7-------II--------1--9--6--8------II--------1--9--6--9--1-lII I f4ctor cost) II I I J I I I I I I !North Sea output 12011 0.0 I 0 .. 0 I OeO I OeO I 0.0 I 0.0 I 0.0 I 0.0 I 0.0 I !Public service output 12021 11.0 I 11.2 I 11.4 I 11.5 I 1le6 I 11e9 I 12.2 I 12e4 I 12.4 I IlUther domestic output I120..311----5-5-.-5--I-----5-6-.-2--I-----5-8--.7---I ----6--2-.5---I -----6-4-.-4--I-----6-5-e-4--I-----6-6-.-6--I-----6-9--.6---I ----7--1-.4-1I hoOP at factor cost 12041 66.6 I 67∑4 I 70.1 I 73.9 I 76e0 I 77.2 I 78a9 I 82.0 I 83.9 I I JI I I I I J I I I I l::>haresofGDPOO: II I I I I I I I I I I i.nco∑e fro∑ en~pLoM∑ent 12051 68.0 J 68.6 I 67.-.; I 67.7 I 68.2 I 69e1 I 68e6 f 68.2 I 68.B I I gross tradina income I I II I I I I I II I cand public rents 12061 .28e..l I 27e5 I 2~:J.1 I 2tle3 I 27.8 I 26.7 I 21.0 I 27e3 I 26.5 I ∑II-(-mp-ri-iL-vl-ai-ot-en--rt-et-n~-t-se-Q--u-lv-s-)-----1I-2-0-7-1I------.-3-.7--II------.-3-.9--II------4-.-0---1I -----4-.-0--1-I -----4--.0---II -----4--.2---II-----4-e-4---II------4-e-5--II------4-.7-1II 1Pub4.ic service empLmt 12081 2e41 I 2.44 I 2.48 I 2.50 I 2.53 I 2e59 I 2.67 J 2.11 I 2e72 I IIOtner e∑ploJ;ment I120911---1-5e-9-6--I ---1-6-e-0-1--I ---1-5-.-9-5--I ---1-6-.-07--I----1-6-.1-1--I----1-6-.0-7--I----1-5-ef-4--I---1-5-.-3-3--I ---1-5-.-1-6- II I (miLUon persons} II l I II I' I I I lfota4. e∑ploymt~nt 12101 22a70 I 22.89 I .22.93 I 23.24 I 2.3.50 I 23.67 I 23.22 I 2.3.05 I 23.00 I IUnempLoM∑ent 1211∑ 0 ∑ ..34 I 0.4~ I Oe54 I Oa39 I Oe-34 I 0.35 I ~.55 I 0.57 I 0.57 I II Non-part lcipants I121211----O-e-3-8--I-----0-.4-7---I -----0-.5-.-3--I -----O-e4-.-2--I ----O--e3-8--I-----0-∑-..-39--I-----0-.-5-3--I-----0-.-5-5--I -----O-e-5-41I ∑J-P-o-t-e-n-t-ia-L---L-a-b-.o-u-r--s-u-p-p-L-y--1-2-1-3-1----2-3-.-4-2--I----2-3-.-8-1--I----2-4-.-0-0---I ---2-4-.-0-5---I ---2-4-.-2-2---I ---2-4-.-4-1---I ---2-4--∑ .-3-0--I ---.-2-4-.-1-7--I ----2-4-e-l-l1I ∑∑II --T(--Aa--nb--nl--eu--a--Jl----c--hE--aa--nr--ng--ei--ns--g.--s--%.--)-c---o--s--t-s---I-a--n--d---II-p--r--i--c1--e9--(s-)-1------II--------1--9--6--2------II--------1--9--6--3------II--------1--9--6--4------II --------1-9--f-:--b------II-------1--9--6--f------II--------1--S--6--7------II--------1--'i--6--8------II --------1--9--6--9--11II J~aQe settlement index 13011 4.9 I 3.1 I 2.5 I 7.1 I 4.6 I 2.7 I 4.5 I 4.3 I 4.2 1 lkea~ post-tax vaLue II II I I I I I II I of settLement.a 1.3021 2∑4 I -Oe9 I 0.4 I 3e6 I -1.1 I -2.7 I 1.1 I -1 ∑.3 I -1.8 I I I 1---------------------------------------------------------------------------------1 IAveraQe earnings: II I I II I III1 t pre-tax money earnings 130.JI 6e7 I 4e6 I 4e9 I 7.0 I 6e8 I 6e4 I 6e1 f 7.8 1 7.1 1 I post-tax mone11 earningsl..l041 5.6 I 3.t> I ::;,.3 I t.>e4 I 4e5 I 5.1 I 5.5 I 5∑9 I 6el I I post-tax real earnings IJ051 3.5 I O.:l I 3.o I 2.7 I 0.4 I 1.2 I 3.2 I 1.0 1 1.0 J I t 1---------------------------------------------------------------------------------------l INormaL costs ~er unit! I I l I II IIIII I 4.abour costs 1.3061 ..3.5 I 1.6 I 2.0 I 4.0 I .Jet. I 4.5 I 2∑6 l 4.1 I 3.0 1 I other domestic costs 13071 4.2 I 4.5 J 6 ∑ .3 I 7.1 I ~.5 I 7.3 I 5.6 I 3.6 I 6.8 1 II imported inputs II totaL costs I130811------0-.-1--I-------0-.-4--I------.-2-.3--J------4-.-3---I -----.-3-.0---I ------0-.9---I------0--.9---1-----1-1-.-2--I------2-.-2-lI I1.30911-----2-e-7--l------l-a-5--I------2-e-!:-i--1------4-.4---l------J-e-7--I------4-e-l--I------2-.-2---l -----!->-.5---1 -----3--.3-11 IOutput prices 13101 2.0 I 3e0 I leH J 3e0 I 3e7 I 3.4 J 1e6 I 3e9 I .3.7 l IIC-.-o-n-su-m--er--p-r-i-c-e-s---------1-.-.3-11-1------2-.-0--I-----;-;$-.2--I----'-l-a-6--I------3-.-6--l -----4-e-l--I------3-.-9--I-----2--.2--I------4-.-8--I-----s∑-.o-11 ~ I ;:;∑ ~ ~ ~ ~∑ ~ , I Historical Series 1970-1977 .-----Tab~e -2 tmpl4yment.--o-u-tp-u-t--a-n-d--in-c-o-m-e------∑--------------------------------------------------------- ∑∑----------------------------J ----19-7-0---J----1-9-7-1---I ---1-9-7-2---1----1-~-7-3---t ----1S-.-74---I----1-9-7-5---I----19-7-t-: ---I ---1-9-7-7-- ∑ (.i: bi&.lion at 1975 tt I I I I I I I I t .sc t or cos t ) II II II JI J INortn ~ea output 12011 0.1 I Oe1 I 0.1 I 0.1 I Oe2 J 0.2 I 0.4 I 1.3 IPubLic service o~tp~t 12021 12.8 I 13∑1 I 13.5 I 13.7 I 13.9 J 14.7 I 15.2 J 15.2 luther domestic output ∑ 120 J 3 11 - - -7-2-.7- -I- - - -7-3-.-9- -J - - - -7-5-.5- -I - - - -8-0-e5- -.1- - - -7-9-.-5 - -I - - - -77-.-4- -I - - - -7-8-.9- -1- - - -7-8-. 3∑ - l ~DP at factor cost 12041 85.5 I 87.1 I 89.1 l 94.3 I S.3e6 I 92.4 I 94.6 I S.4.7 I I .I I I I I I I I I !;;hares of GOP (" ) .': JI II t I .t I 1 I income from empLoytnent 1.2051 70.1 I 69.0 I 69.0 I 69.1 I 72.3 I 74.3 I 73.1 I 70.3 ∑ Aross tradinQ tncome I I II II I I I I and pub~ic rents 120bl 25e0 I 2~.0 J 25.9 I 25.8 I 22.2 I 20.2 I 21.5 I 24.4 1 private rents 12071 4.9 t 4∑9 I 5.1 I 5.2 I 5.5 I 5.5 I 5.4 I 5.3 1 l------------------------------------------------------------------------------------------------------1 l(llliL~ion tt111 equivs) II J I I I I I I I IPubLic service e111pl111t 12081 2e79 t 2.87 I 2e96 I 2e99 I 3.04 J 3.22 I 3.33 I 3.31 I IlUther emplo~ment I12 0 191 - - -1-4-.9-5- - I- - - -1-4-.-5-8- -I - - - 1- 4--.4-4- -I- - - -l-4-e-b-l - -I - - -1-4∑e-t-id- -I- - - -1-4-. -4-4 - -I - - -1-4-.-3-7- -I- - - -1∑4-.-4-4- I f l(llliltion persons) II II Jt t I t I ITotal employment 12101 22ed4 I 22.49 J .22.49 I 23.02 I 23.13 J 2.3.04 I 22.7 I 22.92 I llJnemp\.o)l∑ent 12111 O.oo I 0.78 I Oe85 J 0.61 l Oe61 I 0.93 I le26 I 1.38 I 1! N o n - p a r t i c i p a n t s I121211----O-e-5-7--I-----O-e-6-8--I-----O-e-7-2--I-----1-.>-.-57--I-----0-.-5-7--I-----0-.-7-6---I -----O-e-93---4-----0-.9-8-1I ∑I -P-o-te-n-t-ia-l-. -l-a-b.-o-~r--s--.-.p-p-Ly--1-2-1.-31----2-4-.U-1--I---2-.-Je-9-4--I ---2-4-e0-7--I----24-.-2-1--I ---2-4-∑.-31--J----24-.-7-3--I ---2-5-.0-7--J----25-.-2-'9-∑I ∑-T-a-b-\.-e -3---t-a-r-n-i-n-~-s-.--c-o-s-ts--a-n-d--p-r-i-c-e-s--------------------------------------------------------------------1 ∑tI-(-A-n-n-u-a-l-c-h-a-n-Q--e-s-. -"-)------I----JJ----1-9-7-0---II----1-97-1---II----1-9-7-2---II----1-9-7-3---IJ----1-9-7-4---II ----1-97-5---II----1-9-H-:---II----1-9-7-7--∑II UWaAe settle111e..nt index 13011 14.1 I 13.5 I 12.0 I 9.3 I 15.3 I 34.0 I t<:.a I 7.8 I IRea\. post-tax va&.-..e JI I1 I 1I I I I I of settlements I 13 J 0 2 1J - - - - -5-e7- - -I - - - - -ti-.-3- -I - - - - -4-e-b- -I - - - ---1-.-7- -I- - - ---2-.-0- -I- - - - - -6 -e0- -1- - - - ---2-.6- - -t - - - ---7-.-0- J I IAveraAe earninAs! II II II IIII I pre-tax mone.v earnings 13031 12.1 I 12.4 I 12.6 I 12.3 I .0:::0.5 I 30.7 1 15.4 I 9.1 f post-tax mone.v earningsl3041 10e8 I 1.3∑2 J 1.3.4 J 10.9 J 11.2 I 26.1 I l4e2 I 9e3 1 post-tax. reaL earnin.gs 1I.3051l-----3-.-9--1------4-.-5--J-----5--.3---I ------0-.-2--I------1-.-0--I-----.-t-.7--1-------1-.-9--1------5--.5-11 NormaL costs ~er ~nit: I I I I II I I JI Labour costs LJ061 8e1 t 7eb I 8.8 I 9.1 I 17.4 J 28.7 I 14.9 I 10.1 I other domestic costs I.J071 6.5 ~ 10.8 I 8.0 I lle6 I 7.3 J 32el I 21.6 I 13e8 I i111ported inputs I13081l------7-.0---I------3-.-6--I------3-e-0--J-----2-2-.-4--I-----4-0-.-0--J-----1-3--.2---I ----2--2-.5---J-----1-2-.-81J total costs Output prices 1--------------13091 1j 3101 7.7 I 1.0 I 7.. 1 I 9e7 I 7.3 l -----1-2-.-4--J-----2-2-.-1--I-----2-4-.-3--I-----1--7-.7---J-----1-1-.-51I 8.6 J 11.1 I 19.0 J 24.6 I 15.5 I 14.3 I ~ -C-o-n-s-u -111-e -r -p-r--i c-e-s----------I-3-1-1-I------6-∑-7--I------8-∑-3--I ------7-∑ -6 --I ----1-1-∑-1---I ----1-6-∑-0--J-----2-4-∑-0--1-----1-6-∑-4--J-----1-5 -∑ -71I 5::> !': ~∑ [ ~ ~ ~ ::: Historical Series 1961-1969 0 ∑l∑I(--T.a--a:--b--bi--ei--L--4l--io--n--E.--xU--p--oe--7n--5d--i--t∑--~k--rt--e--p--ar--n)--d--I--a--i--s--pII--o--s--a--b1--9l--e6--1--i--n--cII--o--∑--e--1--9--6--2------II--------1--9--o--3------lI--------1--9--o--4-------I-I ------1--9--6--5--------II -------1-9--6--6--------II --------1-S--t-:--7------II --------1--S--o--8------II--------1--9--6-9---11II I II I I I I I I f I I !Consumers' eapenditure 14011 46.8 I 48e1 I !>O ∑ .J I 51.8 I 53.1 I 54.2 t 55eo I 57.1 I 57.8 1 I PwbLic curr expenditure I I I I Il I I I I I 4 on .Qoods and services 14021 1t:.s I 16.9 I 17.0 I 17.2 l 17.7 I H:J.l I 19.0 I 19el I 18.7 I IPrivclte fixed i.nvestmentl4031 7.5 l 7.3 f 7.4 I ch4 I 8.7 I 8.6 l S.7 I 9.4 I 9.9 I !Public fixeo investment 14041 l!:ttockbuilding 14051 4.8 I Oe5 I 5e0 I -o.o I 5e4 I 0.2 I be3 I 1e7 I 6.5 l 1.2 I 7e1 I Oe6 I 8.1 I 0.1 I 8.1 I 0.6 I 7.6 I le2 I I I 1-----------------------------------------------------------------------------------------1 !Domestic expenditure 14061 76.2 I 77.2 I 80.3 J 85.4 J 87.3 I 88.5 I Sl.S I 94.3 I 95.2 I I II I I I J I I I I I lc.xports of goods & servsl4071 13.6 I 1.J.8 I 14.4 I 15.0 I 15e8 I 16.4 I 16.7 I 18.6 I 20.4 1 I I l-----------------------------------------------------------------------------------------1 !TotaL tlnal e.xpenditure 14081 89e7 I 91e1 J 94.7 I 100.4 I 1CI.3e0 I 104.9 I 108e1 I 11:3.0 I 115.6 I I II I I I I I I I I I I11mports of goods & servs Il40'i#l1---1-6-.-1--J ----1-6-∑-6--I ----1-1-.2-∑-I ----1-8-.7---l ----1-9-.1--I-----1-9-.7--I----2-1-.-0--I ----2-2-.-4--I ----2-3-.3--II 1----------I~DP at ∑arket p I (.a; biLLiono1~75 r ivcae~uses-)---1I-4-10-1-I-----7-3-.-7--II-----7-4-.b---II-----7-7-.-5--II-----8-1-.7---II-----6-J-e-9--il -----8-5-e2---II-----8-7-.1---II-----9-0-.-5--II-----9-2-.4-1II I lI II II III II ITerms of tr∑de effect 14111 2.1 I 2.4 I 2.4 I 2.3 I 2.6 I 3.1 I 3.4 I 3.0 I 3.2 J IINet income fro∑ abroad I141211----0-.-4--I -----o-.-c--I -----0-.7---I -----O-e6--I------o-.o--I-----0-.-4--I -----0-.-3--I -----0-.-2--I -----0-.6-11 INationa~ inco∑e 14131 76.2 t 77.o I 80.o I 84.5 I 87.2 I 88.7 I 90.8 I 9.3.7 I 96.1 I I IPost-ta.x inc.:o .. e: I J--------------------------------------------------------------------------- J II I I I I I I I I I I waqes and salaries 14141 3~.9 I 37.4 I 38.8 I 40.4 I 41.0 I 41.7 I 42.3 I 42.4 1 42.Y 1 I weLtare benetits 14151 4.1 I 4.2 t 4.8 I 4e9 I 5.4 I 5.6 I 6e1 I 6.7 I 6.8 I I other private income 14161 16.6 I 16.2 J 17eb t 19.1 I 19.3 I 18.8 I 19.1 I 20.5 I 20.1 1 I I l--------------------------------------------------------------------------------------1 I total private income 14171 57eo I b7e8 I 61.2 I o4.3 I 65.7 I 66.1 I ~7.6 I 69e6 I 70.3 I I II I I I I J I I I I II public sector inco∑e 1I4161l----1-8-.-6--J-----1-9∑.8--I-----1-9-.-4--I ----2-0-.-2--I-----2-1-.5---I ----2-2-.7---I ----2-3-.-2--I-----2-4-.2--1-----2-5-.9-11 ∑FinanciaL b∑~∑ncea: II II I I I I I 1I I I I I .I I I I I I I I IPriv.tte sectof'! surplus 14191 2.9 I 2.o I 3.7 I 2.5 I 2.1 I 3.0 I 3.!:> J 2.6 1 t.4 1 !Public sector deficit 44201 2.9 I 2.2 I 3.4 I .3.4 I 2.a I 2.7 I 11.1 I 3.21 0.41 18alance of pa~ments on I I I I I I I I 111 ∑I--c-u-r-r-e-n-t--a-c-c-o-u-n-t---------1-4-2-1-1------0-.-1--I------0-.-3--I------0-.-3--t-------0-.-9--I-------0-.-1---j -----0--.2---I ------0-.-1---I ------0--.6---l ------0-.9-11 ~ ;:c;.∑ cl' ~ i;'l ~∑ " Historical Series 1970-1977 11 T-a-b-L-e--4---E-x--p-e-n-d-i-tu-r-e--a-n-4--d-i-s-p-to-s-a-b1-L<-;e-70-i-n-c-Io-m-e--19-7-1----I ---1-9-7-2----I ----1-9-7-j---I ----l<-i--7-4---J----1-9-7-5---I ----1-'>-i7-t:---J----1-9-7-7--lI I --------------------------------------------------------------------------------------------------- I I ( £ b i L L i on, 1 ~ 7 5 mk t pr ) I ' I~ II I I II 1 II I ∑ I I I J I I 1Consumers 1 eapendtture 14011 59.0 I o0.9 l 6.J.d I 6t..O I 64.4 I 63.6 I 63 ∑ .3 I 62.0 I JPubl.ic curr e.xpenditure I I 1 on Qoods and servlces J4021 1 i-> r i v at e t i x e a i n v e s t me n t J 40 J I J 19.2 I 1 0 ∑ 4:! I J 19.7 I 10 ∑ 7 I I 20.~ I 11 ∑5 I J 20.9 l 12 ∑ 5 I I 21.4 I 12∑0 J I 22.7 I 11∑7 I I 23.7 I 11 ∑4 I I 2.3.5 I 11 ∑ 8 I 4Publ.ic fixed investment 14041 7ed I 7.7 I 7eJ I d∑ti I 8.9 ∑ 9.0 f 8e7 I 7.4 f IIStockbuil.dinQ I140~11-----Oe-'i-il -I------0--.5---I -----O-e-O--I-----2-e-0--I------0-.-3--I ------2-.-1--I------1--.2---I ------0-.1--lI JUomestic expenditure 14061 97.1 J 98.4 I 102.9 I 108.9 I 101.2 1 104.8 I 105.9 I 104.5 I I II I I I I I I l I IIExports ot s:~oods 6 servs ll40711----2-1-.6---I ----2-3-.-1--I ----2--3-.5---I ----2-b-e-2--I----2--7-.7---I ----2-6-.-8--I-----2-8-.9---I ----3-0-e-8-lI !Total. tinaL expenditure 14081 118.6 I 121.5 I 126.4 I 135.1 I 134.9 I 131.6 l 1.34.7 I 135.3 I 1 II J I I I 1 I I I I1 Imports ot ~oods & servs It4v91J----2-4-.5---J ----2-5-.-8--I ----2-7-.-9--I----.-3-0-.8--I-----3-1-.2--J-----2-8-.-9--I ----2-9-.-8--I-----3-0∑.4-1I h.>DP at market prices 14101 94.1 I 95.8 I 98.5 I 104.3 I 103.7 I 102.7 I 104.9 I 104.9 I I ----------------------------------------------------------------------------------------------- I I(,.; bH.l.i on.t<.,75 vaLues) I I I I II l I I I I ITer111s of trade effect ~I 14111 I .;;.c t I 4e0 I I 4.2 I I 2.0 I J -2.1 J o.o I I J -0.5 I l 0.4 f IINet inco111e trom abroad I141211-----0-.7---I -----O-e-5--I------lJ-e-4--I -----1-e-3--I------l-e-l--I ------0-.5---I -----0-.-4--I------0--.7-- II I!National. inc;o∑e I141 l31 ----9-8-.-4--I ---1-0-0-.-3--I ---1-0-3-.-1--I ---1-0-7-e-b-.I----1-0-2-.7--l----1-0-3-.2--I----1-0-4-.8--J----1-0-4-e6-1I IPost-taa lnco111e: II I j I I I 1I I 1 waqes and 5aLaries 14141 44.1 I 45.4 J 47.8 J 48.9 I 49e6 I 50.2 1 48.9 I 46e3 I I welfare be.nelits 14151 7a0 I 7.1 I 7.9 I 7.9 I 8e.J I 8.6 I 9.3 4 9e4 I I1 o∑ther private inc.o111e I∑41ol1----2-0-a-l -I-----2-2-.-0--I ----2-3-.-o--I-----2-6-.4--I-----2-1-.-o--I ----2-0-.-8--I-----2-1-.8---I ----2-3-.-3-lI I total. private income 14171 71.3 I 74.~ I 79.3 I oJ.1 I 79.5 I 79.6 I 79.9 I 79.1 I I II I I I I I I I I 1 publ.ic; sector inco111e I l---------------------------------------------------------------------------1J ∑F i n e~ n c i a L bal. a nc e.s: 14181 I' 21.1 I ∑ 25.8 I I 23.ti I I 24e4 I J 23.2 I I 23.6 I I 24.9 I I 25.5 1 I t II I I I J J I I J IPrivate sector surpLus 14191 1.3 I ..3.8 I 4.1 I 3.7 J 2.7 I 7.1 I 7.0 I 5.6 I IPublic sector deficit 14201 -0.1 1 2.0 I 3.':1 I 5.1 I 7.1 I 8.7 l 8.0 t 5.5 I 1 dal.ance of pa.vments on I I l I II I I I1 ∑I--c-u-r-r-e-n-t--a-c-c-o-u-n-t---------1-4-2-1-1------1-.-3--J------l-e-9--I------O-e-2--I------1--.4---I------4--.4---J------1--.6---f ------1--.1---J------0-.-0-∑I )> If ~- [ ~ ~ ~ ...)> Historical Series 1961-1969 I\) Table 5 dalance of payment5 1----------------------------------------------------------------------------------------------------------------------l ∑1I-(£---b-i-ll-l-o-n-o-1--9-7-5--p-r-i-c-e-s-)--I----tI----1-9-6-1---JI----1-<-J-o2---II----1-9-o-3---I-I ----19-b-4---l-I ---1-9-6-5----II ---1-9-6-6----II ----19-6-7----II ----1-96-8----II ----1-9-6-9-1II 1 It I I I I I J I I I lllolume of eaports of: J fueLs II 15011 I Oe4 I I o.s I I 0.5 I I Oe5 I J 0.5 I I 0.6 I I 0.6 I I 0.7 I I 0.7 I IJ other goods 4 services I150211----1-3-∑2--I-----1-.3-∑-.3--I ,----1-3-.9---I ----1-4-e-5--I-----1-5-∑2---I ----1-5-.-8--f-----1-6-.1---I ----1-8-.-0--I-----1-9-.7--II I total 14071 13e6 I 13.8 I 14.4 I 15.0 I 15e8 1 16e4 I 1E:.7 I 18w6 1 20e4 I I II I I I l I I J I I I Voi.ume of illlp4rts ot: I l I I I I I f I I I I tooca 15031 4w3 I 4e4 I 4.3 I 4.4 I 4w,J I 4.4 I 4e6 I 4e4 I 4.4 I I tuels 15041 2∑4 I 2.7 I 2.8 I Jel I .l ∑ .J I 3e7 I 4.0 I 4.2 I 4.5 I 1 basic materi∑ls 15051 2e6 I 2.5 I 2w6 I 2e8 I 2.1 I 2.6 I 2.6 I 2.8 I 2.8 l 1 se∑4-manufactures 15061 2.4 J 2.5 t 2.1 I 3.3 I 3e2 J 3.4 I 3.7 I 4.3 I 4.4 I I f i n i s h e d man~factures 1 services I 15071 1.3 I le.3 I le4 I 1.7 I 1.9 I 2.1 I 2.5 I 2e9 J 3.2 I 15081 3.2 I 3∑2 I 3.3 I 3e5 J .leo I 3.5 I 3w7 I 3.8 J 4.0 I I J---------------------------------------------------------------------------------------1 JII -(It-no-dt-ea-xl---lW-7-~-=-1-C-O-J---------II-4-0-Y--II ----1-6-∑-1--.II-----1-6-∑-o--II-----l-7-∑-2--JI-----1-8-∑-7--JI-----1-9-∑-1--II-----1-9-∑-7--1I-----2-1-∑-0--tI-----2-2-∑ -4--II-----2 -3 -∑ -31lI ∑JI-T(-~e-r-mb-is-t-o~-if-o-nt-r,-a1-d~-47-S--v-a-l-u-e-s-)--Ii-:>-0-9-JI----l-1-5-w-t-l -II----1-1-7-.-5--Jl----1-1-6--.6--I-I ---1--1-4-.3--l-I ---1--1-6-.2---JI ----1-1-8-.6---!I ----1-1-S-e-0--II ----1-1-5-.5---Il ----1-1-6-.-01lI I II I I II I I II I IBalanc:eottradeon 1 goods and services II 15101 I -o.4 I I -u.3 I I -O.,J I I -1.5 I l -0.7 I I -0.2 I I -1.0 I -o.a I I I 0.3 I IINet income from abroad I141211-----0-∑-4--a------o-.-o--I------0-∑-7--I------O--.o--I------O--eo---I -----0--.4---I ------0-.3---I ------0-.2---I ------0-.-6-lI ICurrent ba~anc:e 14211 0.1 I 0∑3 J Oe.3 I -0.9 I -0.1 I 0.2 J -0.7 I -0.6 I o.~ I INet Lon~-ter∑ c a p i t a l 15111 OwO I -0.4 I -O.ti I -0.9 I -O.o I -0.2 I -0.2 I 0.0 I -0.1 I IJNet trade credit IBasic balance I81!5:ª112311i------0-o-..1-o--II--------00-..-22--JJ--------o0-..--2-. -I-J -------01-..-19---II -------00--..27---JI--------00-..-66--II--------01-..-43--II--------10-..-26---II ------0-0-..53-1II INet short-ter∑ inflow 15141 -1.0 I Oe7 l 0.2 J 0.2 I -0.2 I -0.71 -0.2 I -1.8 I 1.1 I I I 1-----------------------------------------------------------------------------------------1 IBalance for 15151 -0.9 I o.s I -0.2 I -1.8 I -O.Y i -1.3 I -1.5 I -3.1 I 1w4 I ∑I--o-f-f-i-c-i-a-l--f-i-n-∑-n-c-in--g------I----I----------I----------I-----------I ----------I ----------I ----------I ----------l ----------t --------1I l(lndices.1970=100) II II Il I I J I I lllolume of wor~d trade 15161 48 I 50 I 54 I oO I 64 I 69 I 74 I 82 I 91 I I lillort d price o I II I I I l I l I I I 1 manufactures 15171 8!:> I 86 I 87 I 88 I 90 I 91 I 91 I 92 I 95 l l∑orld terms of trade tori I I I I I I I I I I J raw materiaLs 15181 99 I 99 I 102 I 107 I 104 I 106 I 102 I 101 I 101 I J oil 15191 142 I 140 I 130 I L:H I 122 I 113 I 119 I 120 I 110 l IUK unit costs relative I I I I IJ l I I I I I to world price of ∑fs: I I I I J I I I I I I I in sterling 15201 85e7 l 88.0 I 88.6 I 90.4 I 90.6 I 92.4 l 93.5 I 97.1 I 98e2 I 1 in foreign currenc~ 15211 100.6 I 103.9 J 104 ∑ .J I 106.1 I 106.o J 108.7 I 107.2 f 97.7 I 99.2 1 I II I I J I I I I I I ∑l-∑e--ig--h-te--d--e-a-c-h-a-n-g-e--r-a-t-e---1-5-2-2-1----1-1-7-.-3--I----1-1-8-.-0--I----1-1-7-.-7--l----1-1--7-.4--I----1-1--7-.6---I ----1-1-7-.6---I ----1-1-4-.7---I ----1-0-0-.-6--I ----1-0-1-.-01I ~ ß 0 ~' ~ :::: ~ ~ ~∑ ;; Historical Series 1970-1977 ∑∑J--T--a--b--l--e----5------B--a--l--a--"--c--e----o--f----p--a--~--m--e--n--t--s--I--------1--9--7--0------I--------1--9--7--1------J--------1--9--7--2------J--------1--9--7--~--------I ------1--S--t--74--------I ------1--9--7--5--------1 --------.1--9--7--t------I ------1--9--7--7----11I 1(£ billion.l975 prices) I I I I II I I II I I Volume ot e.xpDrts or: I fuels It II 150U I I 0.8 I I I 0.8 l I I o.a I I l u.a I I I Oe8 I I I 0.7 I I I Oe9 I I I 1.1 I I II other goods & :aervices 15021 20.8 I 22 ∑ .3 I 22.7 t 25 ∑ .3 I 26.9 I 26.1 I 28.0 I 29.7 l 1---------------------------------------------------------------------------~---l I total 14071 21.6 I 23.1 I 2.3.5 I 26.2 I 27e7 t 26e8 I 28.9 I 30ed 1 I II I I II I I II IVol.ume ot imports ot: I I I ,I I I I 1I I I food 15031 4.4 I 4e4 J 4e5 I 4e5 I 4.4 J 4.3 1 4.5 J 4e5 I I fuels 15041 4.8 I 5 ∑ .3 I 5.3 l 5.4 I 5.1 I 4.3 J 4.2 I 3.6 I I basic materi.als 15051 2.8 J 2.6 1 2.6 I 2.9 I 2.6 I 2.2 I 2.6 I 2.5 I I semi-manufactures 15061 4.6 I 4.9 I 5.o I o.4 I 6e9 I 6.1 t 6.8 I 7.4 I ∑ finished manufactures 15071 3.o I 4.0 I 5.1 I 6.6 I 6.7 J 6.7 I 7.1 J a.o 1 II services ∑150811----4-.-3--I-----4--.6--I-∑----4-.8---I -----s-.o---I -----5-.5---J -----5-.3---I -----4-.-6--1-----4-.-5- I1 I∑--to--tc-t-l-------------------1-4-0-9-t-----2-4-.-5--J-----2-5-.-8--I-----2-7-.-9--I-----3-0--.8---I ----3-1--.2---I ----2-8--.9---I ----2-'-ie-8---t -----3-0-e-41t I (lnde.JI. 1Y7::)=14i0) ff Il JI J JI I ∑ll-e-r-m--s--o-f--t-ra--d-e-----------1-5-0-Y-t----1-1-7-e-J--I----1-1-8-.-5--I----1-1-7--.5---I ---l-O-b-.-~--l-----9-4--.2--I----1--0-0-.0---f ----~-8-.-6---∑ ----1-0-1-.1-1I I(~ biLlion.1975 values) I I I I IIl III I 1I l I Il JI I I t Bala nee of tr.ade on II f J II I I I 1 I qoods and services 15101 0.1 I 1.4 I -0 ∑ .3 J -2.7 I -5.6 ~ -2.1 I -1.4 I 0.7 l tNet income trDm abroad 14121 0.7 I Oe!J I 0.4 I 1.3 t 1.1 I 0.5 1 Oe4 I -0.7 I I I t-------------------------------------------------------------------------------1 f(;urrent balance Net lo"~-terM cap∑tal 14211 J!J111 1.3 I o.o t 1.9 1 0.4 J 0.2 I -0.3 I -1.4 I 0.1 I -4.4 t leJ I -1.6 I 0.4 I -1.1 t -o.o 1 OeO I 1.8 1 Net traae credit 1!1121 -0.7 I -0.4 I -0.5 1 -0.3 I -0.8 I -0.3 1 -C.7 1 0.1 1 I 1-------------------------------------------------------------------------------1 Basic balance 151.H 0.7 l 1.9 I -0.6 j -1.5 I -3.9 J -1.6 I -1.8 I 2.0 I Net short-term infLow I15141l------1-.8---f ------::-J.-7--1-------1-.-5--l------O-e-4--I------1-.-9--I------O-e-l---I ------1-.-3---I -----3--.5-1I dalanc;:e tor lo15f 2.5 I 5.5 I -2.1 I -1.1 J -2.1 I -1.5 1 -3.1 I 5.5 I --o-f-f-ic--ia--l -t-i-n-.a-n-c-:i-n-g------J----J ----------I ---------J----------l ---------I----------I----------f ---------t--------- J (lndices.l970=100J Volume ot wor&.d trade II 1516i I tuo I I 107 I I 116 J I 130 I I 140 I I 136 I I .150 I 157 lltorld pric;:e of manufactures ∑I ∑ 51 71 I 100 I I 10.3 I J 104 I I 11 .3 I I 140 I I 153 1 I lU I 174 l world terms of tr∑de fori I I r.aw materials 15181 '100 I I 9o J J 102 I J 127 I I 130 f I 105 J I 109 I 10 7 I oil 15191 100 I 1181 111 I 125 I 278 J 2t:O I 283 I 272 I UK unit c;:osts relative ∑to worlo pr∑c:e ot mts: I I ∑∑ ∑ 'in sterli"A j 520 I 'I in toreign C4Ar rene~ 15211 'I J J ' ∑....)> llleighted e.-;c:hange rate 15221 ∑------------------------------------------------------------------------------------------------------------1w 100.0 100.0 100.0 I I l I I I I I 106.7 106.o I 99.8 I 114.0 109.7 96.2 I j I I I I I 11o. 3 t 101.4 I 87.2 I 111a4 94.2 84.5 I I I I I I 126.5 98.7 78.0 I I I I I I 139.7 92.4 66.1 I I I I I 147.7 92.9 62.9 I I I I I I ~ ~- [ t ~ )...>.. Historical Series 1961-1969 .j::. 11 T-a-b-L-e--o---P-u-b-l.-i´-:-: -s-e-c-t-o-r--a-´-:-:c-o-u-In-t-s --19-6-1---I-----1<-J6-.i-:: --1-----19-t---3---I ----1-~-64----I ----1-<.-tc-b---I----1-9-6-6---I----l<-.-it:-7---I----l<-i-6-8---I----1-9-6-9--lI 1----------------------------------------------------------------------------------------------------------------------l 1(.1: biLLion,191b vaLuesª I t I I I I II I I I 1 II I I I I I I I I I l~ubLic sector receipts I I I I I II I I II IUirect tax & ~J contribsl I I I I I I I I I I 1 on wa!:!eS c~nd saLaries to011 6oS I 7.1 I 7.1 I 7.6 I tloti I 9o6 I lOoO I 11o0 I l1oo I 1 on weLfare benefits 16021 Oel J 0.1 I Ool I 0.1 I Oo1 I Oo2 I 0.2 I 0.2 f 0.3 I I1 on other Incomes 1 totaL '6 I 0 J I1-----4-.9--J------5-e4--I------5-.1---I -----4-e-9--I -----4-o-9--I-- ----s∑.-O---I -----t-:.-1--I------5-.9---I -----6-o-0-II 16041 11.5 I 1C!o5 I 12o4 I 12.6 I 13.9 I 14.8 I H':o3 I 17.1 I 17.9 I I Ne t i nair e c t tax: II J I I I I I J I I 1 consumers expenditure 16051 5e2 I :>e4 I 5etl I 5.9 I 6.3 I 6e6 I 7.0 I 7.7 I 8o4 I 1 other I toOol 3eJ I .Je4 I Jo6 I 4o0 I 4o'+ I 4o7 I 4od I 5.1 I 5o9 I I l-------------------------------------------------------------------------------∑-------1 1 total 1 North ~ e a taKes 16071 I b 0 tl I 8e5 I 0 ∑0 I d∑8 I 0∑0 I '::lte1 I 0∑v I 10.0 I 0∑0 I 10.7 I 0∑0 I 11.3 I 0 ∑0 I 11e8 I 0 ∑0 I 12o8 I 0∑0 I 14o3 I 0∑ 0 I IProperty inconoe J 160'iol 3.7 I 4∑0 I 4∑2 I 4.4 I 4.7 I 4.8 I 5.1 I 5.6 I 5.8 I I 1----------------------------------------------------------------------------------------1 1 TotaL receipts lblOI 23e7 I 25e3 I 2':i.7 I 2oe9 I 29.2 I 30o9 I 33.2 I .35.5 I 31.q I 1 II I I I I I I I I I I Pu b l. i c e.ll p e n d i t u r e II I I I I I I I I I 1 finaL consumption 16111 12o7 I 13e1 I 13ob I 1Je8 I 14o5 J 15.2 I 16.4 t 16.6 I 16.4 I I ~ross tnvestment I 1 total I161211-----5-e-l--I------5-e-3--I------5-e-8---I ------6-o-o--I ------o-e-d--I------7-.-4--I------8-.-5---I -----8--.3---I ------7-.6-1I 161.31 17ot! I 18.5 I 19o4 I 20.5 I 21o3 I 22.6 I 24.8 I 24.9 1 24.0 I 1 II I I I I I I I 1 I 1 ~rants IIIII IIIII t weltare benefits ol41 4∑4 i 4∑6 I 5∑2 I o.J I 5ed l 6o0 f 6.6 I 7.2 1 7.3 I 1 other Qrants in UK o1ol Oe6 I u.8 I Oo7 I 0.8 I 0.9 I leO 1 1.6 I 2.2 I 2.4 I 1 c ur r e n t Q r a n t s a b r o a d o1b I 0 ∑3 I 0∑3 I 0∑3 I 0∑ 4 I 0∑4 I 0 ∑4 I 0 ∑4 I 0∑4 I 0∑4 I l-----------------------------------------------------------------------------------------1 totaL 6171 5e3 I ~.7 I o ∑ .J I ooS I 7.2 I 7.4 I 8.6 I 9.8 I 10.1 I i.)ebt interest pa.vments 61811-----.-Jo-':-i -I------3-.-4--I------3-.-4---I -----.-:j-.4---I ------3-.5---I------3-e-6--I------3-.-9--I------4-.-1--I------4-.-2-JI TotaL expenditure o1<,jl 26e6 i 27.6 I 29.0 I 30.4 i 32.0 I 33.7 I 37.3 I 38.8 I 38.4 I i II I II IIII f"inancial deficit 4.201 2∑"' I 2.2 I 3.4 A 3o4 I 2e8 I 2.7 I 4.1 I 3.2 I 0.4 I -B-o-r-ro--w-i-n-g--r-eq-~-4-r-e-ll-t-e-n-t-----6-2-0-1------2-.-0--I------1-∑-5--I------2-.-2--I------2-.-5---I -----2--.9---I -----2--.2---I ------4-.2---I ------2-.8---I ------1--.0-1I (X of natlona.l income) I I II l I I I I II TotaL receipts lolOJ 31e1 J 32.7 I 31.8 I J1o9 I 33e5 I 34.9 I 36e6 I 37.9 I 39.4 I Total expenditure 16191 34e9 J Jo.5 I 3oo0 I 36o0 I .36.7 I 36.0 I 41.1 I 41.4 I 39.9 I Financial deficit 14,01 3.8 I 2.9 I 4.2 I 4o1 I .3.2 I 3.1 I 4.6 I .3.5 I 0.5 I -B-o-r-ro-w--i-n-u--r-e-q-~-i-r-e-∑-e-n-t----1-6-2-0-1------2-∑-6--I------l-e-9--I------2-.-1--I------3-.-0--I------3-.-4--I------2-.-5---I -----4--.7---J -----3--.0---I ------1--.0-1t )c<l "~ ;:;∑ ;s> ∑~~ ~~. ~ Historical Series 1970-1977 ∑IJ--T--a--b--l-e----6------P--Y---b--l-i-c----s--e--c--t--o--r----a--c-c--o--u--In--t--s----1--9--7-0------I--------1--9--7-1------I--------1--9--7--2------I----∑--1--9--7--3-------I ------1--9--7--4-----∑-I--------1--9-7-5-------I--------l<--i--7--t-----I--------1--9-7-7----11I j(,.; biL&.ion.l975 vaL~o~esJ I I I I JI I I I J I JI I J J I I 1 I I J P~o~ b L i c sector receipts I J ∑ I ttJ JII I Dif"ect tax & Nl contribsl I JI IJI I JI J on 110aqes and sat.aries 16011 12.9 I 12.8 l 13e0 I 14e2 I 1!:>∑9 I 18.4 I 18e8 I 17.9 I J on weLfare benetits 1£>021 0.3 I O...J J 0.2 I 0.2 I 0.3 I 0.3 I 0.4 I 0∑.3 I IJ on other incomes Ilb 1031 ----e-.-2--I-----5-.-8--I -----5-.3---I -----5-.1--I------5-.7--I--∑---4 -..6--1-----4-.-3--I-----4-.-4-l1 I total 16041 19.4 I 16.9 I 18e6 I 1Sieb I 21.9 J 23.4 I 23.4 I 22.6 I JNet indirect ta∑; II I∑ I I1t Jt J consumers e∑penditure 160!)1 6.4 I 7.9 J 7.7 I 7.9 l 6.2 I 5.8 I 6.2 I 6.9 I I other J 1 I 6 0 161 - - - -b-e-l- -∑- - - - -6-.-0- -I - - - - -!->-.5- -I- - - - - 4- -. 9- -t- - - - - -4-.4- -I- - - - - -4-.5- -I- - - - - -5-.1- -1- - - - - -5e-: -:i 1l J totaL tu07J 14.5 I 13e8 J 13.2 I 12.8 I 10 .. 5 I 10.3 I 11.4 I 12.4 I &North Sea ta∑es 16081 0.0 I 0.0 I 0.0 J 0.0 J 0.0 I OeO I Oel J 0.2 I JI Propert)l incoae 1I £>091I-----5--.6--' -----5-.-6--I -----!-:>-.7-∑J-----6--.3--I------6 -∑ .-3 -t------6-.3---I -----1-.2---I -----7-.-8- II I Jotal receipt∑ 16101 .39.4 I J8e3 I J7.5 l .J8e8 I 38.8 I 39.9 t 42.1 1 43.0 J I .I I I I J I l f I I I Pu b .. i c e lli pen d i t Y r e ;I I I II I JI I I final consumption 16111 17.2 I 1~.0 I 18.9 I 19e6 I 20e6 I 22.7 I 23.0 I 22.2 I II qross investaent I1612it------7-.S-i--I------8-.-0--I------7-.-4--I------8-.-5--I------9-.-0--l------9--.6---1------S-.-l --I ------7-.5-1I t totaL lbl31 25.1 I 26.0 I 2o.4 1 28.1 I 29.6 I 32.3 1 32.1 I 29.7 I I Ji J I I I I I I I I ""ran t s II .I I IIJI II I we L t ar e bene i t t s I 61 4 I 7∑ 5 I 7∑5 I 8∑3 I 8∑3 I 8∑6 I 8 ∑9 I 9 ∑7 I 9∑9 I I other grants in u~ II current grants abroa4 J6151 I 11616t - - - - 2.3 -0-.3- I -~- - - - - 2.4 -o-.4- - I I- - - - - 2e4 -0-.-3- I -A- - - - -o2-..-4s- I -J - - - - 2.3 -0-.-4- I -I- - - - - 2.2 -0-.4- t -I- - - - - 2.3 -0-.7- - I -I - - - - 2.4 -0-.-9- I II I t ot a l I 617 I 10∑ 1 ∑ 10∑ 3 I 11 ∑ 0 I 11 ∑ 3 I 11∑4 I 11 ∑5 I 12 ∑ 7 I 1..; ∑ 3 I &Debt interest payments I 1-------------------------------------------------------------------------------lJlota .. expenditure 16161 J16191 4.1 ~ 39.3 I 3.9 I 40.2 I 4.0 I 41.~ I 4.4 I 43.8 I 5e0 J 45.9 I 4.8 1 48.7 I 5.3 I 50.1 I 5.5 I 48.5 I I II l I I I J I I I IFinanc;ial. deficit 140,!01 -0.1 I 2.0 I 3.9 I 5e1 I 7.1 I 8.7 I 8e0 J 5e5 I IlB--o-rr-o-w--in-u--r-e-Q--v-ir-e-m--en--t ---1-6-2-0-∑-------o-.-o--I------2-e-4--J------3-.:-:1--I------6-e-2--I------7-.-9--I-----1-0-.-5--I------8-.-2--I------4-.4-11 J (% of nattonaA. inc;ome) I I I I I II 11J ITota .. receipts 16101 40.1 I 38.2 I 3o.3 i 3oe0 J 37.8 I 38.7 J 40.2 I 41.1 1 ,JTotal e.xpencii.ture 1619i 40.0 t 40.1 I 40.1 1 40.8 l 44.7 I 47.2 t 47.8 1 46.4 1 <IFinanc;iaL deflcit ∑----------I Borrowing requirem e n-t----11-46-220-01-J -------0o-..-1o---lI -----22--..04--J-t -----33-..-82---II -----4!->..-77--l4------17-..-07--JI-----1-80-..-52--JJ------77-..-87--11------54-e.3-2111 .).>.. Ul [S' a[ ::g... ~"' .).>.. STRATEGY 1: Orthodox policies O'l Tabi.111 1 ~u11mar.v 1------------------------------------------------------------------------------------------------------------l I .I 1971 I l<Jlti I 1979 I 1<..180 I 1981 ~ 1982 I 1985 I 1990 I 1------------------------------------------------------------------------------------------------------------l I(Annuat chanQeSt ~) II I I t I I I II I II I I I II JI J l<.onsumers expenditure 1401J -2.1 J 3e4 I 3.2 J .Ja9 I 3.7 J .3.6 J 1.0 I 0.7 I I Public curr expenditure I I ∑ I II I I I I I on Qoods and services 1404U -O.ti I 1∑1 I Oal I leO J Oad J Oa5 I -1.0 I -1e4 I !Fixed investment 11011 -4 ∑ .J J 4e7 I 1.~ I <:!e9 I 6.8 I 2e5 I la5 I 2a2 I I JI I I I I I 1 I I luiJI-' at mark~t prices 14101 0.0 I ..)e2 I 2.2 I JaO I .3.2 J 2.0 I Oe1 I Oe1 !∑-N-a-t-i-o-n-a-l--i-n-c-o-∑-e----------1-4-1;-:)-1-------0-.-2--J------4-.;-;,--I ------2-∑-..:)--I------,.-j.-O--I------.J-e-l--I------2-.-6--I------0-.-4--J------0-.-5- I(ThOU5ands) II I I II III 1IU-n-e-m-p-l-o-~-m-e-n-t-------------1-2-1-1-1-----1-3--/b---I ----1-4-o-0---J -----1~-~-u---J -----1-8-09---J -----1-9-2-b--I-----2-1-35---1-----2-9.-3-0--l-----4-62-.-3- ∑ (Annual chanQes∑ %) II JJ I I IJI !Volume ot wor&.d trade l~lol 4a7 I ~.0 I o.O I 6.0 I tiaO I 6.0 t 6a0 I 6.0 l*orl.a terms ot trade I tor manutact"'res IJ 11021 I 2.5 I J ti.O I o.o I I -o.o I I J -O ∑ .j I I -0.8 J J -1.8 I -2.1 ISterLinSJ excnan~e rate 1524:::1 -4∑d I 2.~ I -8.4 I -o.8 I -4.4 I -1.5 I -0.3 J -2.2 I UK u n i t cost s r e I. at t 11 e I to world price ot mfs I II .lti211 ~. l I o.~ I I I ti.o I I -v.'.:l I I I o.o I l I o.o J J I -o.o J ~ I J 0.0 I I 0.0 IYo&.ume ot exports 14071 6.7 I 5a'.:l I 4.~ I 5eo I 5eo I 4.3 J 2.8 I 3.4 I Yolume of imports 140~1 .<:!eO I 6a1 1 5.5 I tie.3 I deO I 5.8 I 3.3 I 4e2 I 1------------------------------------------------------------------------------------------------------------l I (..L bU.&.&on,197.!:> val-ues) I I I I III I I I 11ld-ac-Lu-ar-nr-ec-en-t-o-af-c-cp-oa-.u-vnm-t-e-n-ts--o-n---1I-4-2-1-1-I -----o--.o--~-I -----1--∑ .-3 -I-I -----1--.1---JI -----u--.9---II ------o--.o---JI------o--.o---1I------0-.-6--II------0-.-2-fII I (Annual chan Ae s ∑ %) II I I I I I I J JAveraQe mone.v eorninQs 1.30;:)1 9.1 I 13.!:ª I 1.3.7 I 11.5 I 9.1 I 7.2 J ~.8 I 7.':) IConsu111er prices t.J111 15.7 I 11.0 I 12.2 I 10.6 I 8.7 I 6.1 I 5.0 I 6.4 1∑P-o-s-t---t-a-x--r-e-a-l--e-a-r-n-i-n-~-s---1-.-3-05-1-------s-.-~---I -----2--.2---I -----1--.8---j -----2--.4---I ------O-a-9--I ------0-.7---I ------0--.1---I------o-.-9- .,~ billion,l~75 values} I I IJ J I I I I ILHscretionar)l ta.x II I I II J I I I∑--r-e-d-u-c-t-io-n----------------1-1-0-7-1------0-.-0-.-J------1-.-0--J ------1-.-9--1------3-.-5--J------.3-.-9--I------3-.4---I------5-.6---I------7-.-9- 1 (.t. bi.LLion.1'.:17ti va4.ues) I I l I j I I I I IPubl.ic liector borrowing I I I reQuirement lo.::OI I 4.4 I I 4.9 I I 4.8 J I ti.o J I 4.8 I J 2.7 I I 1.5 J .3.5 IUomestc <.reait ExpansionllO_jl 0.:<:: t 4.o I 4e0 I 4e7 I .3.8 I 2e5 I le4 I 2.1 I II J I I I I I J I (Annuat chanu4so %) II II II I II U4one~ suppty 11041 8.o I 20.1 I 15.4 l l5e8 I 14:!.0 I 7.2 I 4.2 J 7.3 ∑IU--a-n-k--r-a-t-e--/--M-L.-.H--(-%--p-ea-.-)--1-1-0-5-1------8-.-5--I------7-.-9--J------8-.-0--I------1-.-2--J------b-e-2--I------5-e-l---I -----4--.4---I -----4-e-7-1I );l ,.""";::;∑ ~ ∑~ ~ ";;;∑ >: STRATEGY 1: Orthodox policies ∑1-T-a-b-l-e--2---~-m-p-L-o-~-m-e-n-t-.--o-u-t-p-u-t--aI-n-d--1i-n9-c7-o7-m-e-I----1-~-7-8---l----1-9-7-9---I----1-Y-o-0---I----1-<-..1-81----I ---1-9-8-2----1 ---1-9-8-5----I ----19-9-0--1I ∑-------------------------------------------------------------------------------------------------~----------1 I (.i. bH.Lion at 1Y7o II I t II J 1I I I factor cost) II I I I I I I I I !North Sea output 12011 J. ∑ .J I 2.1 I 2.8 I .).4 I .3.8 J 4.0 J 4.4 I 4a4 I IPublic service Gutput 120;21 15.2 I 1~.4 I 15.J I 15.4 I 1!:1.5 J 15.5 I 15.4 I 14.3 1 Iluther oomestic output I120311----7-8-.3--I-----7-9-.9---J ----8-1-.-0--I--∑--8-2-.6--t-----8-5-.-0--I ----8-6-.-4--I-----8-9-.8--I-----9-0-.-5- II I~DP at factor cost 12041 94.7 I 97.4 J 99.1 I 101.6 I 104.2 I 105.9 I 109.6 I 109e1 I 1 I. I I I J J I I I 1.5hares ot GOP(%)! IJ J I II I I II I income from e~t~pl.oliment 12051 1 uross tradinQ income I I 70 ∑ .;; J I boa4 I a 67a2 I I b4e8 I I t>2ed I I 62.0 I I t;1.9 I J 59a4 J I 1 and pubLic rents i2061 24.4 I 2oa4 I 27e5 I 29.8 I ~1.8 I 32.4 1 31e7 I 32a4 I I1 -p- r-i-v-a-t-e- -r-e-n-t s- - - - - - - - - - -1-2-0 7-1- - - - - -5-.-3- -J - - - - -5-.-2- -I- - ∑ - - ∑5-.-J- -I - - - - -5- .-4- -I- - - - - -5-.4- - -J - - - - -5-.-6- -1- - - - -6-.∑4- - I- - - - - -8-.-2- I t I (miltion tt111 equivs) 1I I I I IJ I t I IPublic service emplmt J20til 3.~1 ~ J.~b I 3.~5 J 3.3o I ~.38 I 3e39 l 3.37 a ~.11 l Iluther empto~∑ent I120911---1-4-e-4-4--I -∑--14-.-3-9--I ---1-4-e-2-o--I---1-4-e-1-4--J---1-4-.-0-3--I ---1-3-.-9-0--I ---1-3-.-4-3--I ---1-2-.-2-0-II I (mil4.ion persons) II I I III III &Total. emplo~ment 12101 22a'#:c! I .c~.01 t ~2.91 I 22.&b l 2:C..8b I 22.79 I 22 ∑ .39 J 20.71 I IUnemplo~ment 12111 1a.:Sti I 1.46 l laotl J 1e81 J 1.92 I 2e14 I 2eSi3 I 4e62 t INGn-participants 12121 o.~ti I le02 J 1.10 I 1al7 I 1.21 I 1.29 I 1.5o .I le97 I I I 1---------------------------------------------------------------------------1 1I P-G-t-e-n-t-i -a-l--l.-.a-b∑-IU-∑-r -S-\-IP-P-'--ll--1-2-1-.J-.----2-~-e-29---I ---2-5-.-4-9--J----2-5-a-b-7--I----25-e-0-4---I ---2-o-.O--O--I----2-b-e2-1---t ---2-t---.8-7--I----2-7-.-3-0-tI I-T-do-l-.e--3 --c-a-r-n-in-~-s-.--c-o-s-ts--a-n-d-p-r-i-c-es----------------∑----------------------------------------------∑-I ∑1!-(A--n-n-u-al-.--c-h-an-~-e-s-o--%-1-------I ---I-I ---1-':-17-7---lJ----1-Y-7-8---II----1<-..-17-9---II----19-8-0----II ---1-9-t-H---II----1-9-8-2---II----1-9-8-e---lI ----1-99-0--1II lwaue $ettl.ement index 1~011 7.& I 10 .. 0 I 8a0 I 6e5! SaO I 5.0 I 5e0 I oeO I IReal post-taa vaLue II I I I I I I 1I 1 of setttements 13021 -7.0 I -1.8 I -3.2 I -2.8 I -~.0 I -1.7 I -0.1 I -1.4 I I I 1-----------------------------------------------------------------------------l I Average earninAs.: II 1 pre-tax mone&~ earnings 130.31 I 9.1 I I 1.3 .∑ o I t l.Je7 1 I .11.5 I I 9.1 l I 7.2 J I 6.8 J I 7a5 I 1 post-tax money earniRASI3041 9 ∑ .3 I 14.3 I 14e2 I 1Ja.3 l 9.7 J 6.8 I 5.0 l 7.4 I I1 post-tax rea.t. earnings LI~0511-----5--.5---t -----2-.-2--I------l-a-S--I-----2--.4---I -----0-.-9--I------0-.-7--I------0-.-1---I -----0-.-9-fI I Norm a L costs per un i t: I l ~ I J I I I I I 1 labo..r costs 1306, 10.1 I 14.o I 13.6 I 10.2 I 7.0 I 3.6 I 3.7 I 5.7 t t other domest.lc costs 1.3071 13.8 ~ 14.7 I l5e7 I 14.8 .t 11.4 J 7.1 J 6a2 I 9e6 I I imported inputs I~Otil 12e8 I 2a3 I 11.0 I 10.9 I 8.1 I 5.4 I 4.4 I 6.0 I ∑ ∑ ∑------------------------∑-------------------------------------------- l ∑I tot a l costs ∑4 .30 9 JI ----1-1-∑-5--t -----11--∑ 0--I-----1-.3-∑-1--I-----11-∑-0---I -----7-∑-9--I------4 -∑ 6---I -----4-∑-.3--J------6-∑ -.31I IOutput prices J.310J .14.3 4 11∑2 I 12ao I 11.6 J d.8 1 5.6 I 4.3 I be4 I )> '-1 ∑I-C-o-n-su-m--e-r -p--ri-c-e-s----------1-3-1-11-----1-5-e-7--4-----1-1-.-8--I-----1-2-∑2---I ----1-U-a-6--t------&-.-7--I-----6--el--1------5-.-0--J------6-.4-1I [S' ~∑ [ :... ~ ~ .)..>.. STRATEGY 1: Orthodox policies 00 t -T-ab-L-e--4---E-x-p-e-n-d-i-tu-r-e--a-n-a-d-i-&-p-o-s-a-b-L-e--in-c-o-m-e------------------------..-------------------------------∑---I I ~ J.~71 f 1~78 I 197~ I 19d0 .I 1SI81 I 1982. I 1985 t 1~90 I 1---------------------------------------------------------------------------------------------------------l l(.i: biLtion.1975 IIIKt pr) I J J J I I II II I II I J I I I I J I H .. onsumers' ex.penaiture 1401J 62.0 I 64e1 I 66.2 t o8e7 I 71.~ I 73.8 I 80.4 I 84.1 I l~wbl.ic curr expenditure I 1 1 I I I I II I ton QOOd5 and ser.vices J404:!1 23.!:1 I 2~.7 I 2.3.7 I 24.0 J 4::4e2 I 24.3 I 24.2 I 22..5 I IPrivate fixed investmenti'+O ∑.H 11.8 I 1.<::.9 J 13.2 J 1.3.7 t 14e-\ol J 15.4 I 15∑8 I 18.3 I I~Ybl.ic fixeo investment 1~0'+1 7.4 I 7.3 I 7.2 .I 7.3 I 7.5 I ∑7.6 J 7.7 J 7.5 I IIStockouil.dinQ I140!:111-----0-.-1---1------o-.-o--1------0-.-2--1-----0--.4--1------0-.-1--J------o-.-s--J------o-.-o--1-------0-.-4-l1 ll)omestic expenditure 14U~I 10~.5 I 107e9 I lliJet I 114.1 I 118.o I 121.7 1 128.1 I 132.0 I I II I I I I J I J J IIExports of SIOOds & servs IJ4071l----3-0-.-8--~-----.J-.2-.-o--I ----.-3-4-.1--I-----.J-o-.O---J ----3-d-e-0--J-----3-9-.6---t ----4-4-.-8--J-----5-2-.-91I ITotaL tinaL expenaihare 140bl 135.3 I 140.5 I 144.7 J 1~0.1 I 15o.o t 1o1.3 I 172.9 I 184.9 I I IJ I J I I J I I I I J.mports ot Qoods a. servsJ40':iiJ 30.4 l .J2.J J .34.0 I 36a2 I 3Yal J 41.4 I 47.7 I 58a5 I I I 1-------------------------------------------------------------------------------1 I---JuD~ -a-t- -m--ar-k-e-t--p-r-ic- -e-s - - - -1-4-1-0-4- ---1-0-4-.-9--J - - - -1-0-8-.3- -I- - - -1-J-O-.-b--I- - - -1-1-3-.9- -I- - - -1-1-7-.∑5--I----1-1-~-.-9- -I - - - -1-2-5-.2--I----1-2-o-.-4- I I 1(.-; bit.Honel975 values} I I I ~ II Il It I II II I JAI IJ 1 Terms ot trad<e ettect 14111 0.4 I 2.2 I 2a.3 J ~.b I 3.0 J 3.4 I 4e8 J 7e2 INet income from abroad IJINationat. inco.me 11I∑ 4411.2J1I11------1---u-0-4-.-.-16----lI--------l-O---'1:-i-1.--3.2----JJ--------1---1-1-1-.-.-21----tI--------l-l---S1--..--O5-----II--∑----1----12--8-.-.0o∑-----JI -------1---2-1-1-.-.7-6-----1I -------1---2-1-.8--∑..--73----1I-------1---3-1-2--..-3-2-- JPost-tax income: II J I I IJ I I J waQes and sa&.aries 14141 4CJ.,j J 47.5 I 48e1 I 49.2 I 49.7 J 49.8 I 53.8 I 54.5 1 wet.tare benefits 14151 <;.~.4 I 10.1 J lO.o I llaO I 11.4 J 11.9 I .14.0 I 17.1 '1 other private income 1J4lol1---2-3--.3--J-----2-5-eb--J-----2-o-e-9--~ ---∑2-9-a-3--I----3-1-.-u--I-----3-1-.2--I-----3-0-.9---I ----3-4-.6-- l totaL private income 1'+171 79.1 I a.;.~ I 8!:1eo 1 8<;.~.5 I ´Jt2.0 I 92.9 I .Y8.7 I 106.2 J II I I I I f 1 I II pubtic sector income I.141cIl ----2-5-.5---I ----2-6-.0--I-----2-6-.1--I-----2-5∑.5--I-----2-o-.5--I-----2.-8-.8--J----3∑-0-.0--J----2-6-.0-I IFin<~nciat. balances: II IJ I Jl I II I .I I J I I I I J I I IPrtvate secto..- surplus 141'<,11 APubLic sector deficit J420J 5 ∑.6 J s.::; I o.4 I 5.1 I o.l I 5.0 I bel I 5a8 I 5.2 I 5a2 I 3.1 I 3.2 I 2..o J 2.0 f 4.2 I 3.9 I I Bal.ance ot payments on I I 1 c~rrent account 14211 I o.o J I 1 ∑ .3 I I 1.1 ∑ I 0.9 I f -o.o I I -o.o f I 0.6 f I 0.2 I J -----------------------------------------∑------------------------------------------------- I ~ ~ ::;∑ :;a ::;., .::] ~ ;";';∑ '!! STRATEGY 1: Orthodox policies 1----Tab~e 5---B-a--lanc-e--o-f -p-ay-m----ents -------------------------------------------- -----1 ∑I ------------------------I----19-7-7---I ---1-97-8---I ---1-9-7-9--I----19-8-0---I ∑--1-9-81---I----19-8-2---t ---1-S-85---I---1-9-9∑0-1I I(~ bil.l.ion.1'i7S P"'ic:;es) J I ~ ~ .I J I I 1 I I II I I II I III IVo~ume ot exports ot: t I I I I I I I I 1 I fuel.s 1~011 1.1 ∑ 4::e1 I 3.0 J 4.1 I 5e0 I 5.6 J 6.6 I 6.6 I I other qoods c'J. services 15021 ∑---------------------------------------------------------------1I∑ total. J14071 2.9.1 I 30e8 ∑ 30.5 I 32∑6 I 31.0 J 34.1 I 31.9 I 36.0 t 33.0 I 38.0 I 34.1 a 39.6 I 38.2-1 44.8 I 4o.3 1 52.9 I I J I 1 I J I .I I I I IVol.ume ot imports ot! I I I 4 J I I I I I I food 1!:>031 4 ∑ .::> I 4e5 I 4.5 I 4.5 I 4.5 I 4.5 l 4.5 I 4.5 1 aI fuel.s I b as i c m t e r i a f. .li 45041 I 50 5 I 3.6 I 2 ∑ 5 .t .l.4 I 2∑ 7 I 3 ∑ .3 I 2 ∑8 I 3.3 I 2∑8 J 3.4 J 2∑9 I 3a6 I 2 ∑8 1 3.8 t 2 ∑8 J 3.9 I 2∑8 I I semi-manufac:;tures 15061 7.4 .I 8.0 I 8eb I 9.4 I 10.3 I 11.0 I 13.2 I 17.3 I finished manufactures 15071 8.~ t 9e1 I 10.1 I 11.3 I 12.~ I 14.2 I 17e7 I 24.0 J servic:;es J50dt 4.5 J 4.7 I 4.1;; i 5.0 J oe2 J 5.3 I 5.7 t 6el ∑------------------------------------------------------------------------------------------------------------∑J total. J4409J∑ - - - - -3-0-.4- - -t - - - - -3-2-.-3- -J - - - - -3-4-e-0- -I- - - - -3-6-.-2- -t - - - - -3-9-e1- - -J- - - - -4-1-.4- - -I - - - - -4-7-.7- - -I - - - - -5-8-e-5- .(Index 1975=100) II 4J JI It I ∑I∑ T-{-.e£-rm-b-sU-.-ol-.fi-o-tn-r.a-1d-9-e7-5--v-a-t-u-e-s-)--II-S-0-9-1I----1-0-1-.-1--∑I----.1-0-7-.-1--II----1-0-7-.-1--I1----1-0-7-.-~--lt----l-O-i;-;e-l--JJ----1-0-8-.-8--II----1-1-0-.-8--1J----1-1-3-.-7- I II II JI JJ I toaLance of trade on tt 1 t III J I ∑ uoods and se.rvices 1510t 0.7 J 2.6 I 2.4 I 2.4 t 1.9 J 1.1 I le9 I le6 I iNet inc:;ome trom abroad I J-------------------------------------------------------------------------------1ICurrent baLance 14121 1J 42lt -0.7 I c.o I -l∑.l I 1.3 I -1.2 t 1.1 I -1.5 .I 0.9 t -2.0 I -o.o I -1.7 I -o.o I -1.3 I 0.6 I -1.3 I 0.2 I INet l.onA-term capitaL 15111 1e8 J 1.0 I Oeb t Oeb I le2 1 Oe8 I 0.1 I Oe8 I IINet trade credit I1514: 1:1 -----0-.1---1 ------0-.-8-∑1------o--.7∑--1------o-.-a--1------o--.o---1 ------o-.-s--t------0-.-4--1-------0-.6-- 1I JBasic:; baLanc:;e 15LH 2.0 .t 1.!:1 J 1.0 i 0.7 I 0.5 I 0.3 I 0.3 I 0.4 I IINet short-tertn infLow I15141t------3-.5---I ------O-a-4--J ------0--.1---I------O--e-l--I------0--.0---I------0--.0---J------0--.3---I------0--.4-1I lda&.ance tor 1!:)151 5.5 I 1.9 I 0.9 I Oe5 I o.o I 0.2 I 0.0 I 0.0 I lI --o-f-f-ic-i-a-l-.--fi-n-a-n-c-:;-in-g-------I ----I ----------∑ ----------J ----------A---------I----------J----------J----------I--------- 1 ( inc.Hces.1970=100) tI t J I I J I I aVo L~me of world trade 15161 1o7 ∑ 165 'j 17':J J 185 t 196 I 208 1 248 J 332 Jaorlopriceof II j I II J I I I ∑anufac:;t~res 15171 174 I 182 I 190 I 197 I 205 I 213 I 240 I 292 ∑ worLu terms ot trade tori J IJ I I J I I ∑ raw material-s lol81 lu7 J 102 J .102 J 102 I 102 I 102 I 102 J 102 I oil. 15191 272 I 259 I 259 t 259 J 2b2 I 269 J 319 I 422 ∑ UK u n i t costs re l. at i 11 e I I I I .t f J I I I to wor-ld pri∑ce ot mts: I I II II II I I in sterlin~ 15201 147.7 I 156e4 I 16~.3 I 181e7 I 190e0 J 192e9 I 194e9 I 214e8 1 in foreiQn currency 15211 92.9 I 100.9 I 100.0 J 100.0 I 100.0 1 100.0 I 100.0 1 100.0 )..>. <0 I II I J I I t I J 1lii-i-e-iq-h-t-e-d--e-JL-c-:-;h-a-ng-e--r-a-t-e---1-~-2--=:-t-----6-2-.-9--J-----6-4-e-5--I-----5-9--.1---I ----'-:-J~-.-o--I ----~-2-.-o---I ----5--1-.8---I-----5-1-.3---J-----4-o-.6-- a~[ ;... ~ ~ )> STRATEGY l: Orthodox policies 1'.) 0 ∑-T-a-b-l-e--o---P-u-b-t-L-c--s-e-c-t-o-r--a-c-c-o-w-n-t-s-----------------------------------------------------------------------------1 t I 1977 I 1918 I 1979 I 1<;80 I 1981 J 1982 I Hl85 I 1990 I ∑------------------------------------------------------~-----------------------------------------------------1 1(£ bU.lione1~75 vat.ues) I t I I I II I I1 t II I t I I I I J I tPwbl.ic sector receipts I I ∑ I Il I I I I ll>lrect tax&. hi contribsl I I I I I I I I I on wages and sal ar i e s on welfare benefits on other incoMes .160 l I 16021 1 o7∑. 9.:; I J 1 1∑ ~ J 0.3 I 17∑8 I 0 ∑ .3 J 17 ∑ 0 I Oe4 I 16 ∑ 8 t 0.4 J 11∑1 I 0.4 I 17 ∑1 J 0.4 I 16 ∑ 9 I 0.5 I 160 ∑.31 -----4-.-4--I -----4-e-.3--J-----4-∑-.:;--I∑----4-e-b--I.-----4-.9--I------5-.9---I -----6-.6---I -----5-.6--'I total lo041 22.o J 22.5 I 22.5 I 21e9 I 22.1 I 23.4 I 24.8 I 23.1 I Net indirect -taa: II I J I I AI l I consumers expenditure 160!:11 6e9 I 7.4 I 7.4 j 7.1 I 7 ∑ .3 I 7.9 I 7.6 I 7.0 J other j606t 5.~ t !::Je7 J !:Jed I oe9 I tal J 6e3 I 6e9 J 7.5 I I 1-----------------------------------------------------------------------------1 toto1 I oO 7 I 12∑4 I l..l. 1 I 1.3 ∑ 2 I 1J ∑ 0 I 1.3. 4 I 14 ∑ 2 I 1 4 .6 I 14 ∑ 5 I North Sea taxes J oO 8 I 0∑2 1 0 ∑ 5 .I 0∑ 9 I 1∑ 3 J 1∑ o J 2∑1 I 3 ∑8 I 5∑ 0 I j:.lronert~ inco .. e Ilo091f-----7-.8--I-----8-.-0--I-----8-.-2--t -----d-e-S--1.-, ----d-e9--I-----9-.-1--I-----9-.-8--1----1-0-.-711 iTotal. receipts 16J.OI 43.0 I 44.∑ 0 I 44.7 I 44e8 I 4o.O I 48.7 I 53.0 I 53.3 .I I II I I II I I II I Publ. ic expenditure JI I J I I I I I I I tina&. consumption Iolli 22.2 I 22.4 I ~2.6 I 22.9 I 2J.l I 23.5 I 24.8 I 24.3 I II ~rass (nvestaent I total I161.21t------7-.5---I------7-.-3--I ------7-∑-.3--I------7-e-4--J------7-.-6--I------7-.-7---I ------7-.7---I------7-.-51I 16131 29.7 I 29.7 t 29.9 I 3u.3 I 30.8 I 31.1 1 32.6 I 31.7 I I IJ ~ t l I I I I I 4 Gr ants 41 t I 1I I I II I w e t. tare bene f it s I 61 4 I 9∑9 I 10 ∑6 I 1 J. ∑ l I .11 ∑ 5 I 1 1∑9 I 12 ∑4 I 14 ∑4 I 17∑ 2 I I other grants in UK .lo151 2.4 ∑ 2.5 I 2.5 .t 2.6 I 2.o t 2.1 I 2.8 I 3.1 I II current Qrants .:abroad I161ol1-------0.'>1 --I -----1-∑-.2--I -----1-∑-.-3 -I-----∑1-.-4--I------1-.5--J------1-.∑5--1------le-6--l------1-.-9- II I t ot a l. I 61 7 I 13 ∑3 ~ 14 ∑ 3 I 1o∑0 I 1;;;, ∑ 5 I 16 ∑ 0 ~ 16 ∑5 I 18 .a I 22 ∑ 2 I I∑Debt interest pa~ments Ilol81J-----5-.-5---I -----5-.-1--I------4-e-Y---I -----4--.7---J -----4--.6---I ------4-.2---I ------3-.6---I------3-.2-1I tTot.:a\. expenaiture 16191 48eo I 4'-,~el I 4Ye8 I :50.6 I o1e.J I 51e9 t 55.0 J 57e2 I J ∑Financial deficit II 14201 I 5.5 J I 5.1 ~ I s.o J I !>.8 J I 5.2 I I 3.2 I I 2.0 I I 3.9 I IlB--o-rr-o-w-i-n-A--r-e-q-∑-i-r-em--e-n-t----t-o-2-0-1------4-.-4--I------4-.9---I------4-.8---I -----!->-.6---I -----4-.-8--I------2-.-7--l------1-.-5--I------3-.-51I t (X of nation a.&. i nco me ) I I ∑ I IIIIt I ITotal receipts 16101 41.1 I 40.3 I 40el I 3de9 I 3tl.d I 40.1 J 41.2 I 40.3 I ∑rotat. expenoi ture .Financial deficit 16191 f4201 4o.4 I 5.3 I 4oe0 J 4eo f 44.5 I 4.5 I 44.0 I o.1 I 43.2 J 4e4 t 42.7 I 2e6 I 4.2.7 I l.o I 43.3 t 3.0 I ∑A-B-o-r-r-o-w-in-A---r-eq-.-.-ai-r-e-m-e-n-t----J-tJ-2-0-1------4-.-2--∑------4-.!->--l------4-∑-.-3 -I------4-.-9--I------4--.0---t -----2--.2---I ------1-.2---J ------2-.6-1I ~ ß ~ ;:;∑ cl' ~ ~ ~∑ ;;: STRATEGY 2: Import controls IT--ab-l-e--1---S-um--m-a-ry------------------------------------∑-----------∑------------------------------------ I 1I ---------------------------I----1-9-7-7---t ----19-7-8---I----1-9-7'-:.i---I----1-9-80----I ---1-S-.8-1---I----1-9-8-2---J----1-9-8~----I ---1-9-9-0--!I I (Annual chan~es. :0 II J I II I I l I ' :IConsu∑ers ellpen<Jlture 'I j4011 J -2.1 t I 3e4 I I 4.1 I I 4.8 I I 4.4 I I 5.3 I I 4.1 I I 3.9 I IPubl.i.c curr expenqiture I I IJ I I J 1J I 1 on Qoods an<J services 14021 -0.8 J 1.9 I 2 ∑ .J I 2.9 I 2.4 I 3.0 t .3.0 I 2.9 I ∑Ftxed investment J10lt -4.3 I o.3 I 4.3 I 6.7 I 11.1 I 5.2 I 3.5 I 4.0 I I II J I II I I II I<.ODP at m.srket prices 14101 0.0 I 4∑0 I 4e4 J 4e8 I 4.7 I 4.4 J 3e9 I 3etl I lJ-N-a-t-io--n-a-l--in-,-o-m-e----------1-4-1-3-1-------0-.-2--I------5-.-2--I------4-.4---I -----4--.7---I -----4-.-6--1------4-.-9--1------3-.-9--I------3-.7-1I 1 ( Thous.snds J II J I I I J I I I I Unempi.o]olment I------------ 12111 1378 I 1393 I 13t:ll I 1321 I 1244 J 1184 I 973 I 497 I ---------------------------------------------------------------------------------∑---- l t(Annual. changes.%) II II II I III 1\/olume ot world trade lt>161 4.7 I 5.01 6.0 I o.o I 6.0 I 6.0 I t.O .I 6.0 I JWorl.d terms of trade II ~ J I I I I II I t or man u f a c t ., r e s a S t e r i. i n Q e It c;; han !;I e r a t e I UK u n i t c; o s t s r e l. at i v e 1 to world price ot mts I 10 2 I I 52 2 I II 15211 2 ∑ !) J - 4∑8 I I O.b ∑ o∑0 I 2 ∑o J I ti.o 1 0∑0 I -8 ∑ 5 J I -0.9 t -0 ∑ 0 I - o∑ 4 I I -o.o I - 0 ∑3 I - 3∑4 I i o.o t - 0 ∑8 I - 0 ∑3 I I -o.o J - 1∑8 I l ∑1 I I -o.o 1 - 2∑ 1 I - 0∑4 I I o.o I I JI II II II II Jllolume of eJtports 14071 6.7 I 5.9 I 4.5 I '+∑7 I 4.6 I 4.8 J 5.0 I 7.7 I ∑1I -\(l-o%-l.-uo-mt-e-t-oo-tt-a-Ii.-m-'p-∑o-pr-ot-sr-t-s-)-----1I -4-0-9-1I------2-.-0--tI------6-.-0--II ------5-.1---JI------5-.-3--II------7-.-0--1I------6-.2---lI------4-.-7--II------7-.3--∑II 1I l-∑-p-o-r-t--r-e-s-t-r-i-c-t-i-o-n-------1-1-0-6-l------0-∑-0---I ------1 -∑ 4---I -----!-:> -∑ -1 --J -----9--∑ 4---I -----1-2-∑ -b --I -----1-4 -∑ -8 --I-----1-5-∑-3--1-----1-5-∑-1-lJ l(j; biU.ionel975 values) I I I I I 18 I III I ~a Lance of pa.v∑ents on l I I I I I l I t I JJ -c-u--rr-e-n--t --a-cc-o--u-n-t---------1-4-2-11-------o-.-o--I------1-∑-3--I------1-.-2--l------1-.-0--I------0-.-1--I------o--.t---I ------0-.6---I ------0-.2-1I J(Annual changes∑∑ %) II J I ~ I I I I I !Average mone.11 earnings I.JO.JJ 9.1 a 13.7 I 14.1 I 11.3 I 8.8 I 1.0 I 6.8 I 1.2 I JConsumer prices I.J111 15.7 I .12.0 I 1.::.2 I 10.6 I 8.2 I 4.t: I 2.9 I 4e2 I ∑a-P-o-s-t---ta--x--r-ea-L---e-a-r-n-i-n-g-s---1-3-0-5-1-------5-.-5--J------2-.-.0--J------2-.-0---I -----1-.-6--I------0-.-2---I -----2-.-0---I -----2--.6---t -----3--.0-1I I(..-; biLl.ion,1975 values) I I I I II I I II 40isc:retionary tax II JI I II t II ∑II-(-jr;-e-db-ui-Lc-tl-ii-oo-nn-.-l9--7-5--~-~-ta-l-u-es-)--JJ-1-0-7-JI-------0-.0---JJ ------0-.9---IJ------1-.-8--II------2-.-8--lI------2-.-3--JI------2-.-1---II -----6--.5---II -----1-4-.1-1JI t Pub a. i c sector bo r r o"' i n Q I J J I IJI I II I reQuire∑ent Jo20J JDomestc Credit ExpanslonJ.10.31 4.4 0.2 aI 5.0 I 4.9 I 5.0 I 4.7 I 5.2 I 5.0 I 3.9 I 3.8 I 2.0 I 2.8 I 0.8 I 2e4 I 3.0 I 4.3 I t 'J I I I I I I I I J (Annual chanQ4S∑ ") JI IMonew suppLy 11041 IBank rate/ MLR (%pea.) 11051 I 8.6 j a.s I I 20e9 I 7.9 I I 17e6 I 8e0 I J 16eo I 7.0 I I 11.9 I 5.8 I a.o J I 4.7 I I 5.9 I 3.9 I I del I 4.1 I ~ I--- ------------∑------------------------------------------------------------------ I ß ;;∑ [ ~:A. "~ , }> STRATEGY 2: Import controls 1\J 1\J 1∑1-T--a--b--L--e----2------E--m--p--L--G---M---m--e--n--t.----o--u--t--p--u--t----d∑--n--d----1-i-n~--c7--o1--m--e---I-------1--9--7--8------J--------1--9--7--S-------I--------1--9-8--0--------f -------1--9-8--1--------J--------1-9--8--2-------I--------1-S---8-!-;------I--------1--9-9--0----1∑1 I(..-; biLLion at 1Sf75 I1 II I I I I J I I t cac tor cost) IJ I I II II II !North Sea output 12011 1.3 I Ai!el l 2.8 J 3.4 J 3.8 I 4.0 I 4.4 I 4.4 t tPub!.ic service output 12021 15.2 J 1~.!> I l5e8 I lo.l I 16e4 I 16.8 I 18.1 J 20.2 I IIOther domestic output I I∑2031 - - - -7-8-.3- - -J - - - -8-0-.7- -I- - - - -8-3-.9- - -t - - - -8-7-.7- - -I - - - -9-1-.6- - I- - - - -9-5-.7- - -I - - -1-0-9-.2- - -I - - ∑1-3-2-.-9- I I JGDP at (dctor cost 120~1 94.7 I ~8.2 I 102.5 I 107.1 I 111e8 I 116.5 J 131.8 t 157.5 I I JI 4 I J I J I J J I Shares of uDP (%): ∑I I I I JI I II 1 income trot~~ e111pLo.wment 120~1 70e3 I 68.2 J 66e5 t 64e0 I 62.2 t 61.6 J t:>2.3 I 61.6 J 1 q ross trad in~ income ~ j JI JI J I I I 1 and pubLic rents 12061 24.4 I 26.6 J 28e3 I 30.8 I 32.6 I 33.3 t 32.2 I 32.2 I ∑1I -(-mp-ir-iI.\-Ll-ai-oten---fre-tmn--tse--Q-u-i v-s-)-----1I-2-0-7-1J------S-.-J--II -----5--.2--IJ------5-.-1--1I------5-.1---II------o-e-l --JI -----5-.-2--II------5-.-5--II------6-.1-1IJ !PubLic service empl.mt 120tU 3e31 1 :.J.Jd I 3.44 J 3.51 I .3e58 4 3e67 J 3.S6 I 4.41 I IIOther empLoyment I1209 11 - - -1-4-.-4~- - -I - - -1-4-e-4-~- -I - - - -l 4--.4-J- - -I - - -1-4-.-4-6- -I - - - -1-4-.4-9- -J- - - -1-4-.-5-3- -I - - - -1-4-.6-7- -I- - - -1-4-.-6-0- 1 J J(llliLl.ion persons) II I t Il I III JTotdl e111plollment 12101 22eY2 I 2..;).10 J 2~.;j1 I 2:.J.So 1 2.;;).83 I 24e13 I 25.11 I 26.30 I IUnemplO_IJIIIent 12111 le3d I 1.391 1e.j8 I 1e32 I le24 I lel8 I O.S7 I 0.50 I 1! N o n - p a r t i c i p a n t s I12121 0.~6 I OeY9 J 0.99 I O.Y6 I 0.~2 J Oe89 I 0.79 I 0.50 I ~-----------------------------------------------------------------------------1 jPotential. l.abour suppl.y 12131 25.2<..1 I 25.4<..1 J 25.u7 I 25.84 I 2t..OO l 26.21 I 26.S7 J 27.30 I ∑-------------------~--------------------------------------------------------------------------------------1 ∑-T-a-b-l-e--.3---ta-r-n-t-n-u--s-∑--c-o-s-ts--a-n-d---p-r-ic-e-s------------------------------------------------------------------------1 ∑∑----------------------------I----1<..177 I 1-9-7-8---I ---1-9-7-9----I ---1-9-6-0---J----.-19-8-1---I----1-9-8-2---I----1-9-1-!:---I----1-9-9-0-1l 1 (AnnuaL cha.nQes. ~) II JI JI I It 1 IWaQe settlef!lent index 130U 7.6 J 10.0 J 8.0 I 6∑5 I ~.o I 5.0 1 5.0 I 5.0 I J f.( e a l. post-tax value II J I IJI III 1 of settLements 13021 -7.0 I -2.1 I -3.3 I -3.3 I -3.5 J -0.7 I 2.3 J 0.9 I 1 I 1-----------------------------∑----------------------------------∑--------- t 1 AveraQe earnins;~s.: II I I J l I I I1 J pre-ta,; llon∑eli earninQs 13031 9.1 I 1.3.7 l 14e1 I 11∑3 I 8.8 J 7 .. 0 I t:.8 I 1.2 1 post-td~ moneM earningsi304J 9.3 ∑ 14.3 I 14.4 I 12e3 I 8.5 I 6.7 I 5eb I 7.3 I∑ post-tax rea&. earf'lings ∑130511------5-.-~--1------2-.-0--I------2-.-0--J------1-∑-6--I------0-.-2--I------2-.-0--t------2-.-6--I------3-.-0- INormaL cost& ~er unit: f J I I I I I I I f labour costs 13061 10.1 l 14e6 I l.3e2 J 9e0 J f>eS I 2.1 I 2.0 I .3.5 1 other doaestic costs 43071 13.tl I 15.0 J 16.1 I 13∑9 t 9.7 I 5.6 t 4.u I 7.0 II i mp or ted i n p" t s l total. costs ∑ *' Ou t p u t pr c e s It .::tO tl 1I ---1-2-∑-8--I------2 -∑ 5--J-----1-1-∑-7--J ----1-1-∑-l--I-----7-∑-6--I------4 -∑ 7---I -----3-∑-8 --I -----4-∑-5- ∑'30911----1-1-.5--l-----1-1-.1--J-----1-3-.2--I-∑---1-0-.-2--J --.-----tle6.--I -----3-.-3--J-----2--.9--I------4-.4-- I 3 10 J 1 4 ∑ .3 l 11∑3 I 12 ∑ 6 I 11 ∑ 1 J 7∑7 J 4∑3 I 2 ∑9 I 4 ∑4 ∑JC--on-s-u-11-1-e-r--p-r-ic-e-s----------4-3-1-1-1-----1-5-.-7--I-----1-2-.0---I ----1--2-.2--J-----l-O-e-b--I------8-e-2--I------4-.6---I -----2-e-9--I------4-e-2- ~ ~∑ :c::l': ~ ~ ";;;∑ 1: STRATEGY 2: Import controls ∑-T-a-b-L-e--4---E-x-p-e-n-d-i-t-~-r-e--a-n-d--a-i-s-p-o-s-a-b-l-e--i-n-c-o-m-e------------------------------------------------------------------1 t∑---------------------------J----1-9-7-7---I ---1-9-7-b---I ---1-9-7-9---I----1-9∑0-0---I----1S-.-81---I----1-9-8-2---I ---1-S-8-5---I----1-9-90--11 t(.a; billion.1::-75 111kt pr) t I JI I I t I II I tI J I II 1I I I IConsu111ers' e∑penditure 1401J 62.0 I 64.1 4 66.7 I 6<:1.9 I 73.0 I 76.9 I 90.3 I 110.5 I tPubL\c: c:urr expenditure I I ~I I II I I I I on uoods and servic:es 1~02J 23.5 J 23.~ I 24.5 I 25.2 I 25.8 I 26.5 J 29.0 J 32.9 1 IPrivdte ti&ed inwestmentl4034 tPubl.ic: tixea ionvest111ent 14041 lle8 I 7.4 I l..JeO I 7.4 a 13.6 I 1.1 I 14.6 I oe2 I 16 ∑..J I 9e0 I 17.1 I 9.5 1 18.1 f 10e6 I 22.2 I 12.4 1 Il~toc:kbui.\.dinQ I140511-----0--.1---I -----0--.3--I------1-.-z--t------1-e-6--I------l-e-l--I -----1--.8--J------2-.-2--I------2-e-4-lI IL>omestic: expenditure 14061 104.5 ~ 108.7 I 113.7 J 119.4 I 125.8 A 131.9 I 150.1 I 180.3 I t It I~ IJJ If I It£xports of AOods & servstI407J1---.-.;-0-.8--I-----3-2-.-6--I -----3-4∑.1---I ----3-5-.-7--I-----.J-7-e-3--J-----3-9-.1---I ----4-7-.-1--I-----6-5-.-9-I1 ITotaL tinaL e~penditure l40bl 135.3 I 141e3 I 147.8 1 1~5.1 J 163.1 1 171.0 t 197.2 I 246.2 I I II JI III JI I llmports t of uoods 4o s e r v 5 1 j 4 0 S d1 - - -3-0-.-4- -I - - - -:-.: s-2-.2- -I - - - -3-3-.-9- -I - - - -J-o-.-7- -I - - - -:-:3-8-.2- -J - - - -4-0-.-5- -I - - - -4-9-.-1 - -I - - - -6-b-.-2- II I---H~L>P -a-t--m-.-ar-k-e-t -p-r-ic-:-e-li----1-4-1-0-1----1-0-4-.S---J ---1-0-9-.-1--I----1∑1-3-e-9---I ---1-1-9-.∑4---I ---1-2-∑5-.0-∑-1--∑-1-3-0-.-5--I----1-4-6-.1---I ----l7-8-e-0-1I I ( ..t; o&L.\.ion.1975 values) J I II tJI I II t flerms ot trad4 effec:t II 141U J 0.4 t I 2.2 I I 2.4 J I 2e7 I J 3e1 J I 3.5 I 1 4.5 I J 5.1 I tNet inc:ome from abroad J41~1 -0.7 ~ -1.3 I -1.J I -1.7 J -2.2 J -2.0 ~ -1.8 I -2.1 I I I 1-------- --------------------------------------------------- t t!National iRco∑e t Po~ªt-tax inco∑e: I14131t---1--0-4-.6--I----1-1-0-.-0--I----1-1-4-.-9--I----1-2-0-e-3--I ----1-2-5-.8---I ---1-3-2-.-0--I----1-5-0-.-8--t----1-8-0-.-51I II I I I I I t I I l waqes aRd saLaries 14r14J 46.3 I 47.o J 4'#e0 I :;,0.3 I 51.0 t 52.7 I 63.6 I 80.3 I t welfare benefits 141::$1 9.4 I 10.0 I 10e4 I 10.6 I 10.9 I 11.3 J .13.2 I l::J.5 1 II other private lnc:ome 1I 4 1 6 11 - - -2-3-.3- -l- - - -2-o-.-9- -J - - - -2-8-. 4- - -I - - - -3-le-4- -I- - - - -.:i-3-e5- -I - - - -3-4-e-3- -f - - - -3-5-. 7∑ - -J - - - -4-3-.1- - I f I totcal. private income 14171 7c;.1 I 8Je6 I 67.8 1 9<!.4 t 95e.:l J 98.3 f 112.6 1 138.8 I t II I I I I I I I I t publ.ic: sector income t J41EH 25.!:> I 26.5 I 27e1 I 28.0 I .::30.5 I 3.3.7 I 38.2 I 41.7 I I 1---------------------∑----------..----------------------------------1 !Financial baloanc:es∑: II II J I I I I I I IJ I I I I I I II IPrivate sector surplus 14191 5.6 4 6∑5 I 6∑4 J 6.4 I 4.3 I 2.5 I 1.9 I 3.6 I Jt-'ubl.ic: sector deficit 14201 !:>.5 I Sel I 5∑2 J :;,.4 I 4.3 I 2.4 J 1.3 I 3e4 1 a----------------:a1 Baf.anc:e c:urren t of ac payments c:o.unt on --- - II -1-42-1-1- - - - - 0- .-0- I -I - - - - -1-e-3- t -∑ - - - -.-1-e2- I -l- - - - -l-e-O- J -J - - - - -O-e-1 t --I - - - - -0.-1- J -I- - - - -0∑.-6- 1 -I- - - - -0∑.-2- I I I ~ (tJ ~ !sl.∑ [ ~ ~ ~ '-- )> STRATEGY 2: Import controls 1\J """ ∑I-T-a-b-l-e--~---B-a-l-a-n-c-e--o-t--p-a-y-∑-e-n-t-s-I----1-'.-.1-77---I----1-'.-.1-78---I----1-9-7'-..1----I ---1-9-t-l0----I ----1~-8-1----J ----19-8-2----I ----1-S-8-t---I ----1c-;;,-c;;-,o-1I I ----------------------------∑-----------------------------------------------------------------∑------- I t (~ bi Llion.1-,_7,o prices) I J II I I I I I I ∑ ∑volume of exports ot: 1 t ue ls .I I .I J I 50 1 I .I .I 1. 1 l I I 2∑ 1 I I I 3∑0 I I I 4∑ 1 I I J 5∑0 I I I 5 .6 1 I I t .ti I I I b∑6 I 4 other qoods & services 15021 1 1------- ---------------------------------------------------------1a .1 totaL .14u7J C.9.7 J 30.8 I 30.5 I .3C!eb I 31.0 I 34.1 I ..H.ti I .;)o.7 I .32e.J .I 37 ∑ .J I 33.6 J 39el I 40.5 I 47e1 I 59.3 J ti5.9 I 1 IVolume ot imports ot: ∑ food .I I II lo031 I 4 '+∑5 I I I 4.5 I .I I 4.~ I l J 4.5 I I I '+∑5 l I I 4.5 I I I 4.5 I I I 4.5 I 1 fuels 15041 3eo 4 3.4 I .J.!l I 3.o I 4e0 I 4.3 I 5.3 I 7.1 I I o as i c mater i ∑ls 1 semi-me~nutactures I finished manutactu'res 11 services I oO !:d 2∑5 J <:! ∑ 8 I 2 ∑9 I .J ∑ 0 J 3 ∑0 I 3∑0 I 3∑1 I ..3 ∑ 2 I loOol 7.4 t a.l I 9.2 J 10.2 I 11.3 J 12.4 I 15.9 I 21.0 I 1.0071 a.u I de8 I u.S~ I ':11∑1 I 9e9 I l0e4 I 13.3 J 2.3.6 I I150811-----4-.S---J -----4-.-7--I ------5-.0--I------5-.-3--J -----5-.-t-i -l------5-.9---I -----t-:∑.~--I------8-.8-- II i∑--to-t-∑a-l------------------J-4-0-~-1----3--0-.4--I-----J-2-.2-∑-I --------.3.3.<;; -I-----3-<:-J.-1--l ----.-J-8.-2--I-----4-0-.5--1-----4-<∑;.-1-∑t-----t.-J8-e-2 1I I ( 1 n de .x 1 9 7 o-= 1 C 0 ) II JI I I I I I I llermfi of trade loll<..IJ 11il.1 t 107.1 ~ 107eJ J 107.8 I 108.~ J 109.1 I 109.7 I 107.8 I 1----------------------------------------------------------~-------------------------------------------------l 1(-l: bil.Lion,.1975 values) I l l I I4I I II 1 II t I I1J IJ I I ua &. a nc e of t r .ad e on 1 Q o o a s a n d s er v i c e s INet income trom abroad lI I !:> 1 0 I 14121 J 0∑ 7 I -0.1 4 I 2∑b 1 -l ∑ .,j I I 2 ∑ tl 1 -1.3 I I 2∑ 7 J -1.7 I J 2 ∑2 I -2.1::: I I 2∑ l I -2.0 I J 2 ∑5 I -1.8 J 1 2∑8 I -2.7 J ∑ l~urrent balance J 1------------------------------------------------∑---------------------- l 1421J 0.0 I 1 ∑ .3 I 1.2 I 1.0 J 0.1 I 0.1 I 0.6 I 0.2 I INet Lon~term capital IINet traoe credit 15111 1.8 I 1.0 I Oab ~ Oe6 I 1.1 I 0.8 I 0.1 I 0.8 I I 11~121 ----0-.-1--1------o-.-d--I ------0-.-7--I------o-.-a--I------o-∑-.o--t -----∑0--.5---I ------0-.-5---4------o--.g-- 1I Hiasi<: baLance 15131 2.0 I 1a5 I 1.1 I 0.8 I Oe7 I 0.4 I 0.3 I -0.0 I tNet short-terlll infLow 1 1----------------------------------------------------------------------------1IB.alance tor 15141 J15151 3.5 I 5.~ J Oe4 I 1.9 J -0.2 I 0.9 l -0.3 I O.~ I -0.2 l 0.5 I -0.1 I 0.2 I -0.3 I 0.0 I o.o I 0.0 I 1I -o-t-t-i -c -i -a -L -f-i-n-.a-n-c-i-n-~-----I----I---------j----------I ---------1---------I---------1----------I ---------I --------lI I (lndices.l970=100) II II tI I I I I 1 \lo lume ot wor.i.d trade I ~16 I 1o7 I 165 4 175 1 185 I 196 I 208 I 248 I .332 I IWorl.apriceof 1 manufactures II 1!::1171 ∑ 174 I J 182 I I 190 I I 1~7 I I 205 I I 213 I J 240 I I 292 I llllorld terms ol trade fori I 1 raw material.s J~18J I 107 I I 102 I I 102 I I 102 I I 10~ I I 102 J I 102 I I 102 I 1 oH 1519A 272 A 259 J .259 I 25~ J 2o2 I 269 I 319 J 422 I lUI< unit costs reLative l I I I I J I JI I 1 to wor&.d price of rats.: I I ∑ in sterlin~ 15204 1 in forei~n c~rrency lo~lJ I 147.7 I <:;2.9 ∑ I 1!::ie;..~ J 100.9 I I 169.5 I 100.0 I I 1dle0 I 100.0 l J 187.4 I 100.0 I J 188.0 I 100.0 I I 181.5 I 100.0 I I 183.5 I 100.0 I 1 II I ( I I J I I I Jlltei~hted eKchange rate 1!:>2.21 ti2.9 J o4.5 J 59.0 J So ∑ ..3 I 53.4 I 53.2 I 55.1 I 54.5 I 1------------------------------------------------------------------------------------------------------------J ~ "5 .;'";~∑ ~ ~∑ "' STRATEGY 2: Import controls ∑-T-a-b-l-e--6 ---P-u-b-L-i-c--s-e-c-t-o-r--a-c-c-o-u-n-t-s-----------------------------------------------------------------------------1 ~∑-----------------------------t----1-~-7-1---I----1-9-7-&---t----1-9-7-9---I----1-9-8-0---I----1-9-8-1----I ----19-8-2----I ----1<-:1-8-5---I ----1-9-90--1I J(.£ bi\.lion.1<:;75 ~t.al.ues) I J .I I t J I I I I I II J I I I I I l I JPublic sector receipts t J II I I I I I I HHrect ta.x & hi contribst I II II I I I l ∑ on wa~es and saLaries Jb011 17.9 I Us.1 J 18.-i I 18.1 I 18.6 I 19.3 I 21.9 1 24.9 I I on welfare benefits J602~ 0 ∑ .3 J 0.3 J 0.3 J O∑ .; I Oe3 J 0.4 I 0.4 I 0.5 I Ij on other i ncDm~s I160311-----4-e-4--J------4-.-3--I------4-.-3--I------4-.-7---I -----5--.4---I -----o--.6---I ------7-.7---I------7-.-7-lI I total. JtiO"I 22.6 I 22e7 I 23.0 I 23.2 I 24.4 J 26.3 I 30.0 I 33.1 I INet indirect tax: II II I I I I II 1 consumers expendit~re loOal 6.9 I 7.5 I 7.5 I 7.o I 8 ∑ .3 I 8.9 I 8.4 I 7.4 I II other I total. IJ606.11-----5-.-5--I------':-:J-.7--I------:-:>-.9--I------o-e-1---I -----6-e-3---I ------6-.7---J------8-.1---f-----1-0-.-6-lI 16071 12.4 I 13.2 I 13.4 J l3e7 I 14.6 I 15.6 l 1~.5 I 10.0 I I North ~ee~ taxes; JoU8J 0.2 I O.a I 0.9 I Lo3 I leo I 2.1 J 3e7 I 4e9 J JPropert.v inco11e J lb09J 7.8 I del I 8.5 I 9e0 J 9.6 J lOel I 12.0 J 15.7 I - - - - - 1j ∑ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ∑ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - JTotat receipts lb101 43.1) I 44a4 I 45a8 t 47.1 I 50.1 I 54.0 I 62e2 I 71.¢ 1 I II I I I I I I J I I Publ.ic e.apenditure II t I II I I I I 1 finaL cons~aption lblll 22∑2 I 2~.~ I 23.3 I 24.1 I 24.7 J 25.9 I 30.8 f 38.7 1 I1 ~ross in~testment 1I 61211----7-e-5--I------7-.5--I------7-.-8--I-----6-.-2--I------~-.o---I -----9-.-5--I----1-0-.-5∑--I ----1-2-.-2-lI I total. lol.JI 29.7 I 30.0 I 3le0 J 32.3 l 33.7 J 35.3 I 41.3 1 50.9 I J II I I J I I I I I t ~rants II J I I I J I I I 1 welfare benefits 16141 9.9 I lU.o J 10e9 I 11.1 I 11.4 I 11.8 I 13.4 J 15.2 I 1 other grants in UK 1615J 2a'+ I 2e6 1 2∑7 I J.O J .3.4 I 3.7 I 3.8 I 4.1 I I1 current qrants abroad I161611-----Oa-<.-:i-1------1-.-2--J------1-.3---I -----1-.-4--I------1-.:>---I -----1-.-5--I------1-.6---I -----1-.-9-l1 I total. ~6171 l.:J.3 f l4a4 J 15.0 I l:;).o I 16e3 I 17a0 I 18.8 I 21.2 I IDebt inte.rest pa)lments 4 I161 181 - - - - - - -5e'::J -I- - - - - -5-.1- - -I - - - - -4-.-~- -I - - - - -4- .-7- -I- - - - - -4-.4- - -I - - - - -4-e-l - -I - - - - -3-.-4- ∑ I- - - - - -3-. 0-- I I ITot~t eapenditure 161':.11 48.~ ∑ 4SI.a I 50e9 I 52.6 I 54e4 I 56e4 t 63.5 I 7'::J. 1 I I II I I II IIII IFinanc(aL deficit 14201 5e5 I SeJ. I 5a2 I '::Je4 I 4e.i I 2e4 I 1.3 I 3.4 I 1IB-o-r-r-o-w--in-g--reQ~ire∑en-t-----1-62-0-1-------4e-4---I -----5-.-0--I------5-e-0---I -----5-.-2--I------3-.-9--J------2-.-0--J------0-.-8--I------3-.0-1I I(% of natiDncd. in~oaeJ I I IJ IIII II ITotal. receipts lolOI 4laJ. I 40.3 I 39.8 I .lSie2 I .39e8 I 40e9 1 41e2 I 39.7 I ITotal. expenditure J6191 46.4 I 4:,.0 I 44.3 I 4.:J.7 I 43.2 I 42.7 I 42.! 1 41.6 1 IFinancial. deficit 14201 5.3 I 4.7 J 4.5 J 4.5 I ..l-4 ! 1.8 I IBorro~o~inlJ req.,ire∑ent 16201 4.2 4 4eS I 4.3 t 4.3 j 3.1 ∑ 1.5 I J ---- --------------------------------------------------------- oC..-9s- I -I - - - - - 1.9 -1∑.-1- I II ~ c.n ~ a"- [ :... ~ ~ ~ ∑, )> STRATEGY 3: Devaluation 1\,) O'l 1T-c-~b-l-e--1---S-u-m-m-a-r-M---------------------------------------------------------------------------------------------l ∑ I 1977 I 197~ J 197':.1 I l9d0 I 1~81 I 1982 I 1S85 J 1990 I 1------------------------------------------------------------------------------------------------------------l I (Annua\. c;hanSjese %) IJ I I IIJI II I II I I III 1I I l<.;onsumers eJ(penditure 14011 -2.1 I .3.8 I .3.6 t 4 ∑ .3 I .3.-J I 3.6 J 2.7 I 1.4 I ∑~ubl.ic c-..rr e&penditure I I II III I II I on uoods and services 14021 -O.d I 1.6 I 1.1 I 2.4 1 lel ~ 2el I 2.4 I le9 J IFixed investment 11011 -4.3 I :;,.1 I 2.1 I 4.9 I deO I 4el I 5e0 I Sal I I II I 1 I I I I I I H..DP at market prices 14101 0.0 1 ..J.d I .j.2 I 4.5 I 3.4 J 3.5 I 3.4 I 2.9 I ∑!-N-a-t-io-n-a-L---i-n-co-m--e----------1-4-1-3-1-------0-.-2--I------4-.<-..1--I------3-.-1--I------4-.-2--I------3-e--l -'------3--.9---I ------.3-.2---I ------2 -∑ -.31I I(Thousands) II II II1I II 1llJ-n-e-m-p-f.-o-.v-m--en-t-------------1-2-1-1-J-----1-.-.3-7d---I ----1-4-.-14---f -----15-1-o---I -----1;-j2-1---I -----15-7-3---I -----16-2-.-3--I -----1-4-7-7--I -----1-3-7-0-lt I(Annual chan~es∑ %) II I I III III IVolume ot worLd trade lo1ol 4e7 I o.o l o.o I b∑O I o.O I 6.0 I 6.0 I 6.0 I H11orld te.-ms ot trade II I l II I I JI I t or manu fa c t .u r e s I 10 2 I 2 ∑ :I I 5 ∑0 I 0∑0 I -0 ∑ 0 I - 0∑J 1 - 0∑8 I - 1∑ 8 I -2 ∑ 1 I ! S t e r l i n g eachan~e rc~te 1!>221 -4.8 J -0.4 I -12.1 J -11.!;) 1 -9.2 I -6.8 I -5.9 I -9.8 J I UK " n i t co s t s r e I. a t i v e I J J to worL<i price of mfs 1:1211 i 0.6 I I 6.0 I I -4.0 I I -4.0 I I -4.0 I I -4.0 I I -4.0 I I ∑-4.0 I I fI I I I I I I I I I Volume ot e.kpurts 14071 6.7 I be5 I o.1 I bel I 7.8 I 7.8 I 7.8 I 8.3 I II-V-oL-i-im-e--o-t -i-m-p-o-r-ts-----------~4091-----2-.-0--I -----o-.8--I-----O-e-6--I -∑--∑7-.-8--I -----8-.-6--I -----7-.4--I-----6-e-7--I -----7-.3-1I I (.1: biLI..ionel915 values) I I JI II I III lda!ance ot pa.11ments on J I I J JI I I I I ' c ur r en t a c co u n t I 42 1 J 0∑ 0 J 1∑1 I 0 ∑ 1:3 I 0∑6 I 0∑0 I 0 ∑5 I 2∑7 1 .3 ∑ 5 I I -----------------------------------------------------∑--------------------------------------------- I I ( Ann u a &. chan Q e s ∑ % ) II II IJJI II IAverage money earnin~s 130..;)1 'Yel I 13.6 I 1.3.8 I 11.5 I 8.b I 7.2 f 6.7 J 7.3 I f(.onsumer prices 1.3111 15.7 I 11.8 ~ 1..:!.9 I 11.7 I 10.2 j 7.3 I 6.2 I 10.2 1 JPost-tax r'eal earnin~s 130~1 -5.5 I ~.9 I 1.7 I 2.1 I -0.9 I 0.4 I 0.1 I 0.5 I 1-------------------------------------------------------------------------------------------------------l I ( .a: b i L l. ton~ 1 <..175 v a f. u e s ) I I I I I I I I II ILHscretoionaru ta.r; II JI .I J I 11I ∑I --re-d-w--c-ti-o-n--------------i-1-0-7-1------0-.0--I------l-∑o---I -----2-.-9--I-----4-e-9--I------5-.-0--I -----5-.-1--J------9-.1--J-----2-0-e-71I 1(..-; bil.\.ion.l97~ values) I I I I I I I J I I IPubf.i.c sector bor.-owing J I i requirement lo201 I 4.4 J I ~.5 I I 5e8 I J 6.8 J J 5 ∑ .;) I J 3 ∑ .3 I t o.a 1 I 4.7 I aDomestc Cre4it txpansionll031 O.~ I 5.J I 5.2 I be2 I 4.6 I 3.6 I 2.5 I 6e1 I ∑ JI I J I I I t f I 4(Annual chan~es. %} II t ~ II J III ,JMonew supp4.y Ll04j 8.6 I 2le4 I 17.4 I 1b.3 I 12.7 I 9.7 1 8.0 f 1.3.3 J ItB-a-il-k- -r-a-t-e-~- -M-L-H- -(-"-p-.a-.-i- -1-1-05-1- - - - - -ti--5- - -j - - - - -d-e-l -.t- - - - - -be-3- -I- - - - - -7-.6- -I- - - - -t-J-.6- -J- - - - -5-.-6- -J- - - - -5-.-0- -I - - - - -6-.-1- I J ~ c ~ ;;∑ cl' ~ ~ ;;;∑ ::!! STRATEGY 3: Devaluation I-T-ao-L-e--2-------------~~ployment, -o-u-tp-u--t -a-n-d--i-nc-o-m-e-----------------------------------------------------------------f 1∑----------------------------I----1-9-7-7---I----1-9-7-8---i ----1-9-7-9---I----1-98-0----I ---1-S-it-U---I----1-9-8-2---I----1-~-8-5---I----1-9-9-0-1I I (j; biLLion at 1975 II 1I I l I f II I t e~c t or cos t ) II I I I I I I I l INorth ::,ea output 12011 1 ∑ .3 I 2.1 I 2.8 I :le4 I .3.8 I 4.0 I 4.4 J 4.4 I IPubl.ic service output 1.2021 1~.2 j 15.4 I loeb I lb.H I 15e9 I 16.2 I 17.4 I 18.6 I lUther domestic owtput I 120.31 78e3 J 80.4 J 82.4 J 85.7 I 88.3 J 91.3 I 104.0 I 122.2 I I l--------------------------------------------------------------------------1 luuP at tactor cost 12041 94∑7 I 98.0 I 100.8 I 104.9 J 107.9 J 111.5 I 125.8 I 145.2 I I II II III III tI ~hares o l.iD~ (%).: II J I I II l I I 1 income trom emplo)lment i205f 70 ∑ .3 I 68.1 I 66.4 I 63.3 I oO.H I 59.1 I 55.6 I 47.2 I I !<!ross tradin.g income 1 and pubLic rents I1.:!061I II 24e4 I1 26e7 II 28.4 IJ 31e5 II 34.0 II 35.6 Il 38.8 I 46.4 t ∑1--p-r-iv--a-te--r-e-n--ts-----------1-2-0-7-J------b-.-3--I -----5-e-2--I------5-.-2--I------5-.-2--I ------5-.3---I -----5-.-4--I------5-.-6--I------t>-e-:l1I 1 (mili.ion ftm equivs) II I I I J I 1 I 1 !Public service emplmt 12081 3.31 J 3 ∑ .37 I 3.40 I 3.45 I 3.48 I 3.54 t 3eSO I 4.0o I 1luther emplG.vment 1l~u~J J . - -1-4-.-4-4- -j - - - -1-4-.4-2- - I- - - -1-4-.-3-5- -I- - ∑ -1-4-.-3-2- -I- - - .1-4-.-2-7- -I - - - -1-4-.2-4- - -J - - -1-4-∑-.-33- -I- - - -1-4-. -0-6- I f I (miLLion persons) II I I II I III ITotal employment 12101 22.9.:! I 23.07 J 23e1l I :&.3.27 I 23 ∑ .:;)5 I 23r50 I 24 ∑ .36 I 24.95 I lunemplo.vment 12111 1.38 J le41 I l.b2 J 1.52 J le57 I 1∑62 I t.48 I 1.37 I IA N o n - p a r t i c i p a n t s I12121l----O--e9-(-)--J-----1-.0-0---a-----le-O-!-:>--I-----1-.-0-5--I-----1-.-0-7--I-----l-e-0-9---I -----1-.0-3---I -----0-.9--81I !PotentiaL labour suppl.,!l 121JI 25.29 I 25.49 I 25.o7 I 2!.J.b4 1 2t..OO J 2t':∑e21 I 26.87 I 27.30 I I -------------------------------------------------------∑----------------------∑---------------------- I 11 T-a-b-L-e--3---E-a-r∑n-,-n-g-s-,--c-o-a-t-s--d-n-d-I -p-r-ic-1e-9-s7-1---~ ---1-9-7-8---I----1-9-7-9---I----1-9-8-0---I ----1-9-81----I ----1-98-2---I----1-9-8-~---I----1-9-9-0--lI t --------------------------------------- ----------------------------------------------------∑--- J 1 (AnnuaL chan.Qes. %) 1111aqe settLement index tI 13011 J 7.8 I I 10.0 I J 8∑0 I I o.5 I I s.o I J 5.0 I I 5.0 I f 5.0 I i k e a l p o s t- t ax v a f. u e JI I I I I 1l JI II of settLements 1 Averaqe earninAs: t3 IJ 0 2Jl------7-.-0---I ------1-.-4--I------.-:3-.-2--I------3-.-1---I ------4-.-2---I ------2-.-3--I-------O-e-3--I-------le-6-1I JI JI I I I I I 1 pre-tax money earnin~:~s 13031 9e1 t 13.6 1 13e8 I 11.5 I 8e8 I 1.2 t 6.7 I 7.3 I 1 post-ta.: mone.v earningsl304.1 9.3 I 15.0 I 14.8 I 14e0 I 9.2 I 7.7 I 6.3 1 10.7 1 I1 post-tax reaL earnings I13051l------5-.-5--J------2-.-9--J------1-.-7--J------2-.1---I ------0-.-9--∑------0-.-4--I------0-.-1--I------o-.-s1I !NormaL costs ~er unit: I I JI I I I t I I 1 labour costs 1.306~ 10.1 I 14.6 I 13.3 I 9.7 I 6e0 I 2.9 I 2.0 I 4.0 J 1 other do∑estic costs 1307J 13.8 J 15.3 I lo.7 I 1o.a I 11.1 I 8.2 I ~.7 I 11.2 1 J imported inputs J3081 12.8' 4.3 I 14.8 I 1Se7 I 12.8 I 10.5 1 9e9 f 13.8 I I I l-------------------------------------------------------------------------------1 ∑I t o t a l. c o s t s I∑ 309 1I ---1-I-∑ -5 -J-----1 -1 ∑-7--J----1-4-∑ -2 -I---∑-12-∑-3--J------c.; ∑ -1 -I-----6-∑-4--I-----6 -∑ -1 -I----1-0-∑-9- II ∑------~..... &Output prices JConsumer prices 13101 14.3 J 11.1 I 13.o J 12:-9 1 10.0 J 7.2 1 6 ∑ .1 I 10.7 I ---1-.1-1-1-1----1-5-.-7--I ----1-1-.8--J-----1-2-.9--J----1-1-.-1--J----1-0-.-2--I -----7.3 ! --6-e2---I ----1-0-.-2-∑I ~ l :... ~ ~ )> STRATEGY 3: Devaluation co1'.) ∑-T-a-b-l-e--4---E-x-p-e-n-g--at-u-r-e--a-n-d--d-i-s-p-o-s-a-b-l-e--i-n-c-o-m-e------------------------------------------------------------------1 t f 1977 j 197b I 197<,~ I 1980 t 1~81 I 1982 I 1S8~ I 1990 I ∑ ------------------------------------------------------------------------------∑------------------- 1 I(,;; bit.lion,l<Ji7!;) mkt pr) I I I I II J II I I tI I I I I I I 1 I 1Consumers 1 ~xpendit~re 14011 o2.0 f 64∑4 f 6b.7 ~ 69.5 I 7led I 74.5 I 83.0 I 92.5 1 t Public curr expenc;U ture t I I I I I I I I I I on Qoods and services 14021 2.3.5 I 23.d I 24.1 J 24.7 I 24e9 J 25.5 I 27.7 I 30e2 I I Private tixeo investmenti40.JI 11.8 I 12.. 9 ∑ 13.4 I 14.2 I 15.7 I 16.4 I 18.6 I 24e6 I IPubLic fixe<~ investlllent 14041 7.4 I 7.3 I 7.4 I 7.!;) t 7.8 J 6.1 I 9.0 J 10e4 I ∑15tocktHdl.c:UnQ ∑140!:>11-----0-.-1---I -----0-.-2--I------0-.7---I -----1-∑-1--I------le-l---I -----1-.-2--I------2-.0---I -----l-e-o-tI luomestic eapenaiture 14061 104e5 S 108.6 t 112.2 I 117.1 I 1C!le4 I 125.6 I 140.3 J 1!;)(} ∑ .3 J I II I I II I III I!Exports of QOOds & serv Isl40711---3-0-.-8--I ----3-2-.-8--I ----3-4-.-8--I ----;j-7-.o--I-----4-0e-5--I----4-3-.-7--I----5-6-.-2--I----8-.3-.-0- II JTotal finaL e.xpendlture 14081 135.3 I 141e4 I 147.0 I 154.7 I 162.0 I 169.3 I 196.5 I .242.2 1 I ∑ .I I I I I I I I I ∑I Imports ot s;,oods & servsl∑4091J----.-J0-.-4--I-----.-.J-2-.5--J-----3-4-.-7---I ----3-7--.4---l ----4-0-e-6---I ----4-3--.6---I -----5-4-.4---I-----7-7-.3-1I ,l1b-U-P--d-t--m-a-r-k-e-t -p--ri-c-e-s----.-4-1-0-1----l0-4-.-Y--I----lO--b-.(}--I----1-1-2-.-4--I ---1-1-7-.-4--J ---1-2-1-.-4--t ---1-2-5-.-7--I---1-4-2-.-1--I---1-6-4-.-9-II I(.\; bi LLion.1975 values) I I .I I t I I I IJ I JI ∑ I l I I I I I T e r mli, o f t r a d e e t t e c t t 4 111 0∑4 l 2∑0 I 1∑9 I 1∑9 I 1∑ 9 I 1∑9 I 1 ∑8 I - 1∑6 IINet income trom abroad I14121I------0-.-7--J------1-.-2--I------1--.2∑--I------1-.-5--I---------1∑<~ --I ------1-.-5--I------0-.-9---I ------0-.-5- INdtional incon~e 1J Post-bill i nco41te: I14131l---1-0-4-.c-;-; -t----1-0-(}-...-7--I----1-1.-.s-.-o--J ---1-1-7--.8--I----1-2-1-.-5--I----1-2-6-.1---I ----1-4-3-.0--I----1-6-2-∑-8- II I I j I I I I I waqes cand salaries 14141 4C: ∑ .J I 48.0 J 48.<;; I 50e2 I 4'.,1.<;; I 50.4 I 56.2 I 62.9 t we~fare b e n e f i t s J4151 9.4 I 10.1 I l0e4 i 10eb J 10a8 J 11.0 I lle7 I 11.5 I other private income I I141QJl----2-3-∑-..-;S -J-----2-6-.-2--I-----2-8-.2---I ----3-1--.6--I-----3-3-.-6--I-----3-4-.9---I ----3-9-.-7--I-----5-3-e-1- 1 total. private income '4171 7S.l I 84.2 I 87.5 I 92.5 l 94.3 I 96e3 I 107.6 I 127.4 I II J I II JI I II pubLic sector income I14181l----2-5-.-5--f-----2-5-.5---J ----2-5-.-6--I--∑--.-!t-Je-3--1-----2-7-.1---J ∑---2--9-.8--I-----3-5-.-4--t-----3-5-e4-1I t Fi nanci cal bca~.anc;ea: II tI IIl III I JI IPrivate sector surpLus 14191 I s.o J t 6e8 I I o.a J l 7.7 I I 5.8 I I 4.3 I I 4.0 l I 8.7 I IPublic sector deficit 14201 .b.b J b.7 I 6e0 I 7.1 I 5.7 I 3.8 I 1 ∑ .3 I 5.2 I I tia~ance of payments on I I I I l l I I II II-c-u-r-re-n-t--a-c-co-u-n-t--------I 4-2-1-1-----o-.-o-4-----1-.-1--I-----0-.8--I-----0∑.-6--I-----o-.o---I ----0-.-5--I-----2-.7--I-----3-.-5- Il ~ ~ ;:;∑ ~ ~ :, ~~∑ STRATEGY 3: Devaluation -T-a-b-l-e--~---B-a-l-a-~-c-e--o-f--p-a-~-m-e-n-t-s--------------------------------------------------------------------------------1 -----------------------------I----1-9-7-7---I----l-9-7-b---I----1-9-7-9---I----1-9-d-0---I----1-9-8-1---I----1-9-8-2----I ----l<-;l-8-e ---I ----1-99-0--1I (A! bilUon.1<;7!:l pricesl I I I I II I I II II 4I III I II llolume ot e∑ports ot: I I J I I I I I J I f ue ~s I oO 1 I 1∑ 1 I .<:! ∑ 1 I 3∑0 I 4∑ 1 I 5∑0 I 5 e6 l 6 .o I 6∑c J other ~oods & services I15 I021 ----<-::-9-.7--I----3-0-.-. 7--I-----.3-1-.-8--I ----3-.-.)-.6--I-----3-5-.o---I ----.3-8-.-2--I ----4-9-.-o--I-----7-6-∑.-4- II tota4. 14J74 .30.8 I 32.8 I 34.8 I 37.6 I 40.o t 43.7 I 5c.2 I 83.0 I II I l ItJI II II o l u me o t i al p.o r t s o t! I J J J 4I I I l I too<l 150.::11 4etl J 4e5 I 4e5 l 4e5 I 4.::> J 4.5 I 4.5 I 4.5 I fuels J504~ 3.o I .3.4 I 3.4 I 3.5 I 3.7 I 3.9 I 4.9 I <.>.3 I b<:~sic mdterials 15051 2eb I 2.7 I 2.8 I ~.9 1 2.9 I 2.9 I 3.1 I .:S.1 I semi-manufactures lti~bl 7.4 I 8.0 I 8e8 I '-Jel I lO.o l 11.4 I 15.1 J 21.8 I finished manufactures 1ov71 8.0 I ..... 1 I 10.3 J lleo I 13eb I 15.2 J 20.3 I 33.5 l services J ∑150~1 J - - - - -4-.-~- -I - - - - -4-.-7- -I - - - - -4-.-9- -I - - - - -5-.-2- -I - - - - -5-.-4- -I - - - - -5-.-6- -I - - - - -6-.-o- -I - - - - -8-.-1- II 1I -t-o-t-a-l------ IOnae11. 1975=1CO) --I-40-Y--I-----.3-0-.-4--I -----3-2-.-5--I -----3-4-.-7--I -----.3-7-.-4--I -----4-0-.o---I -----4-3-.6---I-----5-4-.4---t -----7-7-.3-1I II J I l I I I I I !IT-e-r-m-s--o-f--tr-a-d-e--------------4~091----1-0-1.-1--J----1-0-6-.2--J----1-0-5-.4--I----1-0-4-.7--I--------lv4.~--I ---1-0-3-.-9--I ---1-0-1-.-9--I ----9-o-.-4- II l(.a; bilt..iono197!:1 va~ues) I I J I ~ I I I I1 I II ! I I IJI II I Ba lance of trade on JJ ! I I J I J II I ~ooas and services 15101 0.7 l 2.3 I 2.0 I 2..1 I 1.<;; I 2.0 I 3.o I 4.0 I IINet income tro111 abro<:~d I 1141.;.:1 -----0-.-7--J------1-.-2-.--J ------1-.-2--I------1-.-5--I-------1-.9---I ------1-.-5--I------0-.-9--I------0-.-!':-1- l\..urrent bal.an.ce 14211 0.0 J 1.1 I 0.<:1 I 0.6 I 0.0 I 0.5 I 2.1 I 3.5 t Net long-term capital 15111 1.<:1 I 0.9 I O.~ I Oe5 I 1.1 I 0.6 I -0.6 I -0.6 IINet trade credit 1 4 5 1 121 - ----0-.-1--I- -----O--.-B--J- ------O-.-tl--I---- ---1-.1-- -I ---- ---1-.0-- -I ---- ---1-.0-- -I --- ---1--.2---J--- ---2--.6-- ll:lasi.c balan<;e 15l ..H 2.0 I 1.2 J Oe5 I u.O I 0.1 I Oe1 I Oe9 I 0.4 I Net short-terlll int-low I I 1-----------------------------------------------------------------------------.IBalance tor lol4J 1515J 3.5 I 5.5 I o.7 I 1∑Y ~ Oe4 I o ∑ .., I 0.5 I 0.5 I Oe4 I 0.5 I 0.1 I 0.2 I -0.9 I -o.o I -0.4 o.o 14 -o-f-f-i-c-i-a-l--f-i-n-a-nc-:-i-n-~------I----I----------t ----------I ----------I ---------I----------I----------I----------I--------- ' I (1 ndice Volume sol ot 970-=1 wor.t.d 00) tra d e I world price ot IJ 151ol IJ I 1:,7 I I J 1o5 I I I 17ti I I I 185 I I I 196 I J I 208 I I I 248 I I ~.32 I manufactures lo17a I World terms ot trade fori I 174 I I 182 J I 190 I I 197 I I 205 J I 213 I I 240 I I 292 I r caw material. s I 51 H J 10 7 I 102 I 102 I 102 I 102 I 1 02 I 1 02 I l02 j oH 15191 272 t 259 J 2!:>..., J 259 I 262 I 2c9 J .319 I 422 IUK unit costs retative I I II I I I I I I to wor!.a price ot mfs! J I I I I I I 1I a in stertinq a in forei~n c~.trrenc~ a520l 1~211 147.7 J 92.9 J lt~l.l I 98.5 I 17leb J 94.5 I 1Hb ∑.2 I 90.7 I 196e'J I 87.1 t 202.9 I 63.6 I 215.5 I 74.0 I 2o9.6 60.3 ~ <D I IJ J I I I I I J l'l-l-le-i-q-h-te-d--e-x-c-h-an-g-e--r-a-te----Jt-i2-2-1-----6-2-.9--I-----b-2e-7--J-----5-5-.1--I-----4-8-.7--I-----4-4-.2---I ----4-1-.2---I ----3-4-∑ .-3 --I ----2-2-.4-1I a~. [ ;,.. ~ ~ :t> STRATEGY 3: Devaluation w 0 '∑l--T--a-b--~--e-----b------P--u--b--~--i--c----s--e--c--t--o--r----a--c--c--o--u--Jn--t--s----1--~--7--/------I--------l--':--J--ld------I--------l--':--J7--9------I--------1--~--8--0------l--------1--9--~--1--------I --------1-9-8--2--------I --------1--9-8--5-------I --------1--9-9--0---11I I(A: bilUon.l975 11al.ues) I I I I II I I II I IJ I I I I I I I I IPubl.ic sector receipts I I JI I II I IJ IOirect te~x 6 l:lil contribsl I I I I j t I I I 1 on wa~es and saLaries lbOll 1 on wel.fare benefits lo021 17.9 J o ∑ .J I 17.7 I 0.3 I 17.4 J 0.3 I lbe.3 I 0.3 I 15e9 I 0.3 I 15.8 1 0.4 I 15e2 I 0.4 J 7.3 J 0.4 I 1 on other inco111es t IJoO l,jt -----4-e-4--I -----4-.-2--I -----4-e-2--I-----4-e∑S---I -----5-.1---I -----6-.-3--I -----7-.-9--I-----d-.∑6-1I 1 tota4 lou41 22eo I 22∑2 J 22.0 I 21.2 J .21∑4 I 22.4 I 2.3.5 I 16.2 I INet indirect ta"': II I I II I I JI 1 consumers e.xpendit ... re loO!:II oe9 I 7 ∑ .2 I 7.0 I be7 I 7e0 I 7.3 J 6e8 J 4.8 I I1 other lIoObl1----!-:1-.5--I------S-e-7--I ------;;)-e-9--I -----b-e-l--I∑-----6-e-4--I -----6-e-7---I -----8-.-1--I---∑-1-0-e-5- II I tot a\. I 60 7 t 1 .2 ∑ 4 I 14:! ∑ 9 I 12 ∑ 9 I 12 ∑ 8 I 1.3 ∑ 4 J 14 ∑ 0 I 15 ∑ 0 I 15 ∑ .3 I INorth !::>ea ta&es H∑Odl 0.2 J O.S I 0.9 I 1e4 I 1.9 I 2.5 I 5e1 I 8.5 I IIPropert.v income Ilo 0 191 - - - - -7-.8- - -I - - - - -d-e-l- -I - - - - - -de-4- - -I - - - - -d-e-9- -I- - - - - 9--.3- - I- - - - - -9-e-8- -1- - - - -1-1-.7- -J- - - - -1-5-. 1- - l J ITota~ r e c e i p t s Jblul 43.0 I 43.7 I 44.2 j ~4.2 J 45.9 j 48.7 I 55.2 J !:15.1 1 J II j j II I Ij I .tPub\.ic expenditure II I I I I J I I 1 1 finaL consumption Iolli 22∑-' I 22.5 I 22 .. 9 I 2.3.4 I 2J.5 I 24.1 I 27.1 J 29.4 t j S~rOS!o in11estment tol<:'l 7eS I 7.4 I 7e';; I 7.7 I 8.0 I 8.2 I 9.2 1 lOed I I I 1------------------------∑-----------------------------------------------------l t total 1 lol.H II 2~.7 I I 2'>1.9 I I ..30e3 I J 3le2 I I 31.!J I a 32 ∑ .3 I I 36.4 l I 40.2 t I 4 ~.or ants II I I J I I I I l 1 we l t ar e b e n e t i t s Ib 14 I 9∑Y I 10 ∑ 6 J l0∑9 I 11 ∑ l I 1 1∑ 3 J 11∑5 l 12 ∑0 I 11∑ 7 t I o t ne r 14 r a n t s i n UK 1 current ~rants abr.oad I 1---------------∑---------------∑----------------------------------------t I b 1 :;) I l6lbl 2o.∑-;4o I J 2∑b I 1.2 I 2∑b l 1 ∑ .3 I 2. ∑ o J 1.5 J 2∑6 I 1.5 I ,2 ∑ 7 l 1.5 I 2: ∑ 9 J 1.7 l 3∑ 2 I 2.0 I t t total Iolli l.3e3 I 14 ∑ .3 I 14.~ I l:.Je2 I 15.4 l 15.7 t 16e5 I 16e'i I IL>ebt interest pa.)lments ~olbl s.5 I Se2 I 5e0 J S.O I 4.8 I 4.5 I 3.6 l 3.2 J t I J- ---- ---------------------------------------------------------------∑------ I tTotal expenditure tol9t 4de:;) I 49∑3 I 50.2 I 51.3 I 51.7 I 52.5 I 56.5 I 60.3 I ∑ H-inctncial deficit II 14.<:!01 .I 5.5 I 1 ~.7 I j o.O l I 7.1 I I 5.7 J I 3.8 f I le3 I I 5.2 t 11 B-o-r-r-o-w-i-n~---re-Q-.-u-i-re-m--en-t----l-o-2-0-J------4-.4---.I -----s-.-:,--I------S-.-d--I-----6-e-d---I -----o-.-J--I------3-.3---I -----0--.8--J------4-e-7-lI J ( l4 o t n a t i on a .L i nco me) I I II t l I 1 I I 1 Total receipts lb101 41.1 I 3SI.~ j 39el I ,;j7.o I 37.8 I 38.6 I 38.6 J 33.8 I ~Total expenaiture Jo1'>il 4oe4 I 45.0 J 44.4 I 4Je6 I 42.6 I 41.6 I 39.5 J .37.0 I ∑Financial deficit 14201 5 ∑ .3 I 5.2 I 5eJ t 6.0 I 4.7 I 3.0 .I 0.9 I 3.2 J I∑-B-o-r-r-o-w-i-n-~--r-e-q-u-ir-e-m--e-n-t----J-o-2-0-1------4-.-2--I------5-.-0--J------5-∑-1---I -----5-.-8--I------4--.4---I -----2--.6---I ------0-.6---I ------2-e'-i1I ~ "~∑ :c::l': ~ ~ ~∑ :;  Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Statistical Appendix Creator An entity primarily responsible for making the resource Martin Fetherston Source A related resource from which the described resource is derived Economic Policy Review Volume 4, pages A1 - A30