Chapter I. the British Economy in the Medium Term

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Abstract
This chapter considers the prospects for the British economy over the next five years. The intention is not to put forward an unqualified set of numbers as a forecast with a strong probability; to do so would be to pretend to a knowledge of the future—of political and world events as well as economic developments—which we could not possibly possess. Our more modest aim is to present a conditional projection, based on ‘unchanged policies’, as a frame of reference for appraising the scale of future problems and the use of economic policies to combat them.

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