The British economy has been going through one of the deepest recessions in its history. The Government’s restrictive policies are hitting the economy at the same time as an international recession. At the same time, there are long-term structural changes taking place in the economy: the so-called deindustralisation of Britain. Unemployment (including school leavers) in the UK has exceeded three million for some time: in January 1984 it was 3.1997 million (13.4 per cent.). Over 35 per cent, of the unemployed (in January 1984) have been unemployed for more than a year. Almost all forecasters (with the exception of maverick forecasts by Patrick Minford) agree that unemployment is unlikely to fall significantly in the next two years: it is expected to hover around three million. The post-war commitment to full employment has been abandoned (first by Callaghan in 19761 and then by the present Government) in its single-minded pursuit of “conquering” inflation. The present Government in fact, in espousing the New Classical/Monetarist ideas, claims that it cannot control or affect the level of unemployment.
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- A Political Economy of Unemployment: Causes and Consequences
P. N. Junankar
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