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Britain Before Oil
The Impact of Oil
5 other sections not shown
Alex Salmond average balance of payments Bank of England billion Britain without oil British economy British industry capital cent certainly contribution costs crisis currency debate deindustrialization demand deterioration domestic economic policy economists effect energy expansion fall full employment Godley going Government's Hall and Atkinson happened high exchange rate higher impact imports of manufactures incomes policies industrial countries inflation interest rates international competitiveness investment invisible Japan Keynesian labour London Business School longer-term lower manufac manufacturing industry manufacturing output ment monetarist NEDO study Nigel Lawson North Sea oil OECD offset oil production oil revenues oil shock OPEC output and employment payments deficit payments problem payments surplus performance period possession of North pound prospect PSBR public-sector borrowing real exchange rate recent recession relative decline result rise sector statistics sterling Thatcher administration Thatcher Government Thatcher's Economic Experiment things trade balance trend UK's West Germany windfall worries worse