UK CPI inflation in 1975 reached 25%, a period now known as the ‘Great Inflation’. This column uses a range of empirical and narrative evidence to illustrate the importance of fiscal policy in this period. While stabilising and reducing debt has been the primary peacetime fiscal policy objective for most of modern British history, this was almost completely abandoned during the Great Inflation period. The Great Inflation ended, in part, following a series of fiscal reforms, thus highlighting

Tag-uri: Inflatie