John Hemming's Web Log John's Reference Website
Tuesday, June 10, 2014
  Fiscal policy - the smoking gun
This spreadsheet is part of the 2013 Public Expenditure Statistical Analysis. In this you can see the lid being taken off public spending in fact in 2001. This was reasonable up to a point, but it then resulted in increases in spending that were far too optimistic (in terms of GDP) and resulted in our financial problems being at the higher end of countries in Europe rather than the middle or lower end.

I would like to thank Lord Turnbull for highlighting this for me.

He makes the analytical point:
"What is unusual about 2000-01 to 2007-08 is that public spending as a proportion of GDP rose in a period of upswing. In earlier recoveries eg after 1983-84 and after 1991-92 public expenditure as a percentage of GDP fell as growth outstripped spending, reversing the opposite of the downturn."

 
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better brent chart

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