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The London Business School with Gower Publishing
Publication year - 1977
Publication title -
economic outlook
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.1
H-Index - 8
eISSN - 1468-0319
pISSN - 0140-489X
DOI - 10.1111/j.1468-0319.1977.tb00494.x
Subject(s) - economics , pound (networking) , inflation (cosmology) , publishing , political science , law , physics , theoretical physics , world wide web , computer science
As an aid to short‐term corporate planning this Forecast Release concentrates on developments in 1978. The commentary and tables are based on the revised forecast which included the effects of the policy package of 26 October and the freeing of the pound on 31 October. Instead of our normal assumption of ‘unchanged’ policies we have included a possible set of budget measures for next spring. These are a reduction in income tax amounting to £2 billion and a 10 per cent increase in those indirect taxes that do not automatically rise with inflation (e.g. specific duties on alcohol and tobacco). The net effect of this on public finances is to increase the borrowing requirement to £8.6 billion, compared to a forecast on ‘unchanged policies’ of £7 billion. The tables give changes for the year as a whole but where the pattern of development changes sharply in the course of the year (as, for example, with consumers' expenditure) the text caws attention to the half‐yearly path.