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'The decision to cut income tax in the 1987 budget had no effect other than to destabilise the economy'. Discuss
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UNE202C2 MACROECONOMICS ASSIGNMENT 2 BY 00503807 'The decision to cut income tax in the 1987 budget had no effect other than to destabilise the economy'. Discuss. The problem presented to us with the title above is a simple one. After the Chancellor of the Exchequer cut income tax in 1987, what state was the economy in? This problem can be addressed by doing a number of things. Firstly, by looking at and assessing a number of variables such as inflation, unemployment, economic growth and the U.K governments deficit at the time in question. The government's economic policies, their objectives and if those objectives were achieved are also key issues that should be considered when trying to evaluate the economy. To asses how destabilising cutting income tax was, I will compare the economy from the previous year (1986) to what happened in 1987. I will discuss macroeconomic as well as microeconomic objectives that the government may have been...
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