Moving closer to the heart of Europe

Article Abstract:

The UK has been gradually moving much closer to the very centre of the European Union, even though it will not participate in the launch of European monetary union (Emu). However, the UK's business cycle is still very out of line with the rest of the region, and public opinion in the UK does not seem to be in favour of greater integration. A greater degree of business cycle convergence must be established before the UK can participate in Emu, but the government will probably be able to persuade ordinary people to regard Emu more favourably.

Administration of General Economic Programs, Intnl Economic Policy, Planning, International economic relations, European Monetary System

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Service boom to be wary of

Article Abstract:

There has been a clear shift towards the service sector within the UK economy. However, the implications of this shift for economic policy remain uncertain. It is possible that it will have very wide-reaching repercussions for employment, trade, productivity and future economic growth. It is very hard to measure the service sector, and this means that there are problems with obtaining information about improvements in quality and productivity. In turn, economy-wide measures of inflation and growth could become distorted.

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Service sector has its bright spots

Article Abstract:

The UK service sector is beginning to experience some difficulties as consumer confidence declines. However, there is still strong demand for high-cost items such as foreign holidays, and most leading retail banks report that loan quality remains high and consumer lending continues to grow. Many companies supplying professional and business services such as management consultancy are seeing record profitability.

Professional, Scientific, and Technical Services, BUSINESS SERVICES

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