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Demand Accountability

The Brown Government

Prime Minister: Gordon “Saved The World” Brown
Chancellor: Alistair “Bailout” Darling
Annual growth rate of nominal demand over term in office: 1.3%
Unemployment rate, start of term: 5.2%
Unemployment rate, end of term: 7.8%
Electoral Success: Removed from office
Popular Support: “high point of British economic policymaking” (Chris Giles, no less!)

The Cameron Government

Prime Minister: David “The Toff” Cameron
Chancellor: George “U-Turn” Osborne
Supporting Cast: Nick “Kingmaker” Clegg, and friends
Annual growth rate of nominal demand over term, to date: 2.8%
Unemployment rate, start of term: 7.8%
Unemployment rate, current: 7.9%
Electoral Prospects: Bad to awful
Popular Derision: “Major Macro Policy Error” (Simon Wren-Lewis)

The Economists Empowered To Steer the Path of UK Aggregate Demand

The Governor: Mervyn “Uncertainty” King
Deputies: Paul “Don’t Mention The Libor” Tucker, Charlie Bean
Chief Economist: Spencer “Crazy Loon” Dale
Supporting Cast: Ben “Current Stance of Policy Looks Broadly Right” Broadbent, Martin “5% All the Way” Weale, Adam “The Dove” Posen, David Miles, Paul Fisher
Democratic Accountability: None

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Categories: Bank of England, UK GDP
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