A Study On The Macroeconomic Policy Of Cameron Government In Britain

After the Cameron government came to power in 2010,it inherited the economic policy achievements of the former New Labour government,and carried out a series of reforms in macroeconomic policies.In terms of monetary policy,it follows the inflation targeting system and establishes a new “double-peak” financial regulatory system,expands the scale of quantitative easing policies and introduces“unconventional” monetary policy tools such as loan financing plans and forward-looking guidance.In terms of fiscal policy,setting “reduce deficit” as the top priority of fiscal goals.To this end,the "reduce the deficit" plan,expand the scale of fiscal consolidation,establish a financial committee,and formulate forward-looking fiscal rules,and timely launch "help purchase plan" and reduce taxes and other measures to stimulate economic growth.The effective cooperation and complementary advantages between the two have made the UK's macro economy start a strong recovery in 2013 after experiencing a short recession in 2010/2012.This article is divided into two parts: introduction and body.The introduction mainly introduces the significance of the topic,the research plan and the research status of academic circles at home and abroad.Among them,the existing research results of domestic and foreign scholars are more general and lack of in-depthness;fragmentation,lack of integrity;emphasis on economic methods,lack of historical perspective.Therefore,it is extremely urgent and necessary to use historiography to carry out in-depth and complete combing.The body contains five chapters:The first chapter introduces the difficulties faced by the Cameron government in the macroeconomic field.From 1997 to 2010,during the New Labour Party's administration,the stable macroeconomic framework brought about a decade of economic “golden age”;but the 2007 financial crisis Afterwards,the UK's macroeconomic policy framework was flawed,and the macroeconomic performance was not satisfactory.There was a problem of declining economic growth,rising inflation,rising unemployment,and rising government debt and fiscal deficits.This is what the Cameron government,which is new to the government in May 2010,needs to face and solve.The second chapter analyzes the guiding ideology of the Cameron government's macroeconomic policy.After taking office,the Cameron government tookneoliberalism at the core of the guiding ideology of macroeconomic policy and actively absorbed the "third way" thinking of the former New Labour government,especially the introduction of New Keynesianism.Therefore,it can be said that the Cameron government adopted a mixed economic theory.In addition,the Cameron government did not break through the "adhesive" of "new consensus politics" between the two parties in the ruling,and this chapter also briefly introduced it.The third chapter sorts out the monetary policy of the Cameron government.The Cameron government inherited the new inflation party's improved inflation target system,but abolished the "three-party system" and established a new "double peak" supervision system.It redefines the duties and powers of the Bank of England,reforms the Monetary Policy Committee,and establishes the Financial Policy Committee,the Financial Markets Authority and the Prudential Regulation Authority.Under this framework,the Cameron government's monetary policy is divided into two phases.Among them,during the term of the Bank of England Governor,Mervyn King adopted the conventional interest rate instrument,“unconventional” quantitative easing policy and loan financing plan to achieve the goal of CPI inflation and GDP growth;when Mark Carney was the Governor of the Bank of England Inheriting the monetary policy of the former president and introducing non-conventional monetary policy tools such as “forward-looking guidance” to further regulate the macro economy.The fourth chapter sorts out the financial policy of the Cameron government.When Cameron's government came to power,it set the “reduce deficit” as the top priority of the fiscal target.To accomplish this goal,the responsibilities of the Ministry of Finance and the National Audit Office have been redefined and a fiscal policy framework centered on the Office of Budget Responsibility and the new fiscal rules has been established.Under this framework,the Cameron government's fiscal policy is divided into three phases,of which the period from 2010 to 2012 is the implementation phase of the “A Plan” and the period from 2012 to 2013 is the extension phase of the “A Plan”.2013 to 2016 is the long-term economic planning phase.All three stages have achieved the goal of setting the “reduce deficit” as the core task of fiscal policy,but unfortunately,this plan was not completed when Cameron stepped down.The fifth chapter summarizes the characteristics of the Cameron government's macroeconomic policy and analyzes its impact.In this chapter,through the practice ofmonetary policy and fiscal policy during Cameron's administration,as well as the comparison with the macroeconomic policy of the New Labour Party Government,we analyze and evaluate the effect of Cameron's macroeconomic policy from the aspects of GDP growth,CPI inflation performance and employment situation.