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This television programme is linked to unit 14 and particularly the latter half of the unit. Its objective is to analyse the changing roles of the Budget in the 1960s and the part it's likely to pl...ay in the 1970s. Has the increasing use of minibudgets in the summer and autumn diminished demand management's function of the spring Budget? Were the mini-budgets part of a political government policy or merely a reaction to events? Will they continue to be used in the 1970s and if so what are the implications for the future role of the Budget proper? These are some of the questions the programme tries to answer. Speakers in the programme include Samuel Britten, Economics Editor of the Financial Times, Peter Jay, Economics Editor of the Times and David Worswick, Director of the National Institute of Economic and Social Research.
Metadata describing this Open University video programme
Module code and title: D282, National income and economic policy
Item code: D282; 07
First transmission date: 30-07-1972
Published: 1972
Rights Statement:
Restrictions on use:
Duration: 00:24:20
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Producer: Peter Ramsden
Contributors: Peter Jay; Selwyn Lloyd; Reginald Maudling; Leslie Wagner; G. David; N. Worswick; Roy Jenkins; Samuel Brittan
Publisher: BBC Open University
Keyword(s): Budgets; Economic policy; Macro economics
Footage description: Aerial shots of Westminster. Shots of previous Chancellors of the Exchequer. In voiceover Wagner describes the Budget and very briefly its role in economic management. Peter Jay describes the role of the Budget in the 1950s and the gradual change from the concept of the yearly Budget, via Selwyn Lloyd's regulator on indirect taxes to more frequent intervention such as occurs today. Excerpts from filmed interview with Selwyn Lloyd are shown; Lloyd explains his regulator. In response to Wagner's questions, Samuel Brittan describes the changes in the role of the Budgets of the 1960s and the rise of the mini-budgets. Excerpts from a filmed interview with Maudling are shown. Leslie Wagner broaches the question of economic forecasting. Peter Jay describes the Treasury apparatus for forecasting while Wagner, in conversation with Mr. Worswick, director of the National Institute of Economic and Social Research, describes the latter's activities in the field of economic forecasting. Mr. Worswick describes how his organisation works. His description is concise but fairly detailed. The errors to which economic forecasting is subject are outlined by Mr. Worswick. Excerpt from a filmed interview with Mr. Maudling on the subject of economic forecasting. Peter Jay also adds his comments on the reliability of forecasting. Brittan also gives his opinion on the basic difficulty of making forecasts. Excerpts from Budget speeches of Jenkins and Barber. Samuel Brittan, with a quotation from a filmed interview with Roy Jenkins, outlines the most recent means of arriving at an economic strategy for the year. Wagner, Worswick and Jay sum up the programme and also the role of the present-day Budget as they see it. Credits.
Master spool number: 6LT/70727
Production number: 00521_2243
Videofinder number: 141
Available to public: no