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The UK is in the midst of an economic crisis. It began in 2007, when the financial system was on the verge of collapse. Alarmingly, output in 2013 is still lower than it was 6 years ago.
Since the crisis broke, governments in Europe and the USA have tried to stimulate recovery by injecting demand into their economies. Initially, governments tried to boost spending by cutting taxation and increasing government expenditure. Unfortunately, this fiscal stimulus did not produce a long-lasting recovery.
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