from Part I - Feeding the Beast
Published online by Cambridge University Press: 28 October 2026
Chapters 2, 3, and 4 study the production, uses, and understandings of public finance statistics. They trace the ways in which British governments used symbolic state practices to advance their macro- and microeconomic policy agendas in the 1960s-1980s. Public-facing symbolic fiscal practices are crucial sites from which sovereign debt and deficits acquire their political, economic, and sociological meaning. Chapter 2 studies the 1964-1970 Labour government’s efforts to legitimize government investment borrowing by inscribing a developmental frame in budgetary reporting. Labour and developmental framers aimed at bestowing budgetary policy with new ends, economic modernization, and means, government borrowing. For them, government borrowing to finance industrial and infrastructure investment was qualitatively different to borrowing for current spending. They worried that external stakeholders’ fiscal conservative thinking hampered the need to introduce supply-side measures aimed at raising medium-term economic growth prospects. Thus, the chapter traces how a particular approach to the budget was designed to facilitate this developmental agenda.
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