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2005 OECD Economic Surveys: United Kingdom 2005

image of OECD Economic Surveys: United Kingdom 2005

This 2005 survey of the United Kingdom's economy examines the key challenges for translating resilient economic performance into faster growth in living standards.  In particular, it looks at housing supply, public services and infrastructure, pensions, childcare, the disability system, and raising skills. The special chapter covers raising innovation performance.

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Housing

Raising Responsiveness of Supply

Pronounced cycles in house prices have been a major cause of macroeconomic instability in the past. Following up on a chapter on housing in the previous Survey this chapter begins by updating the assessment of the risk to macroeconomic stability from the housing market in the current conjuncture. It then considers measures to improve housing supply in the light of the recent Barker review as well as other recent policy initiatives and proposals affecting the demand side. While there have been recent changes to planning laws which might help to improve housing supply, it is essential that progress is monitored and if necessary additional incentives provided to local authorities to ensure regional housing targets are met. Reform of property taxation, in particular bringing assessed property values closer to market valuation and ensuring that they are regularly updated, could also help to reduce volatility in house prices.

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