Commentary

Key personal & political events

1981 Mar 10 Tu
Commentary (The Times)

Budget: "Economists criticize Government" (Hayek & Friedman on BBC Panorama ) [blaming wets]

Document type: commentary
Document kind: Article
Venue: -
Source: The Times , 10 Mar 1981, p2
Journalist: -
Editorial comments: -
Importance ranking: Major
Word count: 149
Themes: Conservatism, Monetary policy, Trade union law reform

Economists criticize Government

Two of Mrs Margaret Thatcher's economic advisers criticized the Government progress last night.

Speaking on BBC Television's Panorama, Professor Friedrich Hayek said he was alarmed at the slow movement on union reform. "The minister in charge of it is not in favour of radical alteration. I have no hope that so long as the matter is in his hands the necessary things will be done", he said.

Professor Milton Friedman, on the same programme, said he understood that government spending had gone up. The prospects were not very good unless that was corrected. He blamed resistance from bureaucracy, the Civil Service and the Conservative Party, "not truly united", for the fact that many fine objectives were not being carried out.

But he praised the Prime Minister for sticking by her guns, and said a fall in inflation could lead to a strong boom in the economy.