The trajectory taken by the UK economy from this point on is typically described as "The Lawson Boom" by analogy with the phrase "The Barber Boom" which describes an earlier period of rapid expansion under the tenure as chancellor of Anthony Barber in the Conservative government of Edward Heath (1970–1974). Critics of Lawson assert that a combination of the abandonment of monetarism, the adoption of a de facto exchange-rate target of 3 Deutsche Marks to the pound, and excessive fiscal laxity (in particular the 1988 budget) unleashed an inflationary spiral.
The trajectory taken by the UK economy from this point on is typically described as "The Lawson Boom" by analogy with the phrase "The Barber Boom" which describes an earlier period of rapid expansion under the tenure as chancellor of Anthony Barber in the Conservative government of Edward Heath (1970–1974). Critics of Lawson assert that a combination of the abandonment of monetarism, the adoption of a de facto exchange-rate target of 3 Deutsche Marks to the pound, and excessive fiscal laxity (in particular the 1988 budget) unleashed an inflationary spiral.