Abstract
Competitiveness, trade performance, and employment DESPITE improvements in British economic performance in the mid-1980s the economy has subsequently experienced a recession of exceptional severity. During the later years of the boom the trade balance deteriorated sharply and in the subsequent slump the current account of the balance of payments has remained firmly in deficit. This poor trade performance reflects a continuation of long-run trends, which have often been attributed to a lack of 'non-price' competitiveness, deriving from insufficient innovation in the UK.
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