Summary of Quarterly Bulletin
November 1994

Research work published by the Bank is intended to contribute to debate, and is not necessarily a statement of Bank policy.

Regional differences and their importance for the UK economy (59k)
(by Andy Murfin and Kieren Wright of the Bank's Structural Economic Analysis Division)
looks at longer-term trends in the performance of the UK regions and at the short-term outlook. Analysis of the last 20 years reveals that differences in regions' average income per head have in general been persistent, and that the range of regional growth rates tends to widen in a recession. Labour mobility between regions seems relatively low. Over the shorter term, the recovery at present seems well-balanced among the regions.

Regulating investment business in the Single Market (39k)
(by Professor Richard Dale)
examines the regulatory framework for investment business put in place by the Capital Adequacy and other Directives, focusing on the attempt to establish a level playing-field for banks and other financial institutions. The article is the second in an occasional series-begun in the May Bulletin-of pieces by contributors from outside the Bank.

The developing Single Market in financial services (27k)
summarises the views, outlined in discussions with the Bank, of a range of financial sector firms on the development to date of the Single Market in that sector.

The net debt of the public sector: end-March 1994 (50k)
analyses developments affecting the national debt and the public sector position during the last fiscal year. As a share of GDP, the public sector's net debt rose by 5.4 percentage points to 38.4%; general government consolidated gross debt (on a Maastricht basis) rose by 5.9 percentage points to 48.4%.

The external balance sheet of the United Kingdom: recent developments (52k)
analyses changes to UK net external assets during 1993, focusing on changes in the pattern of capital flows and the impact of revaluations.