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This paper studies the quantitative implications of changes in the composition of taxes for long-run growth and expected lifetime utility in the UK economy over 1970-2005. The setup is a dynamic stochastic general equilibrium model incorporating a detailed fiscal policy structure, and where the engine of endogenous growth is human capital accumulation. The government's spending instruments include public consumption, investment and education spending. On the revenue side, labour, capital and consumption taxes are employed.
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