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Econ > Application > Flashcards

Application Flashcards

1
Q

Front

A

Back

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2
Q

Annual GDP growth 2020

A

-9.3%

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3
Q

Unemployment Rate UK

A

3.8%

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4
Q

Number of job vacancies UK

A

1.1 million

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5
Q

Inflation Rate

A

10.1%<br></br><br></br>11.1% in October (recent peak)<br></br>Expected to fall back to 2% in 2025

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6
Q

Total GDP

A

£2.4 Trillion

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7
Q

National Debt % of GDP

A

100.2% of GDP<br></br><br></br>Much higher than before pandemic (30% 2000s, 80% 2010s)

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8
Q

Income tax rate UK

A

Up to £12,570: 0%<br></br>£12,571-£50,270: 20%<br></br>£50,271-£125,140: 40%<br></br>Over £125,140: 45%<br></br><br></br>£125,140 used to be 150,000

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9
Q

Corporation tax UK

A

Small profits rate - 19%<br></br>Main rate - 25% (up from 19%)

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10
Q

Base Rate

A

4.5%<br></br><br></br>0.5% after global financial crisis<br></br>0.1% during pandemic

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11
Q

Quantitative easing UK history

A

£895 billion government bonds bought after Global Financial Crisis (interest rates couldn’t be lowered more)<br></br><br></br>November 2022 started selling these off - quantitative tightening

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12
Q

Predicted house price change in 2023

A

-5%

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13
Q

National Living Wage UK

A

£10.42<br></br><br></br>£9.50 before April 2023

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14
Q

Bank of England’s MPC target inflation

A

2% +-1%

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15
Q

Current account deficit as a percentage of GDP

A

3.3%<br></br>(£21.1 billion)

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16
Q

Time period of The Great Depression

A

1930s

17
Q

Retirement Age

A

66

18
Q

When was the labour government recently in power?

A

1997-2010

19
Q

Annual GDP Growth 2022

A

4.1%

20
Q

Until when have income tax bands been frozen?

A

2028<br></br><br></br>(fiscal drag)

21
Q

GDP per capita 2023

A

£33,000

22
Q

Sterling-dollar & Sterling-Euro exchange rates

A

£1 = $1.24<br></br>£1 = €1.12

23
Q

EU tradable pollution permits system name

A

EU Emissions Trading System (ETS)

24
Q

CPI Statistics: How many families and goods. High weighted and low weighted products.

A

7,000 families<br></br>730 goods<br></br><br></br>Housing and household services high weighting<br></br>Health and education low weighting

25
Q

What are the main public sector expenditures in the UK?

A

Social Protection (£340 billion)<br></br>Health (£240 billion)<br></br>Education (£130 billion)<br></br>Debt Interest (£120 billion)<br></br><br></br>Other main = Defence, Transport<br></br><img></img>

26
Q

UK fiscal measures during global financial crisis

A

2008-2009:<br></br><br></br>Tax cut for basic rate tax payers<br></br>Temporary 2.5 percentage point
cut in VAT rate<br></br>£3 billion worth of investment spending brought forward
from 2010<br></br>£20 billion Small
Enterprise Loan Guarantee Scheme<br></br>Training help for the young unemployed<br></br>Car
scrappage scheme<br></br><br></br>After 2010 focused on budget deficit

27
Q

VAT rate

A

20%

28
Q

What percentage of UK firms export abroad?

A

10%

29
Q

Economic inactivity rate

A

21.4%

30
Q

Employment rate

A

75.8%

31
Q

GDP Growth 2023 Q1

A

0.1%

32
Q

Which industries have contributed most to recent inflation?

A

Housing and household services (electricity, gas etc)<br></br>Food and non-alcoholic beverages

33
Q

What are the main public sector current recipients in the UK?

A

Income tax (£270 billion)<br></br>VAT (£190 billion)<br></br>National Insurance contributions (£170 billion)<br></br><br></br>Corporation tax<br></br>Excise duties

34
Q

Long Term Unemployment Rate

A

1%

35
Q

Core Inflation Rate

A

6.2%<br></br><br></br>(excludes price changes in food and energy as they are volatile)

36
Q

Gini Coefficient

A

0.343

37
Q

Budget Deficit 2022-2023

A

6.2%

38
Q

What are the main taxes in the UK?

A

<div><ul><li>Income Tax</li><li>National Insurance Contributions</li><li>Value Added Tax (VAT)</li><li>Corporation Tax</li><li>Council Tax</li><li>Business Rates</li><li>Inheritance Tax</li><li>Road Tax</li><li>Capital Gains Tax</li><li>Insurance Premium Tax</li><li>Stamp Duty</li><li>Dividend Income Tax</li><li>Excise Duties</li><ul><li>Tobacco Duty</li><li>Fuel Duty</li><li>Alcohol Duties (Beer, Wine, Cider, Spirits)</li><li>Gambling Duties (Betting, Lottery, Bingo,
Machine Games)</li><li>Air Passenger Duty (tax on flying based on
distance)</li><li>Aggregates Levy (tax on exploiting aggregate
[rock/sand/gravel])</li><li>Climate Change Levy (tax on energy used by businesses)</li><li>Landfill Tax</li></ul></ul></div>

Econ (6 decks)

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