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economics > Uk > Flashcards

Uk Flashcards

1
Q

Annual growth rate

A

0.1% (2023)

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2
Q

Annual growth rate forecast for 2024

A

0.8%

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3
Q

When was the UK last in recession?

A

Q3, Q4 of 2023

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4
Q

What is the UKs potential growth rate?

A

1%

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5
Q

What is the output gap in the UK?

A

-0.1%

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6
Q

What is GDP per capita?

A

£36,000

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7
Q

What is total GDP?

A

2.53 trillion (services 79%)

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8
Q

Unemployed rate

A

4.2% (above the natural rate)

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9
Q

Employement rate

A

74.5%

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10
Q

Economic inactivity

A

22.2%

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11
Q

What is happening to job vacancies?

A

Increasing job vacancies ( loosening labour market)

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12
Q

CPI inflation in 2023

A

3.2% (disiniflation - peaking at 11.1% caused by supply side factors) (wage growth is keeping inflation high)

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13
Q

Core inflation rate

A

4.2% ( there is lower price pressures than the underlying rate - ongoing inflation fight) there is falling PPI - future CPI rate will come down

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14
Q

Inflation expectations

A

3.3% ( remain stubborn prevenatative of falling growth as they drive age inflation)

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15
Q

UK current account deficit

A

3.2% GDP (structural problems)

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16
Q

Producitivty

A

Very Poor

17
Q

Investment

A

Very poor

18
Q

Minimum wage

A

£11.44

19
Q

Exchange rate

A

Very weak - one pound is 1.24 dollar, compared to 1.60 before the brexit vote

20
Q

Why has the weak pound not had a large effect at reducing a persistent current account deficit?

A

Services based economy - price insensitive - bought for quality

21
Q

Budget Deficit

A

4.2% (GDP 2023-24)

22
Q

National debt

A

98% GDP ( debt interest payments are more than what the U.K. government spends on education yearly)

23
Q

Income Tax bands what has happened?

A

Frozen until 29

24
Q

What is the top tax rate?

A

45% (higher rate starts at a lower figure just over £125,000).

25
Q

National Insurance

A

Cut twice in recent budgets - 12% to 10% to 8%

26
Q

Corporation tax

A

25%

27
Q

VAt

A

20%

28
Q

Gini

A

0.357 (rising)

29
Q

B of E base rate

A

5.25% (economists think this has peaked)

30
Q

Sav8mgs Ratio

A

10%

31
Q

QE

A

£895 bn

economics (27 decks)

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