7.4e - Political and Legal (Regulation, Impact of Policy on Infrastructure and Trade) Flashcards
Infrastructure definition
The physical assets underpinning the UK’s network for transports, energy generation and distribution, electronic communication, solid waste management, water distribution and water treatment
How can infrastructure spending have a positive effect on economic growth?
- Increasing productivity
- Attracting investment
Where is the UK ranked in the world for infrastructure?
8th (it is not top 5 due to slow political decision making)
Government intervention definition
Use of policies which outline provision of education, healthcare, housing, economy, legislation, unemployment, benefits and texes
What type of an economy is the UK?
A mixed economy
Mixed economy definition
One in which there is private and state enterprise
Why are regulators appointed by the government?
To oversee how a market works and the outcomes that result for producers and consumers
Who is the regulator for communicational and postal services?
Ofcom
Who is the regulator for gas and electricity services?
Ofgem
Who is the regulator for railways?
ORR
Who is the regulator for air traffic and airports?
CAA
Who is the regulator for water and sewage?
Ofwat
What does regulation involve?
- Monitoring and regulating prices
- Maintaining high standards of customer service
- Opening up markets to competitive forces
How does the government play a role in infrastructure policy?
- Providing funding
- Directing investment and support for projects
- Strategic leadership and decisions
What measures have the government taken to increase infrastructure investment?
- UK Guarantee scheme
- Pensions Infrastructure Platform
- Infrastructure UK
- EU funding
