Application Flashcards
Front
Back
Annual GDP growth 2020
-9.3%
Unemployment Rate UK
3.8%
Number of job vacancies UK
1.1 million
Inflation Rate
10.1%<br></br><br></br>11.1% in October (recent peak)<br></br>Expected to fall back to 2% in 2025
Total GDP
£2.4 Trillion
National Debt % of GDP
100.2% of GDP<br></br><br></br>Much higher than before pandemic (30% 2000s, 80% 2010s)
Income tax rate UK
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
Corporation tax UK
Small profits rate - 19%<br></br>Main rate - 25% (up from 19%)
Base Rate
4.5%<br></br><br></br>0.5% after global financial crisis<br></br>0.1% during pandemic
Quantitative easing UK history
£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
Predicted house price change in 2023
-5%
National Living Wage UK
£10.42<br></br><br></br>£9.50 before April 2023
Bank of England’s MPC target inflation
2% +-1%
Current account deficit as a percentage of GDP
3.3%<br></br>(£21.1 billion)
Time period of The Great Depression
1930s
Retirement Age
66
When was the labour government recently in power?
1997-2010
Annual GDP Growth 2022
4.1%
Until when have income tax bands been frozen?
2028<br></br><br></br>(fiscal drag)
GDP per capita 2023
£33,000
Sterling-dollar & Sterling-Euro exchange rates
£1 = $1.24<br></br>£1 = €1.12
EU tradable pollution permits system name
EU Emissions Trading System (ETS)
CPI Statistics: How many families and goods. High weighted and low weighted products.
7,000 families<br></br>730 goods<br></br><br></br>Housing and household services high weighting<br></br>Health and education low weighting
Health (£240 billion)
Education (£130 billion)
Debt Interest (£120 billion)
Other main = Defence, Transport
Tax cut for basic rate tax payers
Temporary 2.5 percentage point cut in VAT rate
£3 billion worth of investment spending brought forward from 2010
£20 billion Small Enterprise Loan Guarantee Scheme
Training help for the young unemployed
Car scrappage scheme
After 2010 focused on budget deficit
Food and non-alcoholic beverages
VAT (£190 billion)
National Insurance contributions (£170 billion)
Corporation tax
Excise duties
(excludes price changes in food and energy as they are volatile)
- Income Tax
- National Insurance Contributions
- Value Added Tax (VAT)
- Corporation Tax
- Council Tax
- Business Rates
- Inheritance Tax
- Road Tax
- Capital Gains Tax
- Insurance Premium Tax
- Stamp Duty
- Dividend Income Tax
- Excise Duties
- Tobacco Duty
- Fuel Duty
- Alcohol Duties (Beer, Wine, Cider, Spirits)
- Gambling Duties (Betting, Lottery, Bingo, Machine Games)
- Air Passenger Duty (tax on flying based on distance)
- Aggregates Levy (tax on exploiting aggregate [rock/sand/gravel])
- Climate Change Levy (tax on energy used by businesses)
- Landfill Tax
