data

Question 1

real economic growth covid

Answer 1

shrank by 10% (but immediately bounced back)

Question 2

real economic growth gfc

Answer 2

shrank by 4.5% (took 5 years to recover)

Question 3

real economic growth 2024

Answer 3

grew by 1.4%

Question 4

why has IMF downgraded economic growth outlook / predictions for uk

Answer 4

fallout from us tariffs

1.1% from 1.6%

Question 5

general aim for economic growth in matured countries

Answer 5

2%

Question 6

target for inflation

Answer 6

±2%

Question 7

how do we measure inflatino

Answer 7

% change in CPI

Question 8

what economic indicator do we use to talk about living standards

Answer 8

real gdp PER CAPITA

Question 9

when did inflation peak (recently) and why

Answer 9

october 22

due to russian invasion of ukraine
+ bounce back from covid
(demand > supply)

Question 10

what has the uk been experiencing from october 2022

Answer 10

disinflation

Question 11

latest cpi data

Answer 11

2.6% by march 2025

down from 2.8% in february 2025

Question 12

why are their expectation of increased inflation in future

Answer 12

raised national insurance + minimum wage

impact of trump trade wars (increasing prices)

Question 13

interest rates following gfc

Answer 13

0.5% for very long time

Question 14

reason for post covid inflation

Answer 14

supply recovered slower than demand

and russo-ukrainian war

Question 15

how is unemployment measured

Answer 15

labour force survey

Question 16

unemployment rate uk

Answer 16

4.4% but starting to rise again

Question 17

unemployment in covid

Answer 17

5.2% but quickly recovered

Question 18

unemployment rate gfc

Answer 18

8.4

peaked november 2011

Question 19

other countries unemployment

Answer 19

germany 3.5% (very good)

france 7.5% (a lot worse than us)

usa 4.2% (similar to us)

Question 20

why is uks pretty good unemployment percentage misleading

Answer 20

underemployment

(0 hour contracts, part time work, gig workers)

Question 21

why is unemployment expected to raise

Answer 21

due to higher minimum wage

will effect hospitality / minimum wage jobs

Question 22

economic inactivity

Answer 22

21%

rose after covid due to long term sickness and personal choice

Question 23

why does uk have a higher sickness economic inactivity rate than other countries

Answer 23

nhs (long waiting list)

could be fixed with increased nhs investment

Question 24

wage growth

Answer 24

real wages have been stagnant for a long time

but recently have (real) increased by 5.9%

Question 25

interest rates

Answer 25

4.5% 0.5% for over a decade after gfc increased to deal with inflation (some argue should have increased sooner to reduce inflation spike)

Question 26

quantative easing 2025

Answer 26

government is doing more quantitative tightening emergency measure used after gfc to try and speed up recovery (not as important after covid due to quicker recovery

Question 27

fiscal deficit

Answer 27

4.5% of gdp

Question 28

sustainable level for fiscal deficit

Answer 28

3%

Question 29

national debt

Answer 29

100% of gdp

Question 30

yield on government bonds

Answer 30

4.6% and rising (cost of borrowing)

Question 31

annual cost of servicing the debt

Answer 31

over £100billion per year around £120billion

Question 32

thresholds for tax

Answer 32

fiscal drag (thresholds have stayed the same despite inflation)

Question 33

tax level compared to history

Answer 33

highest level of 70 years limits disposable income

Question 34

current account

Answer 34

trade deficit 2.5% of economy

Question 35

productvity

Answer 35

flatlined since gfc less productive than competitors structural supply side issue

Question 36

exchange rate

Answer 36

weak from brexit

Question 37

confidence

Answer 37

very low and unsure

Question 38

nice decade

Answer 38

non inflationary continuous expansion prior to gfc the uk experience 63 consecutive quarters of economic growth without high inflation