extra

Question 1

phillips curve

Answer 1

u/e against inflation
high u/e, wages stagnate
low u/e, cost-push inflation as CoP increases from wages
to do with labour surplus and worker power

Question 2

phillips curve now

Answer 2

less correlation as
labour regulations
globalisation (migration and off-shoring)
industrial revolution (less workers)

Question 3

inequality kuznets

Answer 3

inequality against GDP/ capita
similar to laffer
everyone poor, then capitalism (owners get rich), then welfare payments, unions, taxes and cultural shift then all equal (?)

Question 4

environment kuznets

Answer 4

same as inequality but zero emissions at end is desirable
increases with industry then people have capacity to care

Question 5

UK 2024 growth rate

Answer 5

1.1%

Question 6

UK economic inactivity rate

Answer 6

21.4%

Question 7

UK unemployment and youth unemployment

Answer 7

4.4% and youth 13.3%

Question 8

UK interest rate

Answer 8

4.5% but expected to fall

Question 9

UK CPI inflation rate

Answer 9

2.6%

Question 10

Income tax

Answer 10

Frozen until April 2028
Forecasted amount to £45bn for the gov

Question 11

National Insurance employees

Answer 11

Decreased from 12 to 8 %
Supply side, motivate work

Question 12

income inequality

Answer 12

gini coefficient, increased to 0.357

Question 13

QE COVID

Answer 13

£450bn