UK Economy Key Stats Flashcards
(30 cards)
1
Q
Annual growth rate
A
1.2% (positive output gap of 0.3%)
2
Q
Forecast Annual Growth rates
A
- 5%
- 3%
- 3%
- 4%
- 5%
3
Q
Real GDP/capita
A
£30,000
4
Q
Total GDP
A
£2 trillion
5
Q
GDP breakdown
A
79% services
14% manufacturing
6% construction
6
Q
Unemployment rate
A
4.2% (NRU 4.25%)
7
Q
Youth unemployment
A
11.5%
8
Q
Long term unemployment
A
1.1%
9
Q
Wage growth
A
2.8%
10
Q
Consumer confidence
A
Weak
- brexit vote
- shock election
- brexit uncertainty
11
Q
Income tax bands
A
£11850 at 0%
20%
40%
45% over £150k
12
Q
CPI inflation rate
A
2.5%
13
Q
Inflation expectations
A
2.9%
14
Q
Current account deficit
A
-4.1% GDP (big trade deficit)
15
Q
Productivity and investment
A
Big weakness
16
Q
Exchange rate
A
£1 = $1.37 (recovery) £1 = €1.14 (weak)
17
Q
Eurozone economy
A
Strong recovery
2.7% growth 2018
18
Q
US economy
A
Full employment
Strong growth of 2.9%
19
Q
Budget deficit
A
2.1% GDP
£50 billion
20
Q
National debt to GDP
A
86%
21
Q
Bond Yields
A
1.4%
22
Q
Corporation tax
A
19%
23
Q
Gini coefficient
A
0.34
Above OECD average 0.31
24
Q
Base rate
A
0.5%
Low
25
Average lending rate
1.5%
| Low
26
Consumer and business confidence
Weak
27
Quantitative easing
£435 billion
28
Philip Hammond committed how much to National Productivity Investment fund over next 5 years
£31 billion
29
Supply side policies
| Long term investments
Cut corporation tax to 17%
Increase in income tax allowances (tax cuts)
Increase spending on apprenticeship levies
Introduction of technology based A levels
£1.7 billion for local authorities for infrastructure projects
Cross Rail and HS2 projects
Increased spending on digital infrastructure
30
Supply side policies
| Market based policies
Ease planning permission for new homes
National living wage £7.83 (over 25) and NMW for under 25
Benefit caps
Deregulation Cutting £10 billion of red tape
Increase trade with countries outside EU
Northern powerhouse by more powers to local councils - reduce London dependency
