Application Flashcards
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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
What are the main public sector expenditures in the UK?
Social Protection (£340 billion)<br></br>Health (£240 billion)<br></br>Education (£130 billion)<br></br>Debt Interest (£120 billion)<br></br><br></br>Other main = Defence, Transport<br></br><img></img>
UK fiscal measures during global financial crisis
2008-2009:<br></br><br></br>Tax cut for basic rate tax payers<br></br>Temporary 2.5 percentage point
cut in VAT rate<br></br>£3 billion worth of investment spending brought forward
from 2010<br></br>£20 billion Small
Enterprise Loan Guarantee Scheme<br></br>Training help for the young unemployed<br></br>Car
scrappage scheme<br></br><br></br>After 2010 focused on budget deficit
VAT rate
20%
What percentage of UK firms export abroad?
10%
Economic inactivity rate
21.4%
Employment rate
75.8%
GDP Growth 2023 Q1
0.1%
Which industries have contributed most to recent inflation?
Housing and household services (electricity, gas etc)<br></br>Food and non-alcoholic beverages
What are the main public sector current recipients in the UK?
Income tax (£270 billion)<br></br>VAT (£190 billion)<br></br>National Insurance contributions (£170 billion)<br></br><br></br>Corporation tax<br></br>Excise duties
Long Term Unemployment Rate
1%
Core Inflation Rate
6.2%<br></br><br></br>(excludes price changes in food and energy as they are volatile)
Gini Coefficient
0.343
Budget Deficit 2022-2023
6.2%
What are the main taxes in the UK?
<div><ul><li>Income Tax</li><li>National Insurance Contributions</li><li>Value Added Tax (VAT)</li><li>Corporation Tax</li><li>Council Tax</li><li>Business Rates</li><li>Inheritance Tax</li><li>Road Tax</li><li>Capital Gains Tax</li><li>Insurance Premium Tax</li><li>Stamp Duty</li><li>Dividend Income Tax</li><li>Excise Duties</li><ul><li>Tobacco Duty</li><li>Fuel Duty</li><li>Alcohol Duties (Beer, Wine, Cider, Spirits)</li><li>Gambling Duties (Betting, Lottery, Bingo,
Machine Games)</li><li>Air Passenger Duty (tax on flying based on
distance)</li><li>Aggregates Levy (tax on exploiting aggregate
[rock/sand/gravel])</li><li>Climate Change Levy (tax on energy used by businesses)</li><li>Landfill Tax</li></ul></ul></div>
