Baubles and Tinsel

Question 1

Real GDP Growth

Answer 1

dropped 9.5% in 2020 but recovered by 6.8% in 2021

Question 2

Unemployment Rate

Answer 2

3.8%, April 2022

Question 3

Youth Unemployment

Answer 3

11% of people ages 16-24

Question 4

Long Term unemployment

Answer 4

410.000 people

Question 5

CPI Inflation

Answer 5

9%

Question 6

Wage inflation

Answer 6

4.3% at the end of 2021

Question 7

Real income per capita

Answer 7

43.000 in 2020

large fall from 2019

Question 8

Mean disposable income

Answer 8

36.000 in 20/21

Question 9

Fiscal Deficit

Answer 9

11.9% in 2021

Question 10

National Debt

Answer 10

above 100% of GDP

Question 11

Yield on 10-year government bonds

Answer 11

below 2%

Question 12

Bank of England Policy Rate

Answer 12

1% in May 2022

Question 13

Mortgage interest rates

Answer 13

Fixed 2.4%

Variable 2.1%

Question 14

Size of quantitative easing

Answer 14

Total worth 895 billion

set to fall

Question 15

House prices

Answer 15

Average house prices rose by 10% in 2021

Question 16

Household Saving Ratio

Answer 16

19%

Question 17

Minimum wage

Answer 17

9.50 in April 2022

significant rise

Question 18

How many people in the Uk are estimated to be in working poverty?

Answer 18

500.000

Question 19

Plastic Packaging Tax

Answer 19

$200 per tonne plastic, April 2022

Question 20

How many people have been lifted out of poverty in China in the past three decades?

Answer 20

75o million

Question 21

What does the Harrod Domar Growth model emphasise?

Answer 21

assuming savings=investment

People save more 
Banks have more money to lend 
Firms can borrow more 
Investment increases 
Short and long run economic growth

Question 22

UK carbon tax

Answer 22

$95.98 per tonne

Question 23

How many children develop Asthma every year, thanks to pollution?

Answer 23

4 million

Question 24

world average HDI from 1970-2010

Answer 24

1970 = 0.48
2010 = 0.68

Question 25

Example for progressive UK income tax system?

Answer 25

The richest 10% of the working population earn 12 times as much as the poorest 10%, however after applying taxes this falls to only 4 times as much.

Question 26

Fiscal Austerity in the UK

Answer 26

VAT rise to 20%
Rise in National Insurance contribution
Welfare caps $26k p.a per family

Question 27

Super deduction tax

Answer 27

For every $100.000 a company invests, their taxes are cut by up to $25.000

Question 28

What is the extent of corporate tax avoidance in the UK?

Answer 28

approx. $6bn a year