International Competitiveness - Application

Question 1

Protectionism

Answer 1

UK could impose tariffs and other import controls
like how US imposed 35% tariff on Chinese tyres

Question 2

Competitive devaluation

Answer 2

China devalued Yuan in 2015

Question 3

Investment in Infrastructure

Answer 3

Public sector investment in infrastructure worth £100bn by 2020

Question 4

Increasing access to finance for businesses

Answer 4

Funding for Lending Scheme
- allows banks and building societies to borrow from the Bank of England at less than market rates for up to four years

Question 5

Encouraging businesses to invest

Answer 5

increase in the tax allowance on investment from £25,000 to £250,000

Question 6

Cutting corporation tax

Answer 6

Liz Truss proposed scrapping increase in corporation tax to 25% 2022

Question 7

Simplifying business regulation

Answer 7

for every new regulation, the government has committed to remove two regulations

Question 8

Creating an educated workforce

Answer 8

changes to the curriculum to improve literacy and numeracy