Key stats on the UK economy to remember 2023 (macro+micro)

Question 1

What was CPI inflation in march 2023?

Answer 1

10.1%

Question 2

What was Real GDP growth in 2022?

Answer 2

4.1%

Question 3

What was real GDP growth in 2021?

Answer 3

7.6%

Question 4

What was the bank of England’s Base Rate?

Answer 4

4.5% - highest since 2008

Question 5

What is the latest Unemployment rate of the labour force?

Answer 5

3.9%

Question 6

What has wage growth been?

Answer 6

5.7% annual growth

Question 7

What is the yield on 10-year government debt?

Answer 7

3.4%

Question 8

What is the sterling-dollar exchange rate?

Answer 8

£1 = $1.25

Question 9

What is national minimum wage?

Answer 9

£10.42 (aged 23 yrs+)

Question 10

How much has minimum wage increased?

Answer 10

around 10%

Question 11

What percentage of GDP did the government borrow in 2021?

Answer 11

15%

Question 12

What percentage of GDP did the government borrow in 2022?

Answer 12

5.2%

Question 13

How big is the governments national debt?

Answer 13

£2.2 trillion, equivalent to around 100% of GDP

Question 14

What has the government done to tax?

Answer 14

• Raised corporation tax from 19% to 25%
• frozen tax allowances till 2028 - to push people into higher tax bands due to rising wages

Question 15

What will the tax burden rise to by 2027?

Answer 15

38% of GDP by 2027

• which is a post war high

Question 16

What is the UK’s trade deficit in goods 2022?

Answer 16

£231 billion

Question 17

what was the UK’s trade surplus in services?

Answer 17

£144 billion

Question 18

What was the current account deficit in 2022?

Answer 18

3.8% of GDP which is rising

Question 19

What was the UK’s competitiveness ranking in 2021?

Answer 19

18th

Question 20

What was the UK’s competitiveness ranking in 2022?

Answer 20

23rd

Question 21

What is the UK GDP per capita? (compare with USA and Ireland)

Answer 21

UK $46,000

USA $70,000

Ireland $90,000 (incomes mostly from profits emitted from Transnational corporations (TNCs))

Question 22

What fraction of the work force is part of a trade union?

Answer 22

1 in 4

Question 23

What is the relative poverty line in the UK

Answer 23

less than 60% of median disposable income - eligible for universal credit

Question 24

How many families are in working poverty?

Answer 24

11% of working families are in poverty.