Key stats on the UK economy to remember 2023 (macro+micro) Flashcards
What was CPI inflation in march 2023?
10.1%
What was Real GDP growth in 2022?
4.1%
What was real GDP growth in 2021?
7.6%
What was the bank of England’s Base Rate?
4.5% - highest since 2008
What is the latest Unemployment rate of the labour force?
3.9%
What has wage growth been?
5.7% annual growth
What is the yield on 10-year government debt?
3.4%
What is the sterling-dollar exchange rate?
£1 = $1.25
What is national minimum wage?
£10.42 (aged 23 yrs+)
How much has minimum wage increased?
around 10%
What percentage of GDP did the government borrow in 2021?
15%
What percentage of GDP did the government borrow in 2022?
5.2%
How big is the governments national debt?
£2.2 trillion, equivalent to around 100% of GDP
What has the government done to tax?
- Raised corporation tax from 19% to 25%
- frozen tax allowances till 2028 - to push people into higher tax bands due to rising wages
What will the tax burden rise to by 2027?
38% of GDP by 2027
- which is a post war high
What is the UK’s trade deficit in goods 2022?
£231 billion
what was the UK’s trade surplus in services?
£144 billion
What was the current account deficit in 2022?
3.8% of GDP which is rising
What was the UK’s competitiveness ranking in 2021?
18th
What was the UK’s competitiveness ranking in 2022?
23rd
What is the UK GDP per capita? (compare with USA and Ireland)
UK $46,000
USA $70,000
Ireland $90,000 (incomes mostly from profits emitted from Transnational corporations (TNCs))
What fraction of the work force is part of a trade union?
1 in 4
What is the relative poverty line in the UK
less than 60% of median disposable income - eligible for universal credit
How many families are in working poverty?
11% of working families are in poverty.
