OECD Economic Surveys UK

Question 1

What were the main causes of slowing growth in the UK over the past few years?

Answer 1

Persisting supply shortages.

Rising inflation

Question 2

Did the UK have a quick or slow vaccine rollout in 2021 relative to other OECD countries?

Answer 2

Quicker

Question 3

Why were price pressures aggregated in early 2022?

Answer 3

Surging global energy prices following Russia’s invasion of Ukraine

Question 4

When did the UK leave the European Single Market and Customs Union?

Answer 4

January 2021

Question 5

What did leaving the European Single Market and Customs Union cause? (2)

And, what did this lead to?

Answer 5

Increased barriers to trade and migration
Added to supply constraints

Question 6

What did the UK enter the pandemic with? (3)

Answer 6

Weak productivity growth
Large regional disparities
Ageing population

Question 7

Why is gradual fiscal tightening being called for?

Answer 7

Due to the large public debt

Question 8

What has population ageing been aggravated by?

Answer 8

Potentially lower net migration following Brexit

Question 9

What is contributing to social immobility and regional disaprities?

Answer 9

Unequal distribution of skills and qualifications

Question 10

What is the government’s Levelling Up agenda?

Answer 10

Government polices to raise productivity and living standards in lagging regions

Question 11

Why are there high needs for workers to update their skills?

Answer 11

Faster digitalisation and the adoption of new technology

Question 12

What is the UK committed to become by 2050?

Answer 12

Net zero greenhouse emissions

Question 13

What have CO2 emissions already done in the UK?

Answer 13

CO2 emissions per unit of GDP have fallen more rapidly in the UK then elsewhere in the OECD

Question 14

What will be required to achieve net zero emissions and what will this mean?

Answer 14

Significant investment, which will reduce fiscal space and require policy changes affecting businesses and people’s daily lives

Question 15

What is the first main policy messages of the survey?

Answer 15

Fiscal policy has to balance gradual fiscal tightening with supporting growth, help households with the cost of living crisis, and investment needed to support ongoing economic transformations

Question 16

What is the second main policy message of the survey?

Answer 16

Raising productivity

Question 17

What is the final main policy message of the survey?

Answer 17

Achieving net zero greenhouse gas emissions 2050

Question 18

When did output recover to pre-pandemic levels, and what was this followed by?

Answer 18

By November 2021, but growth slowed in the last quarter of 2021 from 1.3% to 0.8%

Question 19

Was the construction sector heavily affected by the pandemic and how quickly did it recover?

Answer 19

Heavily affected, but recovered quickly

Question 20

What sector by 2022 exceeded pre-pandemic levels?

Answer 20

The service sector

Question 21

What services were most affected by the pandemic?

Answer 21

Consumer-facing services

Question 22

Has there been labour shortages since the pandemic?

Answer 22

Yes

Question 23

Why has trade suffered?

Answer 23

Supply bottlenecks, suppressed demand during the pandemic, and increased trade frictions due to Brexit.