The 2024 Macroeconomy Flashcards
What was annual growth in 2023?
0.1%
What is forecasted annual growth in 2024?
0.8%
What is GDP per capita in the UK?
£36,000
What is total GDP in the UK economy?
approximately 2.53 Trillion –> 79% of GDP is services, Manufacturing is 14%, contruction is 6%.
What is the unemployment rate in the UK?
4.2%
What is the employment rate?
74.5%
What is Wage Growth in the UK?
5.6% (expected to come down later in the year)
What is inflation?
3.2%
What is the current account deficit as a percentage of GDP?
3.2% of GDP
What is the Minimum Wage in the UK?
£11.44 per hour (national living wage, aged 21 and above)
UK exchange rate information
- In the UK, ever since brexit the exchange rate has been weak.
- This has been bad for the supply-side, imports more expensive increase in prices in the supply-side.
What is the budget deficit as a percentage of GDP?
4.2% as a percentage of GDP from 2023-2024 fiscal year
What is national debt as a percentage of GDP?
98% of GDP
What are the income tax bands?
- Up to £12,570 is tax free
- £12,570 to £50,270 is taxed at 20%
- £50,270 to £125,140 is taxed at 40%
- Any income above £125,140 is taxed at 45%
- Tax rates frozen until 2029 –> this is going to cause fiscal drag –> by 2028 it is projected that this policy is going to raise the government an extra £45bn a year more –> this is equivalent to a 7 percentage point increase.
National Insurance
National insurance has gone from 12% to 10% to 8%
