UK 2023 Economy stats Flashcards
1
Q
economic growth
A
4.1% 2022 and forecast to drop 0.2%
2
Q
inflation
A
10.1% because of oil prices
3
Q
output gap
A
negative output gap of -1.6%
4
Q
unemployment
A
3.8%
21.4% of inactivity increased due to retiring early from covid
5
Q
wages
A
Wage growth is 6.6% (growing TU strikes)
6
Q
consumer confidence
A
Consumer and business confidence is very low
7
Q
Current Account
A
Deficit is 3.3% of GDP
8
Q
exchange rate
A
weak currency - imports expensive and exports cheap.
9
Q
contractionary monetary policy
A
increased income tax to pay off debt
increase corporation tax to 25%
10
Q
contractionary monetary policy
A
Base rate now 4.25% and was 0.1% in 2021
QE has now finally stopped and has been £895 Bn in total since start of financial crisis. Some argue QE partly contributed to inflation as it increased AD too much.
