UK current data

Question 1

how much money has been spent on furlough schemes

Answer 1

Over £70 bn is being spent on support for jobs. This may mean the economy may experience a period of austerity as a result.

Question 2

current unemployment levels in the UK

Answer 2

3. 8%

0. 9% higher than before the pandemic

Question 3

What is the base rate on the uk

Answer 3

The Bank of England base rate is currently 1%

Many commercial banks offer the same interest rate

Question 4

define base rate

Answer 4

A base rate is the interest rate that a central bank – such as the Bank of England or Federal Reserve – will charge commercial banks for loans

Question 5

Whats the debt of UK in as a percentage of GDP

Answer 5

94%

the highest it has been since the 1940s

Question 6

What is inflation in the uk

Answer 6

Inflation in the uk is 9%

highest since the 1990s

Question 7

what is a current account

Answer 7

records the value of exports and imports

Question 8

What is the current account position of the UK

Answer 8

There is current account deficit which is £24 billion in Q1 2021
https://commonslibrary.parliament.uk/research-briefings/sn02815/

Question 9

Why is a current account deficit common in the Uk

Answer 9

The UK has a high marginal propensity to import. Firms may choose to import goods is to try and cut costs. High taxes, wage minimums, and material costs in certain countries make it more useful to import products from a country where fees, wages, and material costs are considerably lower.

Question 10

growth rate

Answer 10

7.4 %

Question 11

what industry occupies the highest percentage of UK GDP

Answer 11

79% SERVICES
14% manufacturing
6% construction
1% agriculture.

Question 12

unemployment in the UK

Answer 12

3.8%

Question 13

voluntary unemployment rate

Answer 13

21.4% this is higher than pre covid levels

Question 14

wage inflation in the UK

Answer 14

5.4%

Question 15

what’s the national min wage in the UK

Answer 15

£9.50 for 23 year olds and over

Question 16

how much has been invested on the NHS

autumn spending review

Answer 16

1. £2.3 billion on improving diagnostic capacity in the NHS

with increased spending on the diagnostic capacity patients can make appointments sooner and as a result they can be diagnosed quicker. this may mean the correct medicine and treatment can be assigned and the health of the workforce may improve as a result

Question 17

how much has been invested on Education in the UK

autumn spending review

Answer 17

1. £4.7 billion has been spent on lost learning as a result of the pandemic and schemes such as the multiply programme aimed to improve numeracy skills in adults

improve the quantity and quality of the workforce giving them increased transferable skills which may be especially important in an industry such as engineering

Question 18

how much has been invested on vocational training (apprenticeships) in the UK
(autumn spending review)

Answer 18

1. 2.7 billion
   improve the quantity and quality of the workforce giving them increased transferable skills which may be especially important in an industry such as engineering

Question 19

how many new homes are being built

autumn spending review

Answer 19

180,000 affordable homes are being built

this increases the supply of homes which may result in the cost of homes to fall and residents can spend a lower proportion of their income on mortgage repayments and increase spending on non material and material well being.

this may also reduce geographical immobility and structural unemployment may fall as a result

Question 20

give an example when income taxes were lowered in the UK

Answer 20

Margret thatched lowered income taxes in 1978 in order to increase the incentive to work

Question 21

examples of contractionary fiscal policy implemented in the UK

Answer 21

1. national insurance (tax on having a job) is increasing by 1.25%
2. corporation tax is increasing from 19% to 25%
3. income tax is frozen to benefit from fiscal drag

Question 22

how much will the government earn by freezing the tax bands

Answer 22

8 billion pound increase in tax revenue if tax brackets remain fixed

Question 23

what’s the interest rate in swizerland

Answer 23

its -0.75%

savers in SWITZERLAND may choose to save in a UK bank such as Barclays over Julius Baer as they can get a higher rate of return on savings.

Question 24

what’s the interest rate in turkey

Answer 24

14%

1. savers who are not inert may be encouraged to save with a Turkish bank such a Isbank as they may be able to get a better return on their savings
2. in doing so they have to buy dollars as pounds have little value in the US and sell their poundds
3. this results in an increase in supply and a depreciation of the exchange rate