UK current data Flashcards
how much money has been spent on furlough schemes
Over £70 bn is being spent on support for jobs. This may mean the economy may experience a period of austerity as a result.
current unemployment levels in the UK
5%
0.9% higher than before the pandemic
What is the base rate on the uk
The Bank of England base rate is currently 0.75%
Many commercial banks offer the same interest rate
define base rate
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
Whats the debt of UK in as a percentage of GDP
94%
the highest it has been since the 1940s
What is inflation in the uk
Inflation in the uk is 7%
highest since the 1990s
what is a current account
records the value of exports and imports
what is the growth rate of the uk in 2020
- 9.92%
https: //www.statista.com/statistics/263613/gross-domestic-product-gdp-growth-rate-in-the-united-kingdom/
What is the current account position of the UK
There is current account deficit which is £12.8 billion in Q1 2021
https://commonslibrary.parliament.uk/research-briefings/sn02815/
Why is a current account deficit common in the Uk
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.
What is the budget for govt spending in 2020
£830 billion
https://www.ukpublicspending.co.uk/current_spending
How much of the budget is to be spent on healthcare
Around 200
https://www.ukpublicspending.co.uk/current_spending
How much of the budget is to be spent on education
100 million
https://www.ukpublicspending.co.uk/current_spending
