UK Economy Stats

Question 1

Annual Growth Rate

Answer 1

1.4% (2018)

Question 2

Quarterly Growth Rate

Answer 2

0.2% (first quarter 2019)

Question 3

Growth forecasts

Answer 3

1. 2% (2019)
2. 4% (2020)
3. 6% (2021)
4. 6% (2022)
5. 6% (2023)

Question 4

Real GDP Per Capita

Answer 4

£29,000

Question 5

Total GDP

Answer 5

£2 Trillion (79% Services, 14% Manufacturing, 6% Construction, 1% Agriculture)

Question 6

Unemployment Rate

Answer 6

3.9% (lowest since 1975) (NRU: 4%)

Question 7

Youth Unemployment

Answer 7

11%

Question 8

Long-term Unemployment

Answer 8

1.1%

Question 9

Wage Growth

Answer 9

3.4%

Question 10

Consumer Confidence

Answer 10

Weakening (due to Brexit uncertainty)

Sharp falls since January

Question 11

Income Tax Bands

Answer 11

0% up to £12,500 (was £6,500 in 2010)
20% from £12,501 - £50,000 (was £37,800 in 2010)
40% from £50,001 - £150,000
45% over £150,000

Question 12

CPI Inflation Rate

Answer 12

2.1% (2% target)

Question 13

Core Inflation

Answer 13

1.8%

Question 14

Producer Price Inflation

Answer 14

2.4% (price of goods coming out factories)

Question 15

Inflation Expectations

Answer 15

2.7% (drives wage growth)

Question 16

Current Account Deficit

Answer 16

4.4% GDP (weak pound hasn’t helped)

Question 17

Productivity and Investment

Answer 17

BIG WEAKNESS
(Productivity is 19% below average of G7 and 18% below pre-crisis trend, hasn't changed much since crisis)
(Investment very low due to Brexit uncertainty)

Question 18

Exchange Rate

Answer 18

£1 = $1.27 (£1 = $1.50 before Brexit vote)
£1 = €1.13 (£1 = €1.30 before Brexit vote)

Question 19

Eurozone Economy

Answer 19

Slowing ≈ 1% Annual Growth

Question 20

US Economy

Answer 20

Full Employment (≈ 3% Annual Growth)

Question 21

Budget Deficit

Answer 21

2% GDP (forecast to fall to 0.8% by 2023)

Question 22

National Debt

Answer 22

83% GDP (forecast to fall to 74% by 2023)

Question 23

Bond Yields

Answer 23

1%

Question 24

Corporation Tax

Answer 24

19% (was 28% in 2010)

Question 25

VAT

Answer 25

20%

Question 26

Gini Coefficient

Answer 26

0.34 (was 0.36 in 2010)

Question 27

Base Rate

Answer 27

0.75%
(rose from 0.25% to 0.5% in November 2017)
(rose from 0.5% to 0.75% in July 2018)

Question 28

Average Lending Rate

Answer 28

1%

Question 29

Average Mortgage Rate

Answer 29

1.75% (2 year fix for 1st Time Buyers)

Question 30

Business Confidence

Answer 30

Very weak since Brexit vote

Question 31

Mortgage Approvals

Answer 31

Flat Growth (good sign of low consumer confidence)

Question 32

Quantitative Easing (QE)

Answer 32

£435bn (August 2016, £60bn pumped in)

Question 33

Willingness to Lend

Answer 33

Very poor up to 2016, has increased since

Banks still have low confidence, concerned about risky lending to small and medium-sized firms