UK Macroeconomic Knowledge

Question 1

How much did the Uk grow by in the first quarter of 2024?

Answer 1

0.6%
Steady growth

Question 2

What’s rishi’s main objective?

Answer 2

2% inflation

Question 3

How has inflation rate changed?

Answer 3

2023 - 7.3%
June 2024 - 2%

Question 4

How have unemployment rates changed?

Answer 4

2023 - 3.7%
Start 2024 - 4.2%
June 2024 - 4.3%

Question 5

How much do the North get paid vs the south on average?

Answer 5

North - Under £32,000
South - Over £36,000

Question 6

How have interest rates changed?

Answer 6

May 2023 - 4.5%
June 2023 - 5%
December 2023 - 5.25%
Stayed same through 2024 (June)

Question 7

What 2 fiscal policies have the Uk used? (June 2023 - June 2024)

Answer 7

• Spent £1bn on low income households to support them
• Decreased taxes for smaller businesses

Question 8

Who is the CMA?

Answer 8

Competition and Markets Authority (CMA)
Enhances competition between firms in Uk

Question 9

What 2 market based approaches have the uk used?

Answer 9

The CMA have influenced:
- Reduce the reporting requirements a firm needs to make
- improve flexibility of the labour market

Question 10

What interventionist policy has the uk used?

Answer 10

HS2 (High speed 2 ltd) Project
Aimed to spend up to £110 bn
Stopped in October 2023
Only going to do phase w (ldn to Birmingham) in future