Useful Statistics Flashcards
In 2022, what caused energy prices to increase
Increased demand - prices can be raised due to it being an inelastic product
Less supply
In 2022, what caused energy prices to increase
Increased demand - prices can be raised due to it being an inelastic product
Less supply
What was the change in energy prices from 2021 to 2022
From £1300 to £2000
What is the CPI inflation target
2%
What caused inflation to rise to 5.5%
Increase in commodity and inelastic product prices
Increase in consumer spending after recovering from a global pandemic(is becoming unsustainable)
What caused the financial crisis in 2008
Bank began lending mortgages to consumers who were not likely to repay them
Mre people were borrowing due to the increase in housing value
However the housing bubble burst, causing property value to decrease due to a fall in demand
Causing banks to not get as much back when they redacted mortgages and took back homes
Leading to a fall in credit for banks, causing them to increase interest rates to try and earn back the lost money. Causing negative growth
What was the UE rate in 2012
8.4%
Highest since 1995
Caused due to shrinkage in economy size
When is an example of interest rates increasing during a recession
2003 to 2007
From 3.5 to 5.7% in attempt to regain credit loss
What was the change of the tax brackets in 2021
40% was taken from those earnining 40000 or more in 2020
In 2021 it was those earning more than 50000 taxed more, due to inflation and fiscal drag
What was the economic growth in the recession of 2008
-4.5%
What was the economic growth in the global pandemic
-9%
