In the nineteenth century, the UK was characterised by high levels of income inequality. However, from the start of the twentieth century until 1978, there was a steady fall in inequality and reduction in poverty (both relative and absolute). However, the 1980s saw a sharp rise in inequality which has not been reversed in the …
A ‘fat tax’ is a specific tax placed on foods which are considered to be unhealthy and contribute towards obesity. The tax could be placed on foods high in sugar/fat, such as crisps, chocolate and deep fried takeaways. The argument is that a fat tax would encourage healthier eating and raise revenue to be spent …
There are two main classifications of poverty: Absolute poverty – income below certain income necessary for basic living standards Relative poverty – household income 60% below median wages. See: Measuring poverty Absolute poverty was much more of an issue before the introduction of the Welfare State in 1945. Since 1945, rising living standards and a …
Economic stats, graphs and source of data My page with graphs Main ONS dataset Useful direct links Economic growth National income acc. Real GDP | % quarterly Inflation Inflation Time series CPI annual % Unemployment Labour market ILO % Current account b of p Trade C.A % GDP Budget deficit Public finances at ONS PSNB …
Despite housing being a secure asset, the housing market can be prone to bubbles and periods of rapidly falling prices. In recent years, the period 2005-09 saw a prolonged and significant fall in house prices in both the US and Europe. A housing market crash can be precipitated by a change in economic fundamentals (higher …
In the past few years, there have been a noticeable increase in the calls for the UK to consider leaving the European Union. A few years ago, we may have enjoyed complaining about EU directives on the bendy banana (which didn’t really exist) but it was taken as almost sacrosanct that membership of the EU …
Economic growth means an increase in national income, but does economic growth actually help to reduce relative poverty and income inequality – or can economic growth exacerbate existing income inequalities? There are two types of poverty: Relative poverty: This is when income is a certain percentage less than the average income. For example, in the …
One of the great achievements of the twentieth century is a dramatic rise in life expectancy. For examples, life expectancy in the US has increased from 45 in 1902 to 75.7 in 2004 (link). However, increased life expectancy combined with declining birth rates have caused many to worry about the cost of an ageing population. …