In May 2010, the Conservative coalition entered government against a backdrop of the great financial crisis, which had sent the pound tumbling, a deep recession and record government deficits. Cameron and Osborne blamed the crisis on high debt and wasted no time in imposing austerity measures on the economy. Yet, 14 years after the start …
Why The Russian Economy Defied Predictions of CollapseWatch this video on YouTube Following the invasion of Ukraine in March 2022, the Western powers introduced unprecedented levels of sanctions, freezing $300bn of Russian assets, the Ruble collapsed, inflation rose, and the Russian economy headed into recession. It seemed the perfect storm to create deep economic problems. …
In the past 15 years, there is a general sense that many public services have been deteriorating. This isn’t just pessimism but backed up by longer waiting lists, crumbling infrastructure, even a record number of potholes. But this fiscal blackhole is likely to get worse before it gets better. The Hidden Financial Black Hole Waiting …
New Labour – The Economic Impact of Blair and BrownWatch this video on YouTube By 2007, New Labour had presided over the longest period of economic growth in the post-war period. It was the goldilocks economy with low inflation, low unemployment and an impressive rise in spending on the NHS and education. But, the devastating …
Rail Privatisation Failure – Why we pay more for TrainsWatch this video on YouTube In the Victorian age, the UK led the world in building railways, it was an invention that changed the world. But, by the 1980s, the state owned British Railways was the butt of jokes, stale sandwiches, declining passengers and closed lines. …
Real GDP = (Nominal GDP / Price Index of the current year) x 100 Example 1 2020 Nominal GDP = £1,190. Price index = 100 2023 Nominal GDP = £1,410. Price Index = 121 Calculate Real GDP expressed in 2020 prices. 2023 Real GDP = 1,410 *100/121 = £1,165.29 What is economic growth between 2023 …
It’s official the UK entered into recession last year with GDP falling over a period of six months. However, with only a 0.4% fall in GDP some argue the recession is relatively mild. This is Not a Mild RecessionWatch this video on YouTube But, if we look at real output per capita, the UK economy …
Iss the UK broke? How much can the government borrow? Has the government run out of money? Firstly, how does the UK compare to other countries? The UK is not alone in running government debt close to 100% of GDP. But, it is still nearly double European countries like Norway and Ireland. But, this graph …