Developments in the UK Economy
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Developments in the UK Economy
Study resources curated for students wanting to keep up to date with key developments in the UK economy for their exams
Curated by Geoff Riley
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Leaving the EU: Implications for the UK economy

Leaving the EU: Implications for the UK economy | Developments in the UK Economy | Scoop.it
A PwC study of the short and long-term economic impacts of Brexit on UK trade, migration, regulation and our fiscal position
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How George Osborne's policies have lost the country £2.4bn in tax

How George Osborne's policies have lost the country £2.4bn in tax | Developments in the UK Economy | Scoop.it
Speaking in Parliament today, George Osborne said this: “Under this government the richest pay a higher proportion of income tax… There was an £8bn increase in revenues from additional rate taxpayers [in 2013/14], which completely defies the predictions made by the Labour party at the time, and shows that what we have are lower, competitive taxes that are paid by all.”
Geoff Riley's insight:
Tax payers delaying their tax returns ahead of a reduction in the top rate of tax may have been the main reason why there was a sizeable increase in tax revenues from top tax payers in 2014.
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Bruce Fellowes's curator insight, March 2, 3:27 AM
Tax payers delaying their tax returns ahead of a reduction in the top rate of tax may have been the main reason why there was a sizeable increase in tax revenues from top tax payers in 2014.
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Did George Osborne’s tax cuts contribute to record UK current account deficit?

Did George Osborne’s tax cuts contribute to record UK current account deficit? | Developments in the UK Economy | Scoop.it
Not all that long ago the International Monetary Fund was one of the biggest critics of UK economic policy. Back in Gordon Brown’s day the Fund constantly warned him about overspending. George Osbo…
Geoff Riley's insight:

Ed Conway from Sky digs deeper into the latest IMF report on the UK economy to focus on the fact that in 2014, the UK economy ran the highest current account deficit of developed countries. This is if one measures the external trade gap as a share of national income (GDP). Might the cuts in corporation tax have played a role in the significant worsening in the net flow of property income coming into the UK economy?

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The economic losers are in revolt against the elites - FT.com

The economic losers are in revolt against the elites - FT.com | Developments in the UK Economy | Scoop.it
Losers have votes, too. That is what democracy means — and rightly so. If they feel sufficiently cheated and humiliated, they will vote for Donald Trump, a candidate for the Republican party’s presidential nomination in the US, Marine Le Pen of the
Geoff Riley's insight:

When journalism is this good - it has to be read. I urge all ambitious economics students to access this article and devour the arguments within it.

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The National Health Service explained | Guardian

The NHS has been likened to a national religion, such is its importance in the British psyche."

Geoff Riley's insight:

I am teaching fiscal policy at the start of this term and when I get onto government spending and debates about the size, scope an financing of state-provided goods and services, this Guardian infographic video will definitely get an outing. A tremendous introductory resource guaranteed to set the scene and prompt interesting and vibrant debate. 

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UK House Price Winners and Losers in 2015

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Maybe we are all losers given that in most circumstances rising house prices are an illusion of wealth! What are the consequences of rising property prices for aggregate demand?

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Clash of the Titans - UK Economy Forecasting Competition is open!

Clash of the Titans - UK Economy Forecasting Competition is open! | Developments in the UK Economy | Scoop.it
Geoff Riley's insight:

Enter your forecasts for the year ahead! Free entry for this competition is now available.

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BREXIT debate: Twelve things you need to know about Brexit

BREXIT debate: Twelve things you need to know about Brexit | Developments in the UK Economy | Scoop.it
Geoff Riley's insight:

A timely overview for students researching some of take key issues involved in the impending UK/EU referendum

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WGSMacroeconomics's curator insight, December 14, 2015 6:22 AM

Interesting reading in preparation for next term's study of the EU

Bloxham economics and business's curator insight, January 15, 5:39 AM

Advantages and disadvantages of UK membership of the EU

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Shadow Economy: HMRC In Crackdown On - Strippers Urged to Reveal All

Shadow Economy: HMRC In Crackdown On - Strippers Urged to Reveal All | Developments in the UK Economy | Scoop.it
A task force is launched to tackle tax-dodging in the adult entertainment industry thought to be worth £5bn.
Geoff Riley's insight:

I couldn't resist changing the headline! The latest industry to be the subject of special teams of tax investigators is the adult entertainment sector. The tax yield expected is modest, perhaps barely enough to warrant the project? 

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Economics explained: the deficit and the debt

Deficit is a word that has haunted western economies since the financial crisis of 2008, but what is it?

Geoff Riley's insight:

It seems that even the Prime Minister finds it hard to distinguish between the deficit and the debt. Happily this short and breezy Guardian video helps to explain the difference!

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Bruce Fellowes's curator insight, December 3, 2015 2:44 PM

As discussed in AS Economics

WGSMacroeconomics's curator insight, December 14, 2015 6:24 AM

A quick explanation of the deficit

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Wage Inequality in the UK: More jobs being paid close to the minimum wage

Wage Inequality in the UK: More jobs being paid close to the minimum wage | Developments in the UK Economy | Scoop.it
Geoff Riley's insight:

Compare the income distribution for the UK over time - and especially since the introduction of the national minimum wage with this series of infographics from the ONS.

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Keynesian Economics: What are the economic possibilities for our grandchildren?

Geoff Riley's insight:

The text of a talk given by Anne Pettifor in the chapel of King's College a few days ago. The power of Keynes’s ideas is of a scale that has no precedent and a tremendous quote from Austen Robinson: 

 

“If in the process of reappraisal Keynes does not emerge as a truly great man, something, let me repeat, will have gone sadly wrong with the criteria of greatness”. 

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Innovation and the Butterfield Law: The most important test that HS2 doesn’t pass

Innovation and the Butterfield Law: The most important test that HS2 doesn’t pass | Developments in the UK Economy | Scoop.it

Despite my opposition to High Speed 2, I am quite a big fan of HS1 and the proposed HS3 as part of the Northern Powerhouse"

Geoff Riley's insight:

Rory Sutherland considers Butterfield’s Law which states that for something to be called truly innovative, it must markedly change human behaviour. 

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Will the new National Living Wage cost jobs? 

Will the new National Living Wage cost jobs?  | Developments in the UK Economy | Scoop.it
In July 2015, the Chancellor George Osborne announced that a new National Living Wage (NLW) would replace the National Minimum Wage (NMW) for those aged 25 and
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Bruce Fellowes's curator insight, March 25, 9:00 AM
As discussed in class in the last week or so
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Brexit: Could the UK be the Atlantic Singapore?

Brexit: Could the UK be the Atlantic Singapore? | Developments in the UK Economy | Scoop.it
As the UK contemplates what life might be like outside the EU, some say the small city state of Singapore may hold some lessons.
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LSE Report on Life after Brexit for the UK Economy

LSE Report on Life after Brexit for the UK Economy | Developments in the UK Economy | Scoop.it
BREXIT, 2016, vote, EU, Election 2015, Election Analysis, Election Analyses, Briefings, UK Election, Centre for Economic Performance, CEP
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The worrisome nature of the UK current account

The worrisome nature of the UK current account | Developments in the UK Economy | Scoop.it

Since the UK ended any attempt to control its exchange rate the balance of payments has been largely ignored as an indicator.

Geoff Riley's insight:

Excellent piece from Henry Coverdale  - of direct relevance to all A2 macroeconomists 

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Charlie Mack's curator insight, January 25, 3:16 PM

This is relevant to all A2 econo students. 

WGSMacroeconomics's curator insight, January 26, 3:35 PM

Year 1 Economists - we are just about to start looking the balance of payments. 

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Data Heaven: The Spectator Dashboard: UK Economic Data

Data Heaven: The Spectator Dashboard: UK Economic Data | Developments in the UK Economy | Scoop.it
Great progress has been made in open data in the last few years: most important facts and figure can be found…
Geoff Riley's insight:

A superb curation of data charts on the UK economy published in the Spectator magazine 

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Simon Wren-Lewis: Message to the BBC on using economic statistics in an impartial and informed way

Simon Wren-Lewis: Message to the BBC on using economic statistics in an impartial and informed way | Developments in the UK Economy | Scoop.it
Geoff Riley's insight:
A very interesting post discussing aspects of how data such as real growth per capita, government debt levels and employment rates could be covered more intelligently by economics and financial journalists at the BBC. For example the need to express debt levels as a share of national output or as a percentage of income rather than the "media friendly" but utterly pointless debt clocks that often appear on screens!
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Economic Shocks: Risk to businesses at 'highest level in past decade'

Economic Shocks: Risk to businesses at 'highest level in past decade' | Developments in the UK Economy | Scoop.it
Terror attacks and Chinese economic slowdown are contributing to the highest level of risk for companies in a decade, according to a report.
Geoff Riley's insight:

One of the joys of studying Economics is the dynamic nature of the issues facing countries, businesses, governments and people. External shocks make forecasting hugely difficult and this news report covering the Control Risks "Risk Map" for 2016 emphasises the huge uncertainties as we approach the end of another year. Click https://riskmap.controlrisks.com for the latest report - available for download if you register!

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IMF Overview of the United Kingdom (2015) - Risks to a broadly positive outlook

Geoff Riley's insight:

The UK’s recent economic performance has been strong, and considerable progress has been achieved in addressing underlying vulnerabilities. 


GDP growth has exceeded that of the other major advanced economies, the unemployment rate has fallen substantially, employment has reached an historic high, the fiscal deficit has been reduced, and financial sector resilience has increased.


There are, however, a number of risks to this broadly positive outlook. In particular, domestic and external imbalances persist, and while there are often mitigating factors that offset some of the associated risks, these imbalances remain, in an absolute sense, large.

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Logistics and Distribution Costs: How Amazon gets packages to you

► The FT's Leslie Hook takes a look inside an Amazon centre in Tracy, California

Geoff Riley's insight:

Amazon's investment in robots to improve efficiency at many of their hub distribution centres in the USA and overseas is emphasised in this superb two minute video clip - a perfect lesson accompaniment when discussing logistics. The capital intensity of the process is clear to see; so too the speed with which packers are expected to work to meet targets for getting products shipped out of the warehouses in the supply chains of the likes of FedEx, UPS and others.

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Background on the UK and the European Union | Economics | tutor2u

Background on the UK and the European Union | Economics | tutor2u | Developments in the UK Economy | Scoop.it

This revision presentation provides background on the debate over possible UK BREXIT - a departure from membership of the EU single market.

Geoff Riley's insight:

The EU is the UK’s major trading partner, accounting for 45% of exports and 53% of imports of goods and services in 2014. The EU is also a major source of inward investment into the UK. In 2013, EU countries accounted for £453 billion of the stock of inward Foreign Direct Investment, 46% of the total. 

 

Over £4 billion worth of exports are sold by the UK to EU countries each week an in 2014, the UK had a trade deficit of £62 billion with the European Union.

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WGSMacroeconomics's curator insight, January 12, 1:09 PM

Something that we will be studying soon in the upper sixth

Piers Renaud's curator insight, March 1, 7:15 AM

The EU is the UK’s major trading partner, accounting for 45% of exports and 53% of imports of goods and services in 2014. The EU is also a major source of inward investment into the UK. In 2013, EU countries accounted for £453 billion of the stock of inward Foreign Direct Investment, 46% of the total. 

 

Over £4 billion worth of exports are sold by the UK to EU countries each week an in 2014, the UK had a trade deficit of £62 billion with the European Union.

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Privatisation: Osborne set to outdo Thatcher in state asset sale programme

Privatisation: Osborne set to outdo Thatcher in state asset sale programme | Developments in the UK Economy | Scoop.it
George Osborne is expected to update parliament on attempts to sell a host of state-owned businesses to raise tens of billions of pounds in his spending review this week. The Ordnance Survey, Land Registry, Channel 4, Green Investment Bank and Royal
Geoff Riley's insight:

A stream of privatisations are set to be announced by George Osborne when he makes his Spending Review announcement this week. This FT article hints that The Ordnance Survey, Land Registry, Channel 4, Green Investment Bank and Royal Mint are all candidates for sale. Maps, land data and notes and coins - should the state be running these businesses? Over to you to analyse and evaluate the issues.

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Mazzucato: Everything You Need to Know about Government, Innovation and Entrepreneurship - Evonomics

Mazzucato: Everything You Need to Know about Government, Innovation and Entrepreneurship - Evonomics | Developments in the UK Economy | Scoop.it
Do we want limited government or an entrepreneurial state?
Geoff Riley's insight:

One of those essays that just begs to be read through from start to finish. 

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