Unit 4 - Global Economy
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Monetary Policy in the UK

 This is a recording of a revision webinar (May 2017) on monetary policy in the UK economy as we reach 20 years of Bank of England Independence.

There has been nearly a decade of ultra low policy interest rates and quantitative easing in the UK now exceeds £450 billion (or 20% of the annual level of GDP). Are low interest rates helping to sustain the recovery or creating deeper problems from side effects such as rising house prices and collapse in real returns for savers?

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Quantitative easing around the world: lessons from Japan, UK and US

Quantitative easing around the world: lessons from Japan, UK and US | Unit 4 - Global Economy | Scoop.it
The European Central Bank is poised to launch a €1tn round of QE on Thursday, years after other world central banks embarked on monetary stimulus
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A2 Economics Revision Webinar: Economic Growth in the UK

tutor2u's Geoff Riley provides an exam-focused summary of the key issues relating to the UK's economic growth prospects.
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Turkey’s shopping mall boom going bust

Turkey’s shopping mall boom going bust | Unit 4 - Global Economy | Scoop.it
Turkey’s shopping mall boom has been hit by economic problems stemming from the lira's decline against the dollar and poor planning.
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Economic review 2017

Economic review 2017 | Unit 4 - Global Economy | Scoop.it
An analysis of international economic statistics and the main economic stories from UK national statistics produced over the latest quarter.
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The Bank of England fears it may not spot the next crisis. Here’s where to look

The Bank of England fears it may not spot the next crisis. Here’s where to look | Unit 4 - Global Economy | Scoop.it

After MPC member Gertan Vlieghe had the temerity to suggest that the Bank of England might still struggle to see the source of the next financial crisis, Phillip Inman has stepped in to help. He identifies five areas that might trigger any future slump: the stock market, unsecured debt, the housing market, a Chinese slowdown and the US Federal reserve

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Farmers demanding access to single market

Farmers demanding access to single market | Unit 4 - Global Economy | Scoop.it

Some 75% of food exports in the UK go to the EU, and the sector has concerns over access to seasonal workers

First it was Nissan and now the farming and food processing sectors are lobbying the UK government for continued access to the EU single market. One wonders if there is any industry that will NOT plead for special support or exemptions? .

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How a sharp fall in migration could damage the economy

How a sharp fall in migration could damage the economy | Unit 4 - Global Economy | Scoop.it

Jonathan Portes considers some of the possible effects of a significant reduction in net inward migration from the EU after the UK's Brexit. He argues that “the impacts should not be overstated nor exaggerated; the consequences will be neither insignificant, nor disastrous." 

 According to Portes, "Restricting trade, capital flows and immigration – reducing the openness of the UK economy - all have negative economic impacts." ”

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Don’t blame China for these global economic jitters- Ha-Joon Chang

Don’t blame China for these global economic jitters- Ha-Joon Chang | Unit 4 - Global Economy | Scoop.it
In truth the west failed to learn from the 2008 crash. Any economic ‘recovery’ was built on asset bubbles
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Theresa May to tell Tory conference that mass migration threatens UK cohesion

Theresa May to tell Tory conference that mass migration threatens UK cohesion | Unit 4 - Global Economy | Scoop.it
Home secretary to say new arrivals are hurting wage levels and costing Britons jobs, as she renews failed 2010 pledge to cut net migration to below 100,000
Antonis Antoniou's insight:

Rating:**

It important for students to be aware of the views of the Home Secretary

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Migration can help to forge a more prosperous world, says World Bank

Migration can help to forge a more prosperous world, says World Bank | Unit 4 - Global Economy | Scoop.it

Movement of people from poor to rich countries could drive economic growth and boost battle against global poverty, claims World Bank chief Jim Yong Kim.

 The large-scale migration of people from poor countries to richer ones will “reshape economic development for decades” but could help end extreme poverty and increase global prosperity if the flow is properly harnessed and regulated, according to the World Bank.

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Rating: ***

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UK gains £20bn from European migrants, UCL economists reveal

UK gains £20bn from European migrants, UCL economists reveal | Unit 4 - Global Economy | Scoop.it

European migrants to the UK are not a drain on Britain’s finances and pay out far more in taxes than they receive in state benefits, a new study has revealed. The research by two leading migration economists at University College also reveals that Britain is uniquely successful, even more than Germany, in attracting the most highly skilled and highly educated migrants in Europe.

 

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Recovery 'too reliant on consumer debt' as BCC downgrades forecast

Recovery 'too reliant on consumer debt' as BCC downgrades forecast | Unit 4 - Global Economy | Scoop.it

Britain’s economic recovery remains too reliant on debt-fuelled consumer spending as  growth forecasts are downgraded  in the face of a manufacturing slowdown.

The British Chambers of Commerce (BCC) said on Wednesday that it expected economic growth for this year to be 2.4%, down from the 2.6% it was expecting three months ago. The downgrade came after official figures revealed that manufacturers cut back production by 0.4% in October, partly reversing a strong performance the previous month.

 Recent weak trade data showed that the economic recovery has been unbalanced – too dependent on consumers, instead of exports and business investment.

 

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Monetary policy has an enormous impact on politics. It's time for a radical rethink | Fran Boait | Business | The Guardian

Monetary policy has an enormous impact on politics. It's time for a radical rethink | Fran Boait | Business | The Guardian | Unit 4 - Global Economy | Scoop.it
Theresa May knows monetary policy isn’t working. QE is increasing inequality, and low interest rates aren’t the solution
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The Gig Economy - Revision Webinar

The labour market changes all the time but in the last decade we have seen a fast-evolving landscape of more people being engaged in gig work and many on short term or zero hours contracts.


Globalization, de-industrialisation, automation and digitization - all have had and continue to have a disruptive effect on traditional jobs and working practices in the UK.

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Euro Area Economic Outlook -Data, News & Forecasts

Euro Area Economic Outlook -Data, News & Forecasts | Unit 4 - Global Economy | Scoop.it

A very useful outline of the performance of the euro-zone economies

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Dashboard: Understanding the UK economy 

ONS produces a wide range of economic statistics, which will increasingly contain data periods which fall after the UK vote on EU membership that was held on 23 June. We have compiled this dashboard to aid understanding of the post-referendum economy.
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Raise Wages, Kill Jobs? Seven Decades of Historical Data Find No Correlation Between Minimum Wage Increases and Employment Levels

Raise Wages, Kill Jobs? Seven Decades of Historical Data Find No Correlation Between Minimum Wage Increases and Employment Levels | Unit 4 - Global Economy | Scoop.it
A summary of a report, which examines the historical data relating to the 22 increases in the federal minimum wage between 1938 and 2009 to determine whether or not the claims—that if you raise wages, you will lose jobs—can be substantiated. It examines employment trends before and after minimum-wage increases, looking both at the overall labour market and at key indicator sectors that are most affected by minimum-wage increases.
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HBOS: A highly unusual fraud case - BBC News

HBOS: A highly unusual fraud case - BBC News | Unit 4 - Global Economy | Scoop.it

he Halifax Bank of Scotland fraud trial is highly unusual in that senior bankers are convicted of crimes, including fraud and hiding the proceeds of crime, in the boom of irresponsible lending ahead of the 2008 crash.

The victims were the taxpayer, small business customers of the bank, and HBOS shareholders.

Antonis Antoniou's insight:
Is this a case of market failure?
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Tesco boss: 'Food price inflation could be lethal for struggling millions'

Tesco boss: 'Food price inflation could be lethal for struggling millions' | Unit 4 - Global Economy | Scoop.it

Matt Davies points to damaging effect on economy, retailers, manufacturers and shoppers as data shows grocery deflation contracting.

Matt Davies said: “Everybody should be very, very clear how damaging food inflation is to the economy, to retail businesses and manufacturing businesses and how lethal it could be for millions of people struggling to live from week to week.”

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Refugees turned entrepreneurs: ‘I needed to think about the future’

Refugees turned entrepreneurs: ‘I needed to think about the future’ | Unit 4 - Global Economy | Scoop.it
Founders who escaped war in their home countries describe their routes to enterprise, each requiring a healthy dose of hard work and perseverance
Antonis Antoniou's insight:
A splendid article. Very good reference for Theme 4 Impact of  Immigration and Theme 3 -Growth of Firms
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On immigration

On immigration | Unit 4 - Global Economy | Scoop.it
On immigration -by Nigel Harris professor emeritus of Economics at the University College London

Sometime in the 1990s, Britain ran out of workers. Or, more precisely, the faster the economy grew, the greater became the shortage of workers with the right skills. It seems the problem will get worse - the livelihood of those who live here will increasingly depend on recruiting complementary workers abroad. 

Antonis Antoniou's insight:

Rating: **

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UK is magnet for highly educated EU migrants, research shows

UK is magnet for highly educated EU migrants, research shows | Unit 4 - Global Economy | Scoop.it
Study reveals that 62% of migrants from western Europe have a university degree, compared with 24% of British workforce
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2016 will be a year of living dangerously for the global economy

2016 will be a year of living dangerously for the global economy | Unit 4 - Global Economy | Scoop.it
As oil prices fall further, China slows and Brazil risks collapse, cracks will be papered over and the scene set for a new implosion
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Larry Elliott  makes predictions for what is going to happen in 2016.

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The year in business: A review of 2015 - BBC News

The year in business: A review of 2015 - BBC News | Unit 4 - Global Economy | Scoop.it

A dramatic slowdown in China meant 2015 was a very bad year to be in the mining or oils business. 

The upside was that many consumers all over the world found some basic necessities became noticeably cheaper.

The downside was severe pain for mine workers, mining companies and countries like Russia and Brazil, that had previously been feasting on the wealth generated by a five year commodities boom

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